1992-D Lincoln Memorial Cent : History & Value

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

The Denver Mint struck nearly 4.5 billion Lincoln Memorial Cents in 1992. In a normal production year, collectors wouldn’t take much notice of the issue. But the incidental muling of a Proof reverse die with a business-strike obverse has sparked quite a bit of collector interest in recent years.

The common variety of the date, which accounts for nearly the entirety of the year’s production, has yielded a number of nearly perfect coins and tends to come nice.

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Market Data and Noteworthy Specimens

A quick scan of recently completed eBay sales prompts us to make a few points for the benefit of newer collectors.

• The going rate for a 1992-D Lincoln Cent cannot be higher than the cost of a 1992 Uncirculated Coin Set. If a seller is asking more than $7 to $10 for a coin, buy a set from another seller instead. A fair price for a common Mint State Red 1992-D Lincoln Cent is about $1.
• Artificially toned 1992-D Lincoln Cents have no numismatic value. Don’t buy artificially toned coins. You will regret it.
• Amateur sellers offering rare “varieties” often do not know how to identify varieties. Buy varieties from dealers who specialize in such and avoid buying coins if you do not know what you are buying.
• There is no reason to buy a Close AM coin that is not in a certified holder.

As of this update in November 2024, NGC and PCGS have each made one more top pop MS69RD coin since April. In the same time, CAC has graded two coins–one in MS67RD and one in 66RD–where before they had graded none.

Top Population: PCGS MS69RD (14, 11/2024), NGC MS69RD (10, 11/2024), and CAC MS67RD (0:1 stickered:graded, 11/2024).

• NGC MS69RD #6103684-002: Heritage, April 30, 2023, Lot 54793 – $660.
• NGC MS69RD #6330808-005: Heritage Auctions, September 27, 2022, Lot 27083 – $1,680.
• PCGS MS69RD #36746859: Legend, May 16, 2019, Lot 294 – $3,525. Secure Shield holder.
• PCGS MS69RD #73279305: “The Western Hills Collection,” Heritage Auctions, June 2, 2005, Lot 5277 – $2,127.50; Stack’s Bowers, March 21, 2012, Lot 1734 – $5,175.
• PCGS MS69RD: “Close to Perfection Collection, the #1 All-Time Finest Lincoln Memorial Cents Basic Set,” Stack’s Bowers, June 17, 2010, Lot 1436 – $4,600.

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1992-D Lincoln Cent, Close AM

Close AM refers to the distance between the letters “A” and “M” of AMERICA, which appears on the reverse of the Lincoln Memorial Cent. Dies with the wide AM spacing were intended to be used to strike Proofs. On the Wide AM dies, United States Mint engravers also place Frank Gasparro’s initials FG farther from the Memorial’s base than on dies intended to strike circulating coins.

Collector Colin Kusch discovered the first Close AM die pairing in December 2001. According to variety expert John Wexler, the Kusch discovery coin was struck using dies in a middle die state, indicating that the Denver Mint had made a concerted effort to destroy the experimental strikes but that a few were released. Minnesota collector Greg Smith discovered a second die pairing in 2017.

The 1992-D Lincoln Cent Close AM is not as elusive today as it was in the first few years after its discovery. Mint State Red examples continue to find willing buyers for $3,000 to $4,000 through MS64. Gems sell for considerably more. Even circulation-find examples can yield financial returns for lucky collectors.

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Market Data and Noteworthy Specimens

Top Population: PCGS MS66RD (4, 11/2024), NGC MS65RD (5, 11/2024), and CAC N/A (0:0 stickered:graded, 11/2024).

• PCGS MS66RD #45724119: Heritage Auctions, November 6, 2023, Lot 92334 – $9,600.
• PCGS MS66RD #38184942: Heritage Auctions, January 8, 2020, Lot 3252 – $8,413.20.
• PCGS MS66RD #37252511: Heritage Auctions, August 14, 2019, Lot 3143 – $12,000.

• NGC MS65RD #2611285-001: Heritage Auctions, February 25, 2022, Lot 3459 – $3,120.
• PCGS MS65RD #38377573: Heritage Auctions, April 22, 2021, Lot 3259 – $8,400.
• NGC MS65RD #1787370-001: Heritage Auctions, January 10, 2019, Lot 4125 – $3,600; Heritage Auctions, March 15, 2019, Lot 3539 – $4,320; Heritage Auctions, November 3, 2019, Lot 766192 – View.
• PCGS MS65RD #34790895: Heritage Auctions, April 27, 2018, Lot 4620 – $7,200; GreatCollections, November 15, 2020, Lot 898324 – View; GreatCollections, September 24, 2023, Lot 1439474 – View.
• NGC MS65RD #4483297-001: Heritage Auctions, December 7, 2017, Lot 3021 – $4,680.
• PCGS MS65RD #25351030: Heritage Auctions, February 27, 2014, Lot 3734 – $14,100; Heritage Auctions, January 4, 2017, Lot 3342 – $8,225.
• PCGS MS65RD #26778987: Heritage Auctions, February 7, 2013, Lot 3722 – $13,512.50.

• PCGS MS64+RD #26746209: Heritage Auctions, February 7, 2013, Lot 3721 – $5,140.63; Legend Rare Coin Auctions, July 27, 2023, Lot 14 – $3,995. OF weakly struck; GreatCollections, October 27, 2024, Lot 1682667 – View.

• PCGS MS64RD #39032678: Stack’s Bowers, August 7, 2020, Lot 2445 – $3,720.
• PCGS MS64RD #14834838: Heritage Auctions, June 14, 2018, Lot 3225 – $4,320; Heritage Auctions, October 31, 2021, Lot 1068299 – View.
• PCGS MS64RD #26451968: “The ESM Collection,” Stack’s Bowers, March 22, 2018,  Lot 2156 – $3,840.
• PCGS MS64RD #33384913: Heritage Auctions, February 4, 2016, Lot 3090 – $8,812.50.
• PCGS MS64RD #27857594: Heritage Auctions, September 27, 2013, ,Lot 6251 – $4,700; Heritage Auctions, March 28, 2021, Lot 966351 – View.
• PCGS MS64RD #25063715: Stack’s Bowers, August 14, 2013, Lot 1591 – $3,818.75.

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Coin Specifications

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