Lincoln Memorial cent: History
Lincoln Memorial cents were first struck by the US Mint in 1959, and those first year of issue coins are highly sought after and moderately scarce in high uncirculated grades. Memorial cents followed the Lincoln wheat cents that were struck from 1909 through 1958, which themselves followed the Indian cents that were struck from 1859 through 1909.
The Lincoln Memorial cent, designed by Frank Gasparro, who was a director of the US mint, from the first year of issue 1959 midway through 1982 was composed of 95% copper and 5% zinc and weighed 3.11 grams. Midway through 1982 the mint switched to one cent planchets composed of 97.5% zinc covered by 2.5% copper.
Key dates in the Lincoln Memorial cent series
If we are to believe and accept the information from PCGS.com (a "third-party grading service" (TPG) established in 1984 that competes with Numismatic Guarantee Corporation (NGC) and ANACS for the bulk of the most serious authentication and grading work), the 1969-S Lincoln cent double die is the absolute rarest coin in the entire Lincoln Memorial cent series. It is thought that there are about 30 known surviving pieces.
So except for those 30 people who have those, for the most part the main key dates in the series are the double dies and varieties, the main ones being the 1970-S Large date double die, the 1971 double die, the 1972 double die, the 1983 double die (which has declined in financial value since its discovery), and the 1995 double die, as well as the 1960 and 1960-D large and small dates and the 1970-S large and small dates (including proof coins), and the 1982 seven coin variety set of dates, mints, metals, large and small dates, narrow or wide AM variety (various recent dates) and the proof coins struck at San Francisco missing the "S" mintmark (1990).
One of my favorite personal stories involving the Lincoln Memorial cent is when yours truly was blessed in 2003 to receive a 12-year-old high-grade Mint State 1991 Philadelphia cent in change at what was on that day one of my favorite restaurants, and the coin was sent for grading and was returned graded and slabbed Mint State MS-65!
A number of times over the years, and more frequently in recent years it seems, the idea of potentially eliminating the one cent penny has been considered. It would save funds for the government, since it now costs more than one cent to make each one cent coin.
In this proposal about eliminating the one cent penny coin completely, sale and purchase amounts would all be ending with a number "5" or a number "0", meaning the five cent nickel would then be the smallest coin and transaction amount.
Many people are opposed to the proposal to eliminate the one cent coin entirely from production and therefore eventually circulation. Whatever happens, if it does ever get completely eliminated, the Lincoln Memorial cent will likely be a collector favorite for decades to come.
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