Collecting Strategies for Lincoln Cents

As an important part of commerce through the mid-20th Century, many young people found the simple, patriotic and spendable coin as their gateway into the hobby of numismatics. Many collectors tell the stories of putting together a complete Lincoln “Wheatie” (through 1958) set from their spending money. Even the elusive key dates were occasionally located by those willing to put the work in. And while many collectors move away from collecting in their formative teenage years, some find their way back into the numismatic realm and reminisce about putting together an even better Lincoln Cent set. Thus, when many collectors experience their numismatic rebirth into collecting, they find their way back to this popular series that engulfed so many at a young age.

When re-entering a collecting stage after years of dormancy, collectors often find that there have been changes to their series of interest and Lincoln Cents are certainly no different. As the first standard-issue U.S. coin featuring a historical figure and not an allegorical Liberty, the obverse has largely remained unchanged for over 100 years! However, the reverse has posed an opportunity for artists in recent years. The metallic compositions have also been adjusted five times over the more than a century of production due to wartime needs and production costs, which has often brought outside interest to the series because of incorrect metals used for striking (like the 1943 Copper Cents). As we can see with the CAC Grading Registry, there are no fewer than 73 different set compilations, along with the PCGS Set Registry having 50 differing sets, there is no one way to collect the series. However, the combination of historical relevance, availability of even the key dates, and reminiscence of collecting in younger days have long attracted collectors to the series and these are just some of the ways to collect that fit all budgets.

A Few Ways to Collect Lincoln Cents:

The Full Series (1909–Present): This method can be quite cumbersome due to the sheer enormity of the collection. If focusing on just the standard issue circulation coins and not the Proof strikes, this totals at 276 coins as of 2024! In fact there are currently only 11 active complete sets in the PCGS Set Registry! This set is the ultimate goal of the true enthusiast, but unlike many other series, it is obtainable, given a reasonable amount of time to accomplish the goal. The most difficult pieces in this set to acquire are the key dates and the major varieties. Which is another method of collecting!

The Key Dates: Some collectors focus on the rarer, more tough to find issues as their preference and decide to eschew the more common dates in favor of focusing their spending on the key dates in a series. Depending on the quality/grade, most of the coins in this set can be found for less than $1,000. The most challenging pieces would be the King of the Lincoln Cent, the 1909-S VDB (the initials were removed from the reverse of the coin in the early months of the mintage, creating a lower mintage with these initials), the 1914-D, the 1922 no D (these were made in Denver from worn dies and the D was worn off as a result), and the 1955 Doubled Die Obverse. While there are some other varieties recognized (1917, 1934, and 1937), these are lesser known and are not considered by some to be “major” varieties for the set.

The Wheat Cents (1909–1958): This format tends to be for the more purist of collectors or for those who prefer to focus on value and history. The coin’s design was unchanged for 50 years, but in 1959 on the 50th anniversary of the coin’s design, the Lincoln Memorial was introduced to the Reverse. Many collectors, in an attempt to lower the sheer quantity of the coins needed for the set will follow this path of collecting this shorter lived design type. Including the major varieties, this set contains around 150 coins.

The Memorial Reverse (1959–2008): The next 50 years of design type, the Memorial Reverse, is also a popular format of collecting as there are many more opportunities to locate “Red” specimens as they appeared when they were first minted. While more affordable and mostly locatable in pocket change or in circulation, many collectors tend to focus on “Red” designated examples as they present quite nicely and can be acquired on a more reasonable budget than the Wheatie issues. This set comprises approximately 104 coins in total.

Modern Lincolns (2009–Present): In 2009, on the 100th Anniversary of the coin, a series of 4 different designs were produced to pay tribute to President Lincoln. Thanks to an elaborate marketing plan and a lovely new design type, many collectors found their way to the series once again to put together these short-lived pieces. While following the special 2009 issues, the reverse changed once again to a Shield on the reverse, with a slightly more modern update to the original portrait of Lincoln on the obverse, which was originally designed by Victor D. Brenner. At present, this set comprises approximately 23 coins.

Proof Issues (1909–Present): Proof Issues that were produced specifically for collectors have been produced for most of the lifetime of the Lincoln design, with a noticeable gap from 1917–1936. The earliest versions were produced in a matte-like finish, with the appearance of a Satin Proof in 1936, which was shortly followed by the Brilliant Finish later in 1936, which continues through the present. With approximately 94 coins completing the set, the earliest dates are by far the hardest to locate, but they become slightly more plentiful following the 1942 issues.

As a collector, there’s no perfect way to build a set of Lincolns! Whether or not it’s a first foray into collecting or a re-entry into the world of numismatics, Lincoln Cents have long been a staple of 20th and 21st century collections. While some will follow the guidelines set before them by the Registry Set phenomenon, every set has a license for creativity and the main goal is to enjoy collecting, whether it’s a lifetime of work or just organizing the pieces in the miscellaneous jar in the closet!