Coins often hold secrets of their own, and the 1998 Wide AM Lincoln penny is a prime example. This particular coin, though seemingly ordinary, can fetch up to $5,000 among collectors. Let’s delve into the details of this rare find and how you can identify it.
Understanding the 1998 Lincoln Memorial Cent
The Lincoln Memorial Cent, introduced in 1959, features Abraham Lincoln’s portrait on the obverse and the Lincoln Memorial on the reverse.
In 1998, the Philadelphia Mint produced approximately 5 billion pennies, making them commonly found in circulation. However, among these, a rare variety known as the “Wide AM” exists.
Identifying the Wide AM Variety
The distinguishing feature of the Wide AM penny lies in the spacing between the letters ‘A’ and ‘M’ in “AMERICA” on the reverse. On the standard (Close AM) variety, these letters are nearly touching, while on the Wide AM variety, there’s a noticeable gap.
Comparison of Close AM vs. Wide AM:
| Feature | Close AM | Wide AM |
|---|---|---|
| AM Spacing | Letters ‘A’ and ‘M’ nearly touching | Noticeable gap between ‘A’ and ‘M’ |
| FG Initials | Closer to the Lincoln Memorial | Further from the Memorial |
Additionally, the initials “FG” (Frank Gasparro, the designer) on the reverse are positioned differently: closer to the Memorial on the Wide AM and further away on the Close AM.
Value and Rarity
While most 1998 pennies are valued at face value, the Wide AM variety is highly sought after by collectors. In ungraded, circulated condition, these coins can command prices around $20.
However, in higher grades, their value increases significantly. For instance, a 1998 Wide AM penny in Mint State 67 Red grade has been valued at approximately $725.
Some auctions have reported even higher values. A 1998 MS69 Red penny fetched $5,800 in 2020, highlighting the premium collectors place on these coins.
How to Identify and Verify Your Coin
To determine if you have a 1998 Wide AM penny:
- Examine the AM Spacing: Use a magnifying glass to inspect the spacing between the ‘A’ and ‘M’ in “AMERICA” on the reverse. A noticeable gap indicates a Wide AM.
- Check the FG Initials: Observe the position of the “FG” initials relative to the Lincoln Memorial. If they’re further away, it’s likely a Wide AM.
For precise identification and valuation, consider having your coin professionally graded by services like the Professional Coin Grading Service (PCGS) or Numismatic Guaranty Corporation (NGC).
In conclusion, while the 1998 Wide AM Lincoln penny is rare, with careful examination and verification, you might just find one in your change, turning a simple penny into a valuable treasure.
FAQs
How can I tell if my 1998 penny is a Wide AM?
Inspect the spacing between the ‘A’ and ‘M’ in “AMERICA” on the reverse. A significant gap signifies a Wide AM.
Are all 1998 pennies valuable?
No, only the Wide AM variety holds significant value. Standard 1998 pennies are typically worth face value.
What’s the highest grade for a 1998 penny?
The highest grade is Mint State 70, indicating a perfect coin without any flaws.