The 1970 Penny: A Collector’s Guide
Philatelists and numismatists share a passion for discovery in their hobbies. Coin collectors often eye small details, and the humble 1970 Lincoln penny offers such a lure. While its face value is one cent, some variations can fetch much more. Understanding these variations requires a keen attention to detail and historical context.
Background of the 1970 Penny
In 1970, the alignment of cultural shifts and the evolution of the minting processes resulted in a coin with oddities that fascinate collectors. The Lincoln penny, minted since 1909, featured President Abraham Lincoln on the obverse. In 1959, the reverse design changed, dropping the wheat stalks for the Lincoln Memorial. By 1970, pennies were composed primarily of copper.
Mint Marks and Their Significance
The 1970 penny was minted at several locations: Philadelphia, Denver, and San Francisco. Pennies lack a mint mark at Philadelphia, while Denver coins bear a ‘D’ mark, and San Francisco issues have an ‘S’. The San Francisco minted pennies tend to draw more collector interest due to their lesser numbers.
The 1970-S Small Date vs. Large Date Variety
The Small Date and Large Date varieties of the 1970-S penny are a source of much discourse among collectors. Differences lie in the size and form of the numerals ‘9’ and ‘0’ of the year. Advanced collectors seek the Small Date variant, identified by a slanted ‘7’ at the top and a small circular ‘0’. The Large Date version is more common and less sought after.
Errors and Double Dies
Some 1970 pennies exhibit mint errors or double die characteristics, making them valuable. Double dies occur when design elements appear multiplied due to errors in the die-making process. Collectors highly prize these coins, sometimes paying significant premiums for them. The 1970-S has examples of double dies especially, often seen in the words ‘LIBERTY’ or ‘IN GOD WE TRUST’.
Why Mint Errors Happen
Mint errors are often a result of misalignment or die faults. Mechanical malfunctions during the stamping process or die wear can lead to such imperfection. The rarity of such errors adds uniqueness and thereby increases the value. A vigilant eye and understanding of common errors are advantageous in procuring valuable coins.
Value and Rarity
Determining the value of a 1970 penny depends on various factors: variants like the Small Date, presence of mint errors, and their overall condition. Uncirculated coins with mint luster fetch higher prices. Authentication and grading by professional organizations like PCGS can substantiate claims of value.
Grading Pennies
Coin grading determines the condition of the coin, often using the Sheldon scale ranging from 1 to 70. A higher grade indicates a coin closer to its original, mint state. Large-scale collectors or sellers often look for coins graded MS-65 or higher. Professional grading adds credibility and can significantly influence marketability.
Investment Potential
While common 1970 pennies may not hold significant financial value, rare varieties and errors can appeal to investors. The market for collectible coins can be speculative. Research and historical price trends should guide investment decisions. Occasional discoveries still surface, prompting price adjustments in certain varieties.
Where to Find 1970 Pennies
- Coins shows and conventions often host vendors with vintage and rare pennies.
- Online auctions like eBay or dedicated coin trading sites provide vast marketplaces.
- Local coin shops may carry both common and rare pennies, alongside expertise.
- Networking with other collectors can yield opportunities for exchange or acquisition.
How to Store and Maintain Collectible Coins
Proper storage preserves the value and condition of collectible coins. Coins should be stored in a cool, dry place. Acid-free holders or coin albums prevent direct environmental contact. Avoid cleaning coins; doing so can diminish their condition and value. Handling them with gloves reduces oils and fingerprints from damaging the surface.
Insights from Numismatic Studies
Coin collectors leverage historical context to understand the creation and circulation of pennies. The 1970 penny marks a period of numismatic transition, bridging past techniques with advancing technology. Through study, collectors gain insight into the broader social and economic conditions influencing mint production.
Becoming a Knowledgeable Collector
Education and exposure foster growth in coin collecting expertise. Books, online resources, and collectors’ clubs can impart necessary knowledge. Experience identifies pitfalls like counterfeit coins or overvalued items. Engaging with the community offers continual learning and access to new finds.
Understanding the nuances of the 1970 penny, with its varieties and potential value, enriches the collecting experience. Beginners and seasoned enthusiasts alike find allure in the ongoing quest for special finds within the realm of everyday coinage.