Most 1968 pennies jingling in your spare change jar are worth just their copper content—a few cents at best. But specific examples have sold for nearly $4,000 at auction. The difference comes down to three factors: mint location, preservation quality, and manufacturing errors. If you’ve inherited a coin collection or simply check your pocket change, understanding what separates a common penny from a valuable specimen could be worth your time.

Understanding 1968 Penny Production and Mint Marks

The United States struck over 4.6 billion pennies in 1968 across three facilities. Each location stamped coins with identifying marks that directly affect value today.

Philadelphia produced 1,707,880,970 pennies without any mint mark. Denver struck 2,886,269,600 coins marked with a “D” beneath the date. San Francisco minted 258,270,001 pieces bearing an “S” mark, primarily as proof coins for collectors rather than circulation. This “S” designation automatically makes San Francisco pennies scarcer in business strike format.

The composition remained consistent across all mints: 95% copper and 5% zinc, giving each penny 2.5 grams of weight and 19 millimeters diameter. This bronze alloy continued until 1982 when the Mint switched to zinc cores.

Philadelphia Pennies: No Mint Mark Values

Standard circulated examples from Philadelphia carry minimal premium—typically 2 to 3 cents for their copper content as of 2024 metal prices. The investment potential emerges in uncirculated grades.

A penny graded Mint State 65 (MS-65) with full red coloration averages $2.50 to $3.00 through major dealers. The grade indicates no wear with minor contact marks, while “red” designation confirms original copper luster without toning.

The value ceiling proves dramatically higher for exceptional preservation. Heritage Auctions documented a 1968 Philadelphia penny graded MS-67+ Red selling for $2,880 in January 2018. Only a handful of examples achieve this grade, where magnification reveals virtually flawless surfaces and complete strike detail.

Denver Mint Pennies: “D” Mark Pricing

Denver’s massive production of 2.8 billion pennies floods the market with common examples worth face value in worn condition. The copper content adds perhaps 2 cents for circulated pieces.

Uncirculated Denver pennies follow similar pricing to Philadelphia for standard grades. MS-65 Red specimens trade between $2.50 and $3.00 consistently. The population reports from Professional Coin Grading Service (PCGS) show 1,247 examples certified at MS-65 Red as of 2024, indicating reasonable availability.

Top-tier specimens command exponentially more. A 1968-D penny graded MS-67 Red achieved $2,300 at auction in July 2008 through Heritage Auctions. The MS-67 grade represents a significant jump in rarity—PCGS has certified only 23 examples at this level with none higher.

The difference between MS-65 and MS-67 comes down to microscopic details. MS-67 coins show no distracting marks visible to the naked eye, possess full sharp strike on Lincoln’s hair details, and maintain blazing red luster across both sides. Even slight cabinet friction or a few small marks drop the grade to MS-66 or below.

San Francisco Mint: “S” Mark Premium Specimens

San Francisco operated primarily for proof production in 1968, creating coins through multiple strikes on polished planchets for collector sets. The facility also struck some business coins, though in far smaller quantities than Philadelphia or Denver.

Proof pennies from San Francisco range from $1 for common grades to substantial premiums for top designations. A 1968-S penny graded Proof-69 Deep Cameo (PR-69 DCAM) sold for $3,795 in September 2002 through Heritage. The “Deep Cameo” designation describes the frosted design elements contrasting sharply against mirror-like fields—a prized visual effect.

Business strike San Francisco pennies prove significantly rarer. An MS-66+ Red example achieved $3,995 in January 2015, representing one of the finest known. This single grade jump from MS-65 to MS-66+ multiplied value by over 1,300 times.

The scarcity stems from limited business strike production and poor survival rates. Most 1968-S pennies entering circulation disappeared into commercial channels where they accumulated wear. Finding one in pocket change today would be noteworthy; finding one in uncirculated condition approaches impossibility without accessing original mint sets.

Doubled Die Obverse Errors: Premium Varieties

Manufacturing errors create the most dramatic value increases beyond grade alone. Doubled die obverse (DDO) errors occur when the die creating the coin’s design shifts slightly between impressions, causing doubled images.

The 1968-S Proof DDO classified as FS-101 in the Fivaz-Stanton reference guide shows clear doubling on “LIBERTY” and the date. A PR-68 Red example sold for $517, representing a significant premium over standard proof pennies worth under $5 in similar grades.

Philadelphia produced several DDO varieties, though most show subtle doubling requiring magnification. Examine the date numerals closely—particularly the “6” and “8”—looking for secondary impressions slightly offset from the primary design. The designer’s initials “VDB” on Lincoln’s shoulder may also show doubling on certain varieties.

Denver minted a notable DDO variety designated FS-101 where “LIBERTY” displays obvious doubling visible with 10x magnification. A business strike example graded MS-65 Red brought $285 at auction in 2023 through GreatCollections, roughly 100 times the value of a standard Denver penny in the same grade.

Repunched Mint Mark: Denver Varieties

Repunched mint marks (RPM) resulted from manual processes at the Mint before 1990. Workers hand-punched mint marks into working dies, occasionally requiring multiple strikes to achieve proper depth. If the die shifted between punches, the final coin shows overlapping mint marks.

The 1968-D/D RPM designated FS-501 represents the most recognized variety. Under magnification, the “D” shows a secondary “D” impression slightly northwest of the primary letter. Stack’s Bowers documented a specimen selling for $239, making this one of the more affordable error varieties.

Finding RPM varieties requires careful examination with at least 10x magnification. The secondary punch appears as a partial letter outline adjacent to the primary mint mark. Some show only a small notch or serif extending from the main letter. Comparing your coin to reference photographs on PCGS CoinFacts or Variety Vista helps confirm identification.

Approximately 15 different repunched mint mark varieties exist for 1968-D pennies according to CONECA (Combined Organizations of Numismatic Error Collectors of America). Most trade for $20 to $50 in circulated grades, while uncirculated examples command premiums.

Doubled Die Reverse: Back Side Doubling

Doubled die reverse (DDR) errors affect the back design rather than the obverse. These typically show doubling on “UNITED STATES OF AMERICA,” “ONE CENT,” or “E PLURIBUS UNUM.”

The 1968-D DDR variety shows distinct doubling on the memorial building’s columns and lettering. A high-grade example certified MS-65 achieved $285 in 2023. The doubling appears most prominently on “AMERICA” where magnification reveals secondary letter impressions.

Reverse doubled dies generally command lower premiums than obverse varieties because collectors prefer errors visible on the “heads” side. However, strong dramatic doubling still attracts significant interest. Check the lettering around the memorial building’s periphery, looking for thickness or split serifs indicating multiple impressions.

Mechanical Striking Errors: Off-Center and Clipped

Manufacturing malfunctions create several error categories beyond die varieties. Off-center strikes occur when the blank planchet doesn’t align properly with the striking dies, resulting in partial designs.

Off-center errors require significant displacement to carry premiums. A 5% off-center strike adds minimal value, while 50% off-center with full date visible might command $100 to $300 depending on eye appeal. The ideal off-center error shows approximately 25% to 40% missing design with both the date and mint mark fully struck on the remaining portion.

Clipped planchets show missing sections where the metal strip wasn’t properly fed through the blanking press. These clips appear as straight cuts, curved indentations, or irregular notches. A straight clip worth $25 to $75, while dramatic curved clips removing 25% or more of the coin bring $100 plus in uncirculated condition.

Wrong planchet errors represent the rarest mechanical category. A 1968 penny struck on a dime planchet (smaller and silver-colored) or foreign coin blank could bring $1,000 to $5,000 depending on the specific planchet type. These errors are authenticated through weight, composition testing, and certified grading services.

Authentication and Professional Grading

Determining whether your 1968 penny justifies professional certification requires realistic assessment. Standard circulated coins rarely warrant the $30 to $50 grading fee. Focus certification efforts on these categories:

Uncirculated coins showing full red luster and no visible wear merit grading if you believe they might achieve MS-66 or higher. The MS-65 to MS-66 grade distinction dramatically affects value, making professional opinions worthwhile.

Any suspected error varieties should receive authentication, especially doubled dies and wrong planchet strikes. Grading services employ experts with reference collections to confirm attributions and detect counterfeits.

Begin examination with a jeweler’s loupe providing 10x magnification minimum. Inspect the date area for doubling, checking each numeral and the “LIBERTY” inscription. Examine the mint mark for repunching—look underneath and to the sides for secondary impressions.

Compare your coin’s characteristics against reference photographs on PCGS CoinFacts, NGC Coin Explorer, or Variety Vista. These resources provide high-resolution images of authenticated error varieties with detailed diagnostic information.

Submit promising specimens to PCGS or NGC for certification. The holder provides tamper-evident protection while the grade and variety attribution appear on the label. Major auction houses and dealers only accept certified coins for high-value transactions, making certification essential for maximizing returns.

How to Evaluate Your Collection Today

Start by separating 1968 pennies by mint mark—Philadelphia (no mark), Denver (“D”), or San Francisco (“S”). Examine uncirculated examples first, as these hold the greatest potential beyond error varieties.

Check red copper luster under good lighting. Coins showing brown or dark toning rarely achieve premium grades. Mint State designation requires absolutely no wear on the highest points—Lincoln’s cheekbone and jaw on the obverse, the memorial’s steps and columns on the reverse.

Search circulated coins for obvious errors like off-center strikes or clips that don’t require magnification. These stand out immediately. Then systematically examine each coin’s date and mint mark area with your loupe, spending 30 to 60 seconds per coin checking for doubling.

Document potential finds with clear photographs taken under magnification. Join online forums like CoinTalk or the PCGS message boards where experienced collectors help identify varieties. Many valuable errors get spent because owners didn’t recognize them—a few minutes per coin protects against discarding something worth hundreds of dollars.

For inherited collections or bulk accumulations, consider having a local coin dealer perform initial screening. Many dealers offer free verbal assessments, identifying obvious errors or high-grade coins worth further attention. This triage approach saves time while ensuring valuable pieces receive proper evaluation.