That Lincoln cent sitting in your change jar might be hiding significant value. While most 1998 pennies are worth exactly one cent, specific error varieties and high-grade examples have sold for hundreds—even thousands—of dollars at major auctions. Understanding the differences between mint marks and critical design variations can help you identify these valuable finds before spending them.

Understanding the Philadelphia “Wide AM” Error That Collectors Seek

Pennies struck at the Philadelphia Mint in 1998 carry no mint mark beneath the date. The key to identifying valuable specimens lies entirely on the reverse side, specifically in the spacing between two letters in “AMERICA.”

Standard 1998 Philadelphia pennies display the “Close AM” variety, where the letters “A” and “M” in “AMERICA” nearly touch at their bases. These circulated in the billions and remain worth face value. However, a small number of business-strike coins were accidentally produced using a proof die, creating the “Wide AM” spacing—where a clear gap appears between these letters.

This manufacturing mistake transformed ordinary pennies into collector treasures. A 1998 Wide AM penny graded MS-65 (Mint State 65) typically sells for $350-$450, according to recent Heritage Auctions data. Higher grades command substantially more:

1998 No Mint Mark Wide AM Values:

Even circulated examples in Fine or Very Fine condition can fetch $50-$85 from specialists seeking this error variety. The rarity stems from the die being quickly identified and removed from production, limiting the number that entered circulation.

Denver Mint Pennies: When Perfect Condition Equals Premium Prices

The 1998-D penny features a small “D” mint mark positioned directly below the date on the obverse. Denver struck over 5.2 billion pennies this year, making typical circulated examples extremely common.

However, condition becomes everything for Denver-minted specimens. The Philadelphia Mint’s Wide AM error doesn’t exist for Denver strikes—all 1998-D pennies display the standard Close AM spacing. Value hinges entirely on preservation quality and other error types.

A 1998-D penny in average circulated condition remains worth one cent. The dramatic value increase occurs only at the highest grading levels. A PCGS MS-68 Red example sold for $1,380 at Stack’s Bowers in January 2023. Specimens achieving the near-impossible MS-69 grade have crossed the auction block at $2,800-$3,400.

These astronomical prices reflect the difficulty of finding flawless examples. Even minor contact marks, spotting, or color changes from the original brilliant red disqualify coins from these elite grades. Coins pulled from mint sets typically max out at MS-64 to MS-66 due to handling during packaging.

Error varieties also add premiums to 1998-D pennies. Doubled die obverse errors showing distinct doubling on “LIBERTY” or the date sell for $125-$300 depending on doubling strength and overall grade. Off-center strikes with 10-15% displacement typically bring $45-$75, while dramatic 50% off-center examples can reach $200-$400.

San Francisco Proof Pennies With the Rare “Close AM” Reversal

The San Francisco Mint produced 1998-S pennies exclusively for collector proof sets, not for circulation. Standard 1998-S proofs feature mirror-like fields, frosted devices, and the Wide AM spacing—the opposite situation from Philadelphia business strikes.

Approximately 2.08 million proof sets were sold in 1998, each containing one penny with the expected Wide AM variety. These standard proofs in PR-68 to PR-69 condition sell for $8-$15, representing a modest premium over the original set purchase price.

The valuable anomaly reverses the Philadelphia situation: a small number of 1998-S proofs were accidentally struck with the Close AM die intended for business strikes. This represents a die mix-up in the opposite direction, creating scarcity among proof coins.

1998-S Close AM Proof Values:

The rarity of this error becomes apparent in population reports. PCGS has graded only 47 specimens as of early 2024, compared to over 8,000 standard Wide AM proofs. A PR-69 Deep Cameo example achieved $3,220 at Heritage Auctions in March 2023.

Proof sets from 1998 occasionally surface at estate sales and coin shows. Collectors should examine their proof pennies under magnification to check the AM spacing, as many owners remain unaware of this valuable variety sitting in their original packaging.

Additional Error Types That Transform Common Pennies Into Collectibles

Beyond the celebrated AM varieties, mechanical malfunctions during the striking process created several other valuable 1998 error types across all three mints.

Broadstrike errors occur when the retaining collar fails to contain the planchet during striking. The resulting penny spreads beyond normal diameter (19mm to 21-23mm) and lacks the raised rim. A 1998 broadstrike penny typically sells for $35-$65, with particularly dramatic examples reaching $90-$140.

Off-center strikes happen when the planchet sits incorrectly positioned under the dies. Minor 5% off-center examples bring $15-$25, but value increases with displacement percentage. A 25% off-center strike with full date visible commands $75-$125, while 50% or greater displacement—especially showing part of the opposite side design—can reach $300-$550.

Doubled die varieties show distinct doubling on lettering, date, or design elements. The 1998 doubled die obverse (DDO) displays noticeable separation on “LIBERTY” and the date. Depending on the specific variety strength and grade:

• Minor doubling (Class VII or VIII): $45-$85 in MS-63
• Moderate doubling (Class III-IV): $125-$225 in MS-64
• Strong doubling (Class I-II): $400-$800 in MS-65

Wrong planchet errors represent the rarest category. A 1998 penny struck on a dime planchet weighs 2.27 grams instead of 2.5 grams and appears silver-colored. These extraordinary mistakes sell for $2,500-$5,000 depending on strike quality and visual appeal. Similarly, pennies struck on foreign planchets or clad quarter stock have sold for $3,800-$7,500 at major numismatic auctions.

How to Authenticate and Protect Your Valuable 1998 Pennies

Before investing in expensive authentication, conduct preliminary examination at home. A 10x jeweler’s loupe provides sufficient magnification to spot Wide AM versus Close AM spacing differences. Compare your suspect coin against high-resolution images from PCGS or NGC photograde guides.

For potentially valuable errors, professional grading through PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Company) provides authentication and assigns a numeric grade. Current submission costs run $20-$40 per coin for standard service, with results typically returned in 25-35 business days. Higher-tier services offer faster turnaround for additional fees.

Grading adds value beyond certification. A raw (ungraded) 1998 Wide AM penny might sell for $150-$200 even in nice condition due to buyer uncertainty. The identical coin authenticated and graded MS-65 by PCGS sells for $400-$450 because collectors trust the professional assessment.

Storage matters significantly for preservation. Never clean coins—even gentle wiping removes microscopic metal and reduces grade. Store valuable specimens in non-PVC holders or acid-free cardboard flips. Avoid touching the coin surfaces; handle by edges only. Environmental factors like humidity and temperature fluctuations cause spotting and toning that decrease value over time.

Where to Sell High-Value 1998 Pennies for Maximum Returns

Understanding your coin’s value is step one; converting that knowledge into cash requires choosing the appropriate marketplace. Different venues serve different needs based on coin value and urgency.

For coins worth $50-$300, eBay provides reasonable exposure to collector markets. Completed listings show actual selling prices rather than asking prices—search “1998 Wide AM penny MS-65 sold” to see recent transactions. Factor in eBay’s 12.9% final value fee plus shipping costs when pricing.

Heritage Auctions and Stack’s Bowers handle coins valued above $500 most effectively. Their specialty auctions attract serious collectors willing to pay strong premiums for certified rarities. Consignment fees typically run 10-15% for sellers, but competitive bidding often pushes final prices beyond retail guides. A 1998-S Close AM PR-69 that might retail for $3,000 could achieve $3,400-$3,800 in a well-promoted auction.

Local coin dealers offer immediate payment but typically pay wholesale prices—60-75% of retail value for common errors, 70-85% for major rarities. This trade-off suits sellers prioritizing speed and convenience over maximum return.

Online communities like Reddit’s r/coins and CoinTalk forums provide free preliminary opinions before investing in grading. Post clear photos of both sides, include weight measurements, and specify mint mark. Experienced collectors quickly identify promising varieties worth professional authentication.

Starting Your Search Through Pocket Change and Collections

Begin checking pennies systematically rather than randomly. Lincoln cents from 1998 remain abundant in circulation twenty-six years later, particularly in rolls from banks. Request $25 in penny rolls from your bank and search through them using a magnifying glass.

Focus your examination on the reverse AM spacing first—this takes 3-5 seconds per coin once you’ve trained your eye. Sort Philadelphia pennies (no mint mark) into a “Wide AM check” pile for closer inspection under better lighting and magnification.

Mint sets and proof sets from 1998 appear regularly at estate sales, antique shops, and online marketplaces. Many non-collectors inherited these and don’t recognize the Close AM proof variety’s significance. Original government packaging sells for $8-$15, making this a low-risk way to hunt for the $3,000+ error.

Metal detecting at old fairgrounds, parking lots, and recreational areas produces 1990s pennies with some frequency. Ground finds typically show environmental damage reducing their grade, but a Wide AM variety retains substantial value even in lower grades. A detector-found example grading Good-4 to Very Good-8 still brings $40-$75 from collectors seeking affordable examples.

Your 1998 pennies deserve a second look before spending them. The difference between Close AM and Wide AM spacing measures less than a millimeter—but represents hundreds of dollars in potential value. Start examining your loose change today, because extraordinary finds continue emerging from ordinary sources.