1971-D Lincoln Memorial Cent : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

The 1971-D Lincoln Memorial Cent, like all Lincoln Memorial Cents struck from 1959 to 2008, are abundantly available and generally only collected in Mint State. Nearly three billion 1971-D cents were produced and nearly the entire mintage was released into circulation. Most of these coins served their intended commercial purpose, and many hundreds of millions circulated for decades after their release, picking up damage and wear and turning from bright coppery red to chocolate brown. Through attrition, the number of actively circulating 1971-D cents has declined over the years, and more than 50 years later, one might have to sort through several dozen rolls of circulated Lincoln Cents to find one.

Circulating throughout commercial channels wasn’t the fate of all 1971-D Lincoln Memorial Cents, however. Tens of thousands (if not more) were pulled from circulation upon release and saved by coin collectors and dealers. While the early 1970s was not the peak of the rolled coin market, preserving rolled coins was a popular activity for collectors and even now, uncirculated rolls are frequently offered on eBay and generally sell for $5 to $10 each.

Depending on the amount of care taken to preserve the coins, BU rolls can be a good source of Gem-quality coins. However, it has been our experience that Gems are usually found in rolls of Gems. It may take purchasing several before one finds a roll with PQ coins. When buying BU rolls, understand that these are generally not returnable.

Perhaps the easiest way to purchase an uncirculated example of the 1971-D Lincoln Memorial Cent is to purchase a 1971 United States Uncirculated Coin Set. The United States Mint typically offer these sets each year. They contain one of each type of coin issued for circulation that year from each of the branch mints. The 1971 Uncirculated Coin Set doesn’t exactly fulfill that promise as the Eisenhower Dollar is not included in the offering. Nevertheless, these sets include a 1971 Lincoln Cent, struck at the Philadelphia Mint, a 1971-D Lincoln Cent, and a 1971-S Lincoln Cent, along with P and D examples of the Jefferson Nickel, Roosevelt Dime, Washington Quarter, and Kennedy Half Dollar.

If you have no need or interest to own 50 examples of the same coin, the Uncirculated Set is the better option. 1971 Uncirculated Sets include $1.83 in face value coins, were issued for sale in 1971 for $3.50 ($27.63 in 2024 inflation-adjusted dollars), and today sell for less than $15.

As is the case with BU rolls, Uncirculated Sets can be a good source for Gem coins.

The third way of acquiring Mint State 1971-D Lincoln Cents is by purchasing coins that have been certified by one of the leading grading services. The benefit here is that you are purchasing a coin that has been authenticated, reviewed by at least two professional graders, assigned a market-accepted grade, and encapsulated in a durable, tamper-resistant holder.

There are downsides to certified modern coins, however. One is that certified coins cost significantly more money. With certified coins, there is an upfront cost to having the coin graded. In the case of the 1971-D, the cost of submission far exceeds the cost of raw coin acquisition – and unless the coin grades higher than MS65RD, the submitter is not likely to break even.

Another downside is liquidity. Many dealers do not actively make two-way markets in certified modern coins. This limits the seller’s options when they want to dispose of a coin. The market for certified modern coins is sometimes volatile and unpredictable, and buyers need to understand that they are taking a risk by paying hundreds or thousands of dollars for conditional rarities.

The certified population of the 1971-D Lincoln Cent is minuscule compared to the available number of ungraded Mint State coins. Over time, additional coins will be submitted and the population at the upper end of the census will grow. Take the MS67RD grade at PCGS. In January 2003, the population stood at 14 coins and an example sold at Heritage Auctions for just $178.25. This would be considered a very cheap price today. By 2007, the population had risen to 19. That year, an example owned by Jack Lee sold for $1,380. By 2019, the population had risen to 28 and that year an example sold at Heritage for $168. The market forces that pushed the Lee coin up to such rare heights had vanished!

The record price paid at auction for a 1971-D Lincoln Memorial Cent is the $4,111.88 paid at a January 8, 2023, GreatCollections sale for a PCGS MS67RD (#81629921). This coin has a strange transaction history. It first appears at GreatCollections in December 2021 as part of the Ammoman PCGS Registry Set of Lincoln Cents. The Ammoman set was assembled by PCGS user FourCammo and included many top-pop or near-top-pop coins. In this first appearance, the coin sold for $3,240. Two years later, it set the aforementioned record, and then just 10 months later it was sold by Heritage for just $480! Did one or more collectors or dealers take a shot on this coin as a potential upgrade and strike out?

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Market Data and Noteworthy Specimens

Top Population: PCGS MS67RD (37, 7/2024), NGC MS67+RD (1, 7/2024), and CAC None Graded (7/2024).

• PCGS M67RD #81629921: GreatCollections, December 5, 2021, Lot 2021, “The Ammoman PCGS Registry Set of Lincoln Cents,” Lot 1079466 – $3,240; GreatCollections, January 8, 2023, Lot 1289735 – $4,111.88; Heritage Auctions, November 6, 2023, Lot 92267 – $480. Minor ticks on Lincoln’s jacket. Hit on chin.
• NGC MS67RD #6087790-015: Heritage Auctions, October 5, 2021, Lot 21094 – $240. Tiny ticks, nothing offensive. PQ coin.
• PCGS MS67RD #21484103: Heritage Auctions, January 9, 2006, Lot 23184 – $805. Ron Bozarth Collection on insert; Heritage Auctions, January 29, 2017, Lot 29083 – $176.25. Scattered carbon spots on the obverse and reverse. Tiny ticks on Lincoln’s jacket. Flatness at the bottom of the Memorial steps. Hit on C of CENT and D of UNITED.
• PCGS MS67RD #81628599: Heritage Auctions, September 11, 2016, Lot 23129 – $329; Heritage Auctions, August 6, 2019, Lot 21193 – $168. Hit in left field under RT. Tick to the bottom right of mintmark. Deep hit on steps of Lincoln Memorial.
• PCGS MS67RD #25793237: Heritage Auctions, September 11, 2016, Lot 7221 – $305.50. Diagonal mark across top of Lincoln’s lapel. Crack in hair. Hit above ON of ONE. Hit on second column from the left. Flatness at the bottom of the Memorial steps.
• PCGS MS67RD #25607768: Heritage Auctions, August 14, 2016, Lot 7203 – $329. Copper spotting on the reverse. Bright orange discoloration on the letters. E of E PLURIBUS is flat. Flatness at the bottom of the Memorial steps.
• PCGS MS67RD #25627675: Heritage Auctions, February 5, 2016, Lot 3636 – $1,057.50.
• PCGS MS67RD #21067687: Heritage Auctions, February 5, 2016, Lot 3635 – $822.50.
• PCGS MS67RD #25683290: Heritage Auctions, September 20, 2015, Lot 7137 – $1,186.75; “Charlie O’s Collection,” Heritage Auctions, June 18, 2019, Lot 25188 – $120. Deep hit at the left corner of the bust truncation.
• PCGS MS67RD #5774624: Heritage Auctions, May 10, 2007, Lot 1283 – $1,380; “The Jack Lee Estate Lincoln Cent Registry Set,” Heritate Auctions, December 4, 2008, Lot 318 – $977.50. Re-encapsulated. Jack Lee on insert.
• PCGS MS67RD #21067688: Heritage Auctions, August 19, 2008, Lot 23184 – $862.50.
• NGC MS67RD #211585-004: Heritage Auctions, December 10, 2006, Lot 24176 – $115.
• PCGS MS67RD #21067689: Heritage Auctions, September 13, 2004, Lot 248 – $235.75.
• PCGS MS67RD #2703057: Heritage Auctions, March 3, 2003, Lot 189 – $178.25. Pop 14 when offered.

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Design

Obverse:

The obverse of the 1971-D Lincoln Cent was designed by Victor David Brenner and appears largely as it did when the type was first minted in 1909. The main difference between it and the 1909 version is the location of Brenners’ initials V.D.B., which were added under President Abraham Lincoln’s bust in 1918 after their removal from the reverse in late 1909. The date 1971 appears to the (viewer’s) right of Lincoln, and the motto IN GOD WE TRUST appears above the president. On the viewer’s left is the word LIBERTY. The D mintmark is located below the date.

Reverse:

Frank Gasparro designed the 1959 Lincoln Memorial reverse that replaced the original 1909 Brenner wheat stalk design. Gasparro’s initials FG appear on the lower-right side of the Lincoln Memorial. Below the edifice and along the rim is the denomination ONE CENT, while the legend UNITED STATES OF AMERICA runs along the top half of the reverse along the rim. Between the top of the Lincoln Memorial and UNITED STATES OF AMERICA is the motto E PLURIBUS UNUM.

Edge:

The edge of the 1971-D Lincoln Cent is plain or smooth, without reeding or lettering.

1971-D Lincoln Cent Designers

Lithuanian-born coin designer Victor David Brenner is best known for the iconic Lincoln Cent (1909-Present) (View Designer’s Profile).

Frank Gasparro was an American medalist and coin designer. He joined the Mint’s Engraving Department in 1942 under John R. Sinnock and worked under Gilroy Roberts as Assistant Engraver. Gasparro succeeded Roberts as Chief Engraver of the U.S. Mint on February 23, 1965, and served until January 16, 1981. He died on September 29, 2001 (View Designer’s Profile).

Coin Specifications

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