Last Updated on August 15, 2022
A 1971 Lincoln penny may not seem valuable, but that is not the case. The value of this coin ranges from $0.02 to $1,134. This penny’s worth mainly depends on the type and condition.
If you want to learn more about the value of a 1971 penny, you’re in the right place. Below we’ve detailed everything about it.
How Much Is 1971 Penny Worth?
The minimum value of a 1971 penny is the melting value of copper because of the material’s composition. So you can get $0.02 for every standard circulated penny. A coin with distinctive features will help you earn more.
If your 1971 penny is in an uncirculated condition without a mint mark, it will sell for $1.00 per piece. This mainly applies to coins with the mint state (MS) 65 grading. A 1971 penny without a mint mark is also called the P penny.
The 1971 penny also has S and D versions. These are coins with mint marks that indicate the site of production. A 1971 S penny has a value of $0.56 to $1.00 in MS 65 grading.
A 1971 D penny has the same value in MS 65 and uncirculated condition. This worth is mainly for marked coins with no errors. The value will rise if there are significant mistakes in the penny’s appearance.
|1971 P Penny||Circulated||$0.02|
|1971 P Penny||Uncirculated||$1.00|
|1971 S Penny||MS 65 and Uncirculated||$0.56 to $1.00|
|1971 D Penny||MS 65 and Uncirculated||$0.56 to $1.00|
How Much Is 1971 Proof Penny Worth?
A proof coin is mainly designed for collectors instead of circulation. So they are not used for daily transactions and have a higher value. The 1971 S penny is worth about $1.13 in PR 65 condition.
However, the same penny can have a value of $500 to $721 if it has a significant error. This may include a mistake with the mint mark or striking of the coin.
How Much Is 1971 Doubled Die Penny Worth?
The 1971 penny has various versions with the doubled die error on the obverse side. These coins are rarer than other pennies of the same year. A 1971 S proof penny with a doubled die error is valued at $500.
If you have a 1971 penny with no mint mark but a doubled die error, it will have a value of $50 per piece. This value is for an uncirculated coin with MS 65 grading.
A 1971 P penny with doubled die obverse error and MS 65 grading is also worth $1,134. Such a high sum is mainly achievable by selling the coin at an auction.
Other variations of this penny may have a value of $25 to $100. The error in coins with lower worth is less significant. So you must understand the degree of mistake to sell your penny at the best price.
How Much Is 1971 D Penny With Doubled Die Error Worth?
The 1971 D penny does not have a doubled die error. This mistake is mainly present in the P pennies with no mark or the 1971 S penny. So you must be wary if you encounter a D coin with doubled die error.
Some sellers try to scam collectors by claiming the coin to be rare. This is why you must get the penny checked or appraised.
A doubled die error mainly has a mistake in the coin’s date on the obverse side. The design of the obverse side also differs from the standard coins due to double minting.
What Makes A 1971 Penny Rare?
The 1971 penny can be rare if it meets certain features. A proof penny is the most valuable variety of this coin. Pennies with MS 65 grading are also more valuable than the ungraded types.
However, a doubled die error is the top thing that makes a 1971 penny rare. If this mistake is present in a proof coin, you can earn up to $1,134 for one piece.
Another error that you may look for is the overpolishing error. 1971 pennies with excessive polishing are rare on the market. So you can earn a high sum if you have this coin.
Uncirculated 1971 pennies are also rarer than the circulated types. All these things add value to the coin and attract collectors.