Last Updated on August 24, 2022
The 1987 penny, also popular as the Lincoln Memorial penny, is one of the favorites for collectors. The penny may not have a high numismatic value, but it will surely increase with time. So now is the best time to have it in your collection.
Here we are going to share some detailed information on how to help you with everything you are looking for.
How Much Is A 1987 Penny Worth?
The 1987 penny with D mintmark or no mintmark is worth around $0.30 where as the ones that are already in circulation are worth its face value of $ 0.01. The 1987 penny with S mintmark produced in San Francisco was made only as proof coins.
This is because the San Francisco mint didn’t produce any coins to circulate in the economy. Therefore, each proof coin of the 1987 penny is worth around $5.
|Coin||Proof Coins||MS65||MS60||Extremely fine||Very Good/Fine||Good|
|1987 P Penny||–||$1||–||–||$1||–|
|1987 S Penny||$5||–||–||–||–||–|
|1987 D Penny||–||$1||–||–||$1||–|
Why Is 1987 Penny So Affordable Compared to Other Old Coins?
Remember that the older the coins get, the higher the value gets with time. 1987 compared to other old coins, is a recent one to be considered old or vintage. With time it will start getting into the top list.
For example, if you compare the value of a 1902 penny with a 1987 penny, you will see the difference by yourself. In addition, the 1987 penny was minted in a huge quantity, so there are chances that it is still easily available.
It is because of this reason that the value hasn’t increased. But the price will see a hike as good condition coins start getting rare. Keep in mind that the condition and rarity of the penny play a very important role in determining the price.
How Many Were 1987 Pennies Ever Minted?
The 1987 penny was minted in millions of coins in three mints i.e. Philadelphia, Denver, and San Francisco are the three mints where the 1987 penny was ever minted.
However, each mint produced different number of pennies, so it is important to know what quantity was produced by each of the mint. Here is how many pennies were minted by every mint.
- Philadelphia: 4,682,466,931
- Denver: 4,879,389,514
- San Francisco: 4,227,728
Here are the numbers of pennies that you were looking to know about. In total, there were 9,566,064,173 coins of 1987 penny ever minted.
However, the San Francisco mint only manufactured proof coins. No coin was circulated in the economy. This is why San Francisco minted the least number of coins out of all three mints.
What Is The Metal Composition and Specs of 1987 Penny?
This coin has a weight of around 2.5 grams. The precise composition of the 1987 penny includes 0.8% copper and 99.2% zinc.
The reason that the copper is in such a small quantity is because copper plated zinc was used to make these pennies. In short the pennies are actually made with zinc with a layer of copper on them.
What Are The Things To Look At When Buying a 1987 Penny?
Other than the standard features, such as the engravings, there are many things you have to look at when dealing with the 1987 coin. Here are some things that you need to look at in detail.
This is the first thing you should look at without any doubt. Look for even the smallest scratch or mark you can see on the coin’s surface. Make sure there are no blemishes or dents on the penny.
The 1987 penny needs to be clean of any surface marks. However, not every coin will be clean. Go for the one which has the most unnoticeable marks.
The mintmark is the stamp for the mint the respective coins were minted at. The only mark will help you differentiate each coin from the other. If there were no mintmark, it would not be easy to understand where the coin was produced.
Yes, the mintmark does affect the value, but if there is demand for a specific mint coin. However, if the 1987 penny has an S mintmark, it is a proof coin and the one you should get.