Introduction & Identification
The 1912 Lincoln Wheat Penny represents a significant early issue in the iconic Lincoln cent series designed by Victor David Brenner. This one-cent denomination, struck at three different mints, features Abraham Lincoln’s bust on the obverse and the distinctive wheat ears design on the reverse that would become a hallmark of American coinage through 1958.
Current market values for the 1912 Lincoln Wheat Penny span a considerable range depending on mint mark, preservation state, and presence of varieties. According to May 2025 PCGS Price Guide data, examples can range from $2 for a well-circulated Philadelphia issue to over $38,000 for pristine MS-67+ red specimens from the San Francisco mint.
| Grade | 1912 (P) No Mint Mark | 1912-D (Denver) | 1912-S (San Francisco) |
|---|---|---|---|
| G-4 | $2.00 | $12.00 | $15.00 |
| VF-20 | $4.00 | $225.00 | $315.00 |
| MS-60 (BN) | $44.00 | $350.00 | $450.00 |
| MS-65 (RD) | $650.00 | $18 500.00 | $5 350.00 |
| MS-67 (RD) | $2 500.00 | $38 400.00 | – |
Source: PCGS Price Guide, May 2025
Exact Specifications
- Weight: 3.11 grams (±0.13 grams tolerance)
- Diameter: 19.05 mm (±0.02 mm tolerance)
- Composition: 95% copper, 5% tin and zinc
- Edge Type: Plain (smooth)
- Thickness: 1.55 mm
- Production Method: Struck on high-speed screw presses at the Philadelphia, Denver, and San Francisco Mints
The 1912 Lincoln cent maintained the same technical specifications as established in the 1909 transition from Indian Head to Lincoln design. The alloy composition remained the standard 95% copper bronze formula that would persist until wartime restrictions in 1943 necessitated the steel composition change.
Mintage & Historical Context
The 1912 Lincoln cent was produced during William Howard Taft’s presidency, amid a period of relative economic stability prior to World War I. Mintage figures reflect the growing demand for cents in commerce during this period, particularly in the western United States as evidenced by the Denver and San Francisco productions.
| Mint | Mintage | Mint Mark Location |
|---|---|---|
| Philadelphia | 68,153,060 | No mint mark |
| Denver | 10,411,000 | On reverse under date |
| San Francisco | 4,431,000 | On reverse under date |
The 1912 mintage shows a typical pattern of early Lincoln cent production with Philadelphia handling the bulk of coinage needs while the western branch mints produced smaller but significant quantities to meet regional commerce demands. The San Francisco issue, with its considerably lower mintage, would become the key date among the 1912 cents and one of the more challenging early Lincoln cents to acquire in high grades.
Production at the Denver Mint in 1912 marked only its fourth year striking Lincoln cents, having begun cent production in 1909. This was a period of increased western economic development, requiring more coinage for everyday transactions as the nation’s population and commercial activities expanded westward.
Varieties & Die Diagnostics
The 1912 Lincoln cent features several notable varieties and die markers that command premium values among specialized collectors. Authentication of these varieties requires careful examination of specific die characteristics.
1912 (Philadelphia) Varieties
1912 Doubled Die Obverse (FS-101)
- Bold doubling visible on LIBERTY and date
- Diagnostic marker: Distinct separation between the doubled outlines of letters, particularly the “L” and “I” in LIBERTY
- Valued at 3-5 times standard 1912 cents in comparable grades
1912 Repunched Mint Mark (RPM-001)
- Despite Philadelphia issues having no mint mark, this variety shows evidence of a removed “D” puncheon test
- Authentication tip: Faint remnant of “D” visible with 10x magnification under ideal lighting between “9” and “1” of date
1912-D Varieties
1912-D/D RPM (FS-501)
- Strong repunching of the D mint mark, with secondary D visible north of primary mint mark
- Authentication tip: Secondary D shows approximately 30% offset from primary mint mark with noticeably different orientation
1912-D Small D
- Significantly smaller D mint mark than standard issues
- Authentication tip: D measures approximately 0.7mm in height versus the standard 1.0mm
1912-S Varieties
1912-S/S RPM (FS-501)
- Dramatic S over S repunching with secondary S significantly east of primary position
- Heritage Auction sale: January 2024, Lot #48592, MS-65 RB example realized $4,700
1912-S Doubled Die Reverse (FS-801)
- Moderate doubling on wheat stalks and ONE CENT
- Authentication tip: Most prominent doubling seen on wheat kernels and the “E” in ONE
Die state progression tracking for the 1912 Lincoln cent series reveals several late-state die crack patterns that, while not officially recognized varieties, can command modest premiums from specialists:
- Philadelphia late die state coins often show obverse cracks from rim to Lincoln’s beard
- Denver issues frequently display reverse cracks through the wheat stalks
- San Francisco cents with advanced die erosion show distinctive “orange peel” texture in fields
Grading Standards
The 1912 Lincoln cent, like all Lincoln cents, is graded on the standard Sheldon scale from Poor-1 to MS-70. However, accurate grading requires understanding the specific wear patterns and production characteristics of this issue.
G-4 (Good)
- Complete rim visible, though potentially worn
- All major design elements visible but flattened
- Date and mint mark must be fully legible
- Typical example shows smooth surfaces with uniform wear
VF-20 (Very Fine)
- All letters in LIBERTY clearly visible
- Lincoln’s hair details show partial separation
- Wheat ears have clear definition with some central detail
- Typical Denver and San Francisco examples retain partial mint mark clarity
XF-40 (Extremely Fine)
- Most hair details clearly separated
- Ear shows complete inner detail
- Light but visible wear on high points only
- Mint luster may be present in protected areas
MS-60 (Uncirculated)
- No evidence of wear, though numerous marks may be present
- Full mint luster present, though potentially dull
- Philadelphia issues often show spotty or uneven color
- Denver and San Francisco examples frequently display weak strikes
MS-65 (Gem Uncirculated)
- Strong strike with nearly full detail
- Minimal surface marks visible without magnification
- Attractive color and luster
- For “Red” designation, at least 95% of original mint color must remain
MS-67 (Superb Gem)
- Exceptional strike and luster
- Virtually perfect surfaces
- For Philadelphia issues, fewer than 50 examples certified at this level
- For Denver and San Francisco, population counts in single digits for MS-67 Red
Color designations are critical for grading uncirculated 1912 cents, with “Red” (RD) examples commanding significant premiums over “Red-Brown” (RB) or “Brown” (BN) specimens. The 1912-S is particularly challenging to locate with full original red color due to the soft strikes and somewhat porous planchets that characterized San Francisco production that year.
Market Analysis
The market for 1912 Lincoln cents has demonstrated consistent strength over the past decade, with particular emphasis on high-grade mint state examples. The following table presents current market values based on PCGS Price Guide data (May 2025) and recent auction results.
1912 (P) No Mint Mark
| Grade | BN | RB | RD |
|---|---|---|---|
| G-4 | $2 | $50 | $65 |
| F-12 | $22 | $100 | $125 |
| XF-40 | $44 | $140 | $185 |
| AU-50 | $80 | $200 | $325 |
| MS-60 | $44 | $140 | $325 |
| MS-63 | $95 | $200 | $375 |
| MS-65 | $115 | $460 | $650 |
| MS-67 | $175 | $875 | $2,500 |
1912-D (Denver)
| Grade | BN | RB | RD |
|---|---|---|---|
| G-4 | $12 | $225 | $250 |
| F-12 | $75 | $375 | $485 |
| XF-40 | $225 | $500 | $1,000 |
| AU-50 | $350 | $625 | $1,050 |
| MS-60 | $350 | $625 | $1,200 |
| MS-63 | $600 | $1,000 | $1,350 |
| MS-65 | $3,500 | $8,500 | $18,500 |
| MS-67 | — | — | $38,400 (PCGS Auction Record) (PCGS) |
1912-S (San Francisco)
| Grade | BN | RB | RD |
|---|---|---|---|
| G-4 | $15 | $225 | $315 |
| F-12 | $75 | $400 | $640 |
| XF-40 | $225 | $460 | $1,000 |
| AU-50 | $335 | $585 | $1,550 |
| MS-60 | $450 | $1,000 | $1,550 |
| MS-63 | $1,100 | $1,350 | $2,600 |
| MS-65 | $3,500 | $4,600 | $5,350 |
| MS-67 | — | — | — |
Recent Major Auction Realizations
| Issue & Grade | Realized Price | Date | Lot & Auction |
|---|---|---|---|
| 1912 (P) MS-67+ RD | $20,400 | Jan 2025 | PCGS #2452, Jan 2025 Showcase Auction (PCGS) |
| 1912-D MS-67 RD | $38,400 | Jan 19 2025 | Heritage FUN US Coins Signature #1380, Lot 4541 (PCGS) |
| 1912-S MS-65 RD | $27,600 | May 1 2003 | Heritage Auctions, PCGS #2458 (PCGS) |
Market trends indicate particularly strong demand for premium-quality 1912-S cents, which remain the key date in the 1912 trio. The supply of high-grade red examples appears to be diminishing, with fewer fresh examples entering the market. Serious collectors should note that MS-65 RD examples of the 1912-S have appreciated approximately 20% over the past three years, outpacing most other early Lincoln cents.
The value disparity between brown, red-brown, and full red specimens becomes particularly pronounced at the MS-63 grade and above. A 1912-S in MS-65 RD might command 5-6 times the price of the same coin in MS-65 BN, highlighting the importance of color preservation for investment-grade specimens.
Counterfeit & Preservation Watch
Counterfeit Detection
The 1912-S, due to its relative scarcity and value, has become a target for counterfeiters. Collectors should be vigilant for these telltale signs:
- Altered Mint Marks: Examine the S mint mark under 10x magnification. Authentic S punches have distinctive serifs and positioning. Altered examples typically show disturbed fields around the mint mark or inconsistent mint mark style.
- Cast Counterfeits: Check for reduced detail, especially in Lincoln’s hair and the wheat ears. Cast fakes often exhibit pitting visible under magnification and incorrect surface texture.
- Weight Discrepancies: Authentic 1912 cents should weigh 3.11 grams (±0.13g). Many counterfeits use incorrect alloys resulting in weight variations.
- Metallurgical Testing: Genuine 1912 cents show 95% copper content. XRF analysis of suspicious examples often reveals incorrect metal composition with zinc levels exceeding period standards.
Preservation Guidance
The 95% copper composition of 1912 Lincoln cents makes them susceptible to environmental damage. Proper preservation techniques include:
- Avoid PVC Storage: Never store in flexible “flips” containing PVC, which can cause irreversible green deposits on copper surfaces.
- Humidity Control: Maintain relative humidity below 50% to prevent bronze disease, a corrosive condition that manifests as green powdery spots.
- Fingerprint Avoidance: Natural oils from fingerprints can cause permanent spotting on copper surfaces. Always handle by edges or use cotton gloves.
- Toning Evaluation: Natural toning on 1912 cents typically presents as an even progression from original red to brown. Artificially toned examples often show unnatural color patterns with abrupt transitions or unusual hues.
For particularly valuable examples, consider professional conservation and encapsulation by PCGS or NGC, which provides both authentication and protection from environmental factors.
Collector’s Corner: Roll-Hunting & Acquisition
Finding 1912 Lincoln Cents
While 1912 cents have largely disappeared from circulation, strategic approaches can still yield discoveries:
- Bank Roll Searching: The 1912 Philadelphia issue occasionally appears in older bank-wrapped rolls, particularly from rural areas with stagnant coin circulation.
- Estate Sales: Often the most productive source for early Lincoln cents, as many were saved in collections assembled in the mid-20th century.
- Regional Focus: Denver and San Francisco issues are more frequently found in their respective geographic regions, where they originally circulated.
- Coin Shop “Junk Boxes”: Often contain overlooked varieties and better dates priced as common coins.
Acquisition Strategies
When actively seeking 1912 Lincoln cents for collection:
- Specialization Opportunity: Consider focusing on a single mint to build a comprehensive die variety collection, particularly for the Philadelphia issue which has the most documented varieties.
- Graded vs. Raw: For investment-grade coins (MS-65 and above), third-party grading is essential. For circulated examples, raw coins often represent better value.
- Recommended Dealers: Established numismatic firms with PCGS or NGC membership often have the most reliably graded inventory. Major auction houses like Heritage, Stack’s Bowers, and Legend Rare Coin Auctions regularly feature premium examples.
- Show Circuit Timing: The FUN Show (January), ANA World’s Fair of Money (August), and Baltimore Expo (March/November) typically feature the strongest offerings of early Lincoln cents.
- Online Platforms: eBay and Heritage Auctions’ weekly internet sales often yield surprising finds, though careful authentication is essential.
The serious collector should develop relationships with dealers specializing in early Lincoln cents, as many premium examples trade privately before reaching public auction.
Frequently Asked Questions
How can I distinguish an original red 1912-S cent from an artificially colored example?
Original red 1912-S cents display a distinctive warm orange-red color with natural luster that flows across the coin’s surface when rotated under light. Artificial “red” examples typically show too-bright color that appears painted on rather than emanating from within the metal. Under 10x magnification, artificially colored coins often reveal unnatural color boundaries or traces of chemical residue in protected areas. Most importantly, genuine red 1912-S cents retain some degree of cartwheel luster despite being over a century old.
Why are 1912-S cents frequently found weakly struck?
The San Francisco Mint in 1912 operated older, less powerful presses than the Philadelphia facility, and frequently used dies longer before replacement. Additionally, striking pressure was often reduced to extend die life during this high-production era. This combination of factors resulted in many 1912-S cents exhibiting weakness in the central details of Lincoln’s portrait and the wheat ears. True gem examples with full strikes command significant premiums precisely because they overcame these production limitations.
Is there a reliable way to distinguish 1912 cents from later dates that may have altered numerals?
Yes, the 1912 cent has several date-specific characteristics that differ from dates that might be altered to resemble it (such as 1942 or 1972). The distinctive positioning of the “1” in relation to Lincoln’s bust, the specific shape of the “9,” and the exact spacing between digits in the date are difficult to replicate convincingly. Additionally, the 1912 issue uses date punches with specific serifs and proportions that differ from later issues. Under 10x magnification, altered dates almost always show evidence of tooling or metal displacement around the numerals.
How does the 1912 Denver cent compare to other early D-mint Lincoln cents in terms of rarity and value?
The 1912-D, while scarcer than its Philadelphia counterpart, ranks as approximately the fifth scarcest Denver mint Lincoln cent from the 1909-1919 period, behind key dates like the 1909-S VDB, 1914-D, 1909-S, and 1911-D. Its mintage of 10.4 million pieces was substantial for the era but significantly lower than most Philadelphia issues. In terms of market value, the 1912-D commands a noticeable premium over common early Denver issues but falls well below the investment-grade status of the 1914-D or 1909-S VDB. The 1912-D is particularly challenging to locate with full original red color and strong strike detail, making gem red examples worthy long-term investments that have shown steady appreciation.
The author recommends placing representative high-resolution images of each mint issue at the beginning of the article, with additional detailed photographs accompanying the Varieties and Grading sections. Tables should be positioned immediately after their corresponding text discussions for optimal reference.
