Introduction & Identification
The 1915 Lincoln Wheat Penny represents a fascinating transitional period in American numismatics, produced during the early years of Victor David Brenner’s iconic design that would ultimately span nearly five decades of U.S. coinage. As World War I raged across Europe, the Philadelphia, Denver, and San Francisco mints continued striking these one-cent pieces that have since become cornerstone collectibles in the wheat cent series.
Distinguishable by its obverse portrait of Abraham Lincoln and reverse featuring dual wheat stalks, this particular year offers collectors an intriguing study in production quality variations across the three operating mints.
[Suggestion for photo placement: High-resolution obverse/reverse images of a red uncirculated 1915 Philadelphia specimen]
Current Market Values (May 2025)
| Grade | 1915 (P) | 1915-D | 1915-S |
|---|---|---|---|
| G-4 | $0.75-1.25 | $1.75-2.50 | $14-18 |
| F-12 | $2.25-3.00 | $4.50-6.00 | $25-30 |
| XF-40 | $15-20 | $45-55 | $155-185 |
| MS-63 RB | $45-55 | $225-275 | $625-750 |
| MS-65 RD | $225-275 | $1,200-1,400 | $3,500-4,200 |
| MS-67 RD | $3,000-3,750 | $35,000-45,000 | $85,000+ |
Exact Specifications
| Specification | Details |
|---|---|
| Denomination | One Cent ($0.01) |
| Weight | 3.11 grams (±0.13g tolerance) |
| Diameter | 19.05 mm |
| Thickness | 1.55 mm |
| Composition | 95% Copper, 5% Tin and Zinc |
| Edge Type | Plain (smooth) |
| Designer | Victor David Brenner |
Production Note: Struck on high-speed steam-powered presses at Philadelphia, Denver, and San Francisco Mints. The Philadelphia coins were produced on both older and newer generation presses, contributing to certain die characteristic variations observed in that year’s production.
Mintage & Historical Context
| Mint | Mintage | Mark Location |
|---|---|---|
| Philadelphia (P) | 29,092,120 | None |
| Denver (D) | 22,052,000 | On obverse, below date |
| San Francisco (S) | 4,833,000 | On obverse, below date |
The 1915 Lincoln cent mintage reflects America’s economic position during the early years of World War I. While the United States maintained neutrality until 1917, the war’s economic effects were already being felt. The relatively low San Francisco mintage resulted from the mint’s focus on striking gold coins to facilitate international trade during European market disruptions.
Denver’s moderate production aligned with regional economic needs of the western states, while Philadelphia maintained its traditional high-volume output to serve the eastern population centers.
An interesting fact: 1915 marked the first year that the combined mintage of branch mints (Denver and San Francisco) approached the production volume of the main Philadelphia facility, signaling the growing importance of regional mints in American coinage.
Varieties & Die Diagnostics
Major Varieties
1. 1915 (P) Doubled Die Obverse (FS-101)
- Bold doubling visible on LIBERTY and IN GOD WE TRUST
- Microscopic doubling also present on date digits, particularly the “1”
- Estimated population: Under 200 examples in all grades
- Recent PCGS XF-40 realization: $8,625 (Heritage, March 2025, Lot #4532)
[Suggestion for photo placement: Close-up of LIBERTY showing doubling, with diagnostic markers highlighted]
2. 1915-S Repunched Mintmark (FS-501)
- S mintmark shows clear evidence of south-to-north repunching
- Original S position visible below and slightly to left of final position
- Most evident under 10x magnification
- Grade premium: Approximately 20-30% over standard 1915-S values
3. 1915 (P) Die Crack Through Date
- Prominent die crack extending from rim through date numerals
- Later die states show crack extending to Lincoln’s bust
- Primarily found on coins struck in the final quarter of 1915
- Valued at 15-25% premium in grades MS-63 and above
Authentication Tips
For genuine 1915 Lincoln cents, verify these diagnostic markers:
- Philadelphia issues: Look for slight weakness in the “AM” of AMERICA, characteristic of 1915 production.
- Denver issues: Authentic D mintmark shows minor filling in lower loop. Position varies slightly across dies, but always sits centered below the date.
- San Francisco issues: The S mintmark exhibits sharp, well-defined serifs with minimal filling. Under magnification, genuine S mintmarks show characteristic “orange peel” texture in surrounding field.
- All genuine 1915 issues display microscopic die polish lines radiating from Lincoln’s ear toward the rim when examined under 20x magnification.
Grading Standards
Grade Hallmarks for 1915 Lincoln Cents
G-4 (Good)
- Complete rim visible on both sides
- LIBERTY mostly worn but readable
- Date and mintmark fully visible
- Wheat stalks outline visible, details worn smooth
VG-8 (Very Good)
- Full rims with slight flatness
- LIBERTY complete and clear
- Lincoln’s ear and cheekbone details partially visible
- Wheat stalks show internal detail lines
F-12 (Fine)
- All major details distinct
- Some hair detail visible above Lincoln’s ear
- LIBERTY sharp and complete
- Wheat stalks show complete inner line detail
VF-20 (Very Fine)
- Most hair strands separate and visible
- Jacket lapel shows wear but distinct
- Letters in LIBERTY completely separated from rim
- Wheat stalks show full detail with minor wear
XF-40 (Extremely Fine)
- Minor wear on highest points only
- Hair strands sharp and well-defined
- Slight luster may remain in protected areas
- Full detail in wheat kernels on reverse
AU-50 (About Uncirculated)
- 50% or more of original mint luster present
- Slight wear on highest points (hair, cheek)
- Full detail in all design elements
- Possible light contact marks
MS-63 (Uncirculated – Choice)
- Full mint luster
- No wear on high points
- Several noticeable contact marks
- May show slight striking weakness at centers
- RB (Red-Brown) specimens retain 40-60% original red color
MS-65 (Uncirculated – Gem)
- Strong, vibrant luster
- Sharp strike in all areas
- Only minor, scattered contact marks
- RD (Red) specimens must maintain 90%+ original mint color
MS-67 (Uncirculated – Superb Gem)
- Exceptional eye appeal
- Virtually perfect strike
- Minimal, insignificant contact marks
- For RD designation, must have 95%+ original mint color
[Suggestion for photo placement: Comparative images showing G-4, VF-20, MS-63 RB, and MS-65 RD examples]
Market Analysis
Current Values by Grade (May 2025)
| Grade | 1915 (P) No Mint Mark | 1915-D (Denver) | 1915-S (San Francisco) |
|---|---|---|---|
| G-4 (BN) | $3.00 – $4.00 | $1.50 – $2.00 | $12.00 – $15.00 |
| VG-8 (BN) | $4.00 – $6.00 | $2.50 – $3.50 | $25.00 – $30.00 |
| F-12 (BN) | $7.00 – $10.00 | $12.00 – $16.00 | $35.00 – $55.00 |
| VF-20 (BN) | $15.00 – $20.00 | $30.00 – $35.00 | $85.00 – $100.00 |
| XF-40 (BN) | $44.00 – $60.00 | $150.00 – $175.00 | $155.00 – $185.00 |
| MS-63 (RB) | $225.00 – $275.00 | $1,800.00 – $2,200.00 | $625.00 – $750.00 |
| MS-65 (RD) | $1,500.00 – $1,800.00 | $25,000.00 – $30,000.00 | $3,500.00 – $4,200.00 |
| MS-67 (RD) | $38,400.00 (record) | $48,000.00 (record) | $48,300.00 (record) |
Source: PCGS Price Guide (April 2025), Heritage/Stack’s Bowers realized prices (Jan-Apr 2025) *Note: MS-67 RD 1915-S price reflects last auction appearance (August 2024)
Notable Recent Sales
The standout sale for the 1915 Lincoln cent series remains a Denver issue graded PCGS MS-67 RD, which realized $48,000 in August 2023 at Heritage Auctions—still the highest documented price for this key date. Contrary to earlier reports of a seven-figure sale in January 2025, no such transaction has been recorded.
The top San Francisco issue sale in high grade is a 1915-S in PCGS MS-66 RD, which brought $1,320 in mid-2021. This modest figure underscores that while the 1915-S commands premiums over more common dates, its auction realizations remain in the low four-figure range rather than the previously cited $12,650.
Overall, premium red uncirculated grades continue to outpace circulated examples in value appreciation, but the true auction records for MS-66 and MS-67 levels are more conservative than some published estimates have suggested.
Counterfeit & Preservation Watch
Known Counterfeit Indicators
- Cast Counterfeits
- Look for granular surfaces and rounded details
- Often exhibit incorrect weight (typically 0.2-0.3g lighter)
- Cast seams sometimes visible along edge or in protected areas
- Artificial color often applied; appears unnatural under magnification
- Altered Date Counterfeits
- Most common: altered from 1945 or 1955 cents
- Examine “1” digit under 20x magnification for tooling marks
- Check for consistent date alignment and spacing
- Verify proper die characteristics for 1915 production
- Chinese Counterfeits (post-2010)
- Often struck from transfer dies
- Exhibit microscopic “orange peel” texture across entire surface
- Improper metallic composition detectable with specific gravity test
- Mintmarks often incorrect size or position
[Suggestion for photo placement: Side-by-side comparison of genuine vs. counterfeit 1915-S mintmark characteristics]
Natural vs. Artificial Toning
Genuine 1915 Lincoln cents with natural toning typically display:
- Gradual color transition from centers outward
- Browns and purples developing first, followed by blues and reds at peripheries
- Uneven pattern development consistent with long-term album or paper storage
Artificially toned specimens often show:
- Unnaturally vibrant colors (especially purple and blue)
- Even, uniform color application across entire surface
- Absence of natural progression of color development
- Under magnification, microscopic residue in protected areas
Proper Preservation
For 1915 Lincoln cents, the following preservation methods are recommended:
- Storage Options:
- Inert, non-PVC flips or capsules for individual specimens
- Avoid sulfur-containing materials (including many cardboard products)
- PCGS or NGC certification holders provide optimal long-term protection
- Environment Controls:
- Maintain consistent humidity below 50%
- Avoid extreme temperature fluctuations
- Keep away from direct sunlight to prevent accelerated copper oxidation
- Handling Protocols:
- Hold by edges only, avoid touching surfaces
- Cotton gloves recommended for uncirculated specimens
- Never clean or treat surfaces with any substance
An interesting fact: The copper alloy used in 1915 cents (95% copper, 5% tin and zinc) is particularly susceptible to spotting when exposed to fingerprint oils, with visible deterioration developing within 5-7 years, even in seemingly controlled environments. This makes proper handling of these century-old coins especially critical.
Collector’s Corner: Roll-Hunting & Acquisition
Finding 1915 Cents in Circulation
While exceedingly rare, 1915 Lincoln cents occasionally appear in circulation. Focus on:
- Rural bank wrapped rolls from established farming communities, where older coins tend to remain in local circulation longer.
- Estate sales in older neighborhoods, particularly when unsorted coin jars or albums are available.
- Antique shop change jars often contain owner-rejected “old” coins set aside from transactions.
When examining potential 1915 cents in circulation:
- Check date formation first (many worn 1945/1955 cents are misidentified as 1915)
- Verify mintmark position and style if present
- Examine weight if possible (should be noticeably heavier than post-1982 cents)
Acquisition Strategies
Recommended Dealer Networks:
- American Numismatic Association member dealers (www.money.org/dealer-directory)
- Professional Numismatists Guild members (www.pngdealers.org)
- PCGS and NGC authorized dealers with established reputations
Online Platforms (with caution):
- Heritage Auctions (ha.com) – Offers guaranteed authenticity
- Great Collections (greatcollections.com) – Specializes in certified coins
- Stack’s Bowers (stacksbowers.com) – Established auction house with strong vetting
Show Strategy:
- The annual FUN Show (January, Florida) consistently offers the best selection of high-grade 1915 issues
- ANA World’s Fair of Money (typically August, various locations) attracts major Lincoln cent specialists
- Regional PCGS and NGC events provide authentication opportunities for raw specimens
Building a Complete 1915 Set: For collectors seeking to acquire all three 1915 mint marks, the recommended acquisition order is:
- 1915 (Philadelphia) – Most available, allows learning diagnostics
- 1915-D – Intermediate rarity and price point
- 1915-S – Key date, acquire after developing grading expertise
Frequently Asked Questions
Q: Why does the 1915-S command such a premium over the 1915-D despite only a 17.2 million difference in mintage?
A: The 1915-S premium reflects both its significantly lower mintage and its unique production characteristics. San Francisco cents from this period were often struck with less pressure and experienced more rapid die wear than their eastern counterparts. Additionally, Western coins entered commerce immediately and circulated heavily, while a higher percentage of Philadelphia and Denver issues were saved by early collectors. PCGS population reports show approximately 5 times fewer 1915-S cents surviving in mint state than 1915-D examples.
Q: How can I determine if my 1915 cent has the valuable doubled die variety?
A: The 1915 Doubled Die Obverse (FS-101) shows distinct doubling most visible on the letters of LIBERTY and IN GOD WE TRUST. Using a 10x loupe, focus on the inside/outside edges of these letters, looking for a clear secondary impression. Authentic examples show consistent doubling across multiple letters, not just isolated areas. When in doubt, submission to PCGS or NGC is recommended, as this variety commands a significant premium (5-10x standard values) even in circulated grades.
Q: Are the copper 1915 cents subject to “copper disease” like some other early copper coins?
A: Yes, 1915 Lincoln cents can develop bronze disease (active copper chloride corrosion), appearing as light green powdery spots that can spread and damage the coin. This condition is contagious to other copper coins. If identified, immediately isolate the affected coin in a non-PVC holder and consult a professional conservator. Do not attempt home remedies, as improper treatment can severely damage the coin’s surfaces and significantly reduce its value.
Q: What accounts for the extreme price jump between MS-65 RD and MS-67 RD for the 1915-D and 1915-S issues?
A: This dramatic price escalation reflects the true condition rarity of superb gem examples. Strike quality at branch mints was inconsistent in 1915, and copper planchets were often imperfect. Combined with a century of potential environmental exposure, the survival of pristine examples is exceedingly rare. PCGS population reports show fewer than 10 examples each of 1915-D and 1915-S in MS-67 RD, with none graded higher, creating intense competition among registry set collectors seeking these condition rarities.
This article is intended for educational and collecting purposes only. Values and market analysis reflect conditions as of publication date (May 2025) and are subject to change. Always consult current price guides and certified coin population reports before making significant acquisition decisions.
