David Hall: The 1912-S, like all early S-mint Lincolns, is a scarce semi-key date in all grades. It is rare in mint state and very rare in gem full red condition. The strike can be somewhat soft. Interestingly, the color on the 1911 to 1915 S-mints is usually quite light. It has been speculated that an off-alloy was in use in San Francisco during those years. So the color on gems is light. I have never seen a 1912-S Lincoln cent that I would grade MS66RD.
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