1929 1C, BN PCGS #2594

Charles Morgan

The 1929 Lincoln Cent

The year 1929 was marked by both feast and famine. For the first two-thirds of the year, the "Roaring Twenties" bull market raged on, fueled by easy credit and rampant speculation. The Dow Jones Industrial Average peaked on September 3rd and then began its historic decline, culminating in a series of panic selloffs that ended with Black Tuesday on October 29th. For the business community, the sudden loss of capital crippled the ability to finance operations and expansion. This market uncertainty, coupled with a lack of credit, triggered immediate layoffs across every major segment of the United States economy. Farmers, factory workers, bankers, and service-sector workers faced an uncertain future, though none could have predicted the sheer scope or length of the Great Depression that followed.

High Demand at the United States Mint

For the United States Mint, coin production throughout 1929 gave no hint of the coming economic collapse. Demand was remarkably high across multiple denominations. Nickels were heavily requested, Mercury Dime production exceeded 25 million pieces, and the 1929 Standing Liberty Quarter (#5772) was struck at levels commensurate with other 1920s boom years. While the Philadelphia Mint did not strike Half Dollars or Dollar coins, it did produce three gold denominations. Of those, only the 1929 Indian Head Quarter Eagle (#7953) survives in sufficient quantity to avoid being labeled "scarce" — marking the final bow for both the Quarter Eagle and Half Eagle denominations.

Philadelphia Mint Coin Production in 1929

• Lincoln Wheat Cent (#2594) | Mintage: 185,262,000
• Buffalo Nickel (#3966) | Mintage: 36,446,000
• Mercury Dime (#4972) | Mintage: 25,970,000
• Standing Liberty Quarter (#5772) | Mintage: 11,140,000 | Next to last year of type.
• Indian Head Quarter Eagle (#7953) | Mintage: 532,000 | Last year of production.
• Indian Head Half Eagle (#8533) | Mintage: 662,000 | Last year of production.
• Saint-Gaudens Double Eagle (#9190) | Mintage: 1,779,750 | Scarce in all grades.

Collecting the 1929 Lincoln Cent

Among the minor coinage, the 1929 Lincoln Wheat Cent was produced at levels not seen since the post-WWI boom. Output marked decade highs from all three Mint branches, with the Philadelphia Mint alone striking 185 million pieces — a volume surpassed to that point only in 1918 (RD #2506), 1919 (RD #2515), and 1920 (RD #2524). While the Mint initially had to work grueling overtime to keep up with this massive demand, it gradually introduced new processes to speed up production. A key mechanical improvement was the installation of a new electrical plant, which replaced the high-pressure steam plant originally furnished when the building opened in 1901. This new plant was far more efficient, allowing for a notable reduction in the labor force required to run it. 

As struck, the 1929 Lincoln Cent (RD #2596) boasted a distinctive, intense reddish hue that set it apart from coins minted in preceding years. This unique coloration was specific to the Philadelphia issues and persisted through the early 1930s. Over time, this original color has been lost on most surviving coins, though fully "Red" examples still surface occasionally. More often than not, patches of this original red are retained, even as the Mint Red has mellowed into a rich honey or cognac tone. For modern collectors, the 1929 is one of several 1920s dates that can be located in Gem Mint State (RD) without too much difficulty. The majority of submitted coins are full Red, typically falling into the PCGS MS65 to PCGS MS66 grade range. Meanwhile, many coins designated as RB (Red-Brown) or BN (Brown) exhibit beautiful, often iridescent, toning.

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