1968-D 1C, RD MS65RD Certification #49522031, PCGS #2908

Charles Morgan

The 1968-D Lincoln Cent

In the lead-up to the Coinage Act of 1965, collectors and speculators drew the ire of the United States Mint, the Treasury, and Congress. Officials largely blamed the booming coin hobby for the national coin shortage. By this time, the hobby had become so visible that it was perhaps unsurprising it drew unwanted federal attention. While collectors viewed themselves as the United States Mint’s primary customers, the Treasury Department increasingly viewed them as a nuisance.

Any student of the Red Book knows that mintages increased dramatically as the 1950s gave way to the early 1960s. This surge applied to circulating issues as well as Proof and Uncirculated coin sets. The coin roll market was being heavily promoted, and the wholesome pastime of hunting for "hole fillers" in circulation was rapidly evolving into a market of high-stakes speculation.

The True Culprit: The Vending Machine

Despite the government's narrative, the national money supply wasn't ailed by collectors, but by the rapid proliferation of vending machines. The Mint simply could not keep up with the demand of a modernizing economy. In 1950, the United States had approximately 1.5 million vending machines with reported sales of $1 billion. By 1965, that number had grown to 4.8 million machines consuming $4 billion in change. This massive industrial demand explains the stark mintage differences between silver and clad issues and effectively disproves the notion that collectors caused the shortage.

By 1968, the shortage issues had finally subsided. The Mint resumed the practice of placing mintmarks on coins and returned to the production of official Mint and Proof sets.

A First Strike Ceremony at Denver

The use of mintmarks had been a staple of U.S. coinage since the first branch mints opened in 1838. Public criticism of their removal was so effective that Mint Director Eva Adams reversed course, announcing their return for 1968. On January 4, 1968, Adams was joined by senior officials from the American Numismatic Association (ANA) and the numismatic press at the Denver Mint to witness the ceremonial first striking of 1968-D coinage.

Notable attendees included:

• Chet Krause (Numismatic News)
• Margo Russell (Coin World) 
• Lee F. Hewitt (Numismatic Scrapbook Magazine)
• R.S. Yeoman (Author of the Red Book)
• Arthur Sipe and Ed Rochette (ANA)

Mint officials also displayed two 1968 Proof Sets. These sets were true "First Strikes," featuring fully frosted devices and the "S" mintmark. This marked a significant shift for the hobby, as all Proof Set production had been centered at the Philadelphia Mint until the 1964 suspension.

A Study in Design Deterioration

The 1968-D Lincoln Cents (#2906-#2908) hold the distinction of being the final cents struck from dies made from exhausted hubs. For years, the fine details of Victor David Brenner’s portrait—once among the finest in American coinage—had eroded to the point where Lincoln’s hair and beard details were virtually lost. 

Obverse Comparison: On the original 1909 Lincoln Cent (#2429-#2431), the Lincoln portrait exhibits sharp hair detail, distinct jacket folds, and crisp rim spacing. On the 1968-D, even on high-grade examples, the hair and beard details are rounded and lack definition. The "L" in LIBERTY and the top of the motto often bleed into the rim due to a "deep bowl" effect created as the Mint attempted to squeeze one last year of life out of the tired hubs.

Reverse Comparison: A sharp 1959 Lincoln Memorial Cent (#2582-#2584) reverse shows crisp frieze details and clear steps. The 1968-D often exhibits a "warped" Memorial, lacking step definition and suffering from a blurring of the lower frieze.

Collecting the 1968-D Lincoln Cent

Because the Mint produced 1968-D Lincoln Cents by the hundreds of millions, most examples carry little premium. While many rolls were saved by speculators, the vast majority of high-quality survivors originate from 1968 Mint Uncirculated Sets. The Mint produced over 2.1 million of these sets, originally issued at $2.50. Today, they often trade for $25 or less—a value largely propped up by the 40% silver 1968-D Kennedy Half Dollar (#6711).

Collectors are incentivized to submit 1968-D Lincoln Cents to PCGS if the coin is premium quality, has attractive toning, or is one of the two varieties listed in The Cherrypicker's Guide.

Despite its strike shortcomings, the 1968-D remains an idiosyncratic favorite. In 1969, the Mint finally debuted completely reworked hubs, restoring Lincoln’s detail and strengthening Frank Gasparro’s architectural reverse. The 1968-D stands as the final, weary representative of the mid-century relief style.

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