How Much Is a 1937 No Mint Mark Penny Worth?
The value of a 1937 Lincoln cent without a mint mark varies widely, but in most circulated conditions it’s only worth a few cents. However, uncirculated examples or those with rare errors can fetch significantly more, even hundreds of dollars.
A Coin Collector’s Look at the 1937 Lincoln Cent
The 1937 Lincoln cent, a familiar copper coin to many, holds more significance than its humble face value might suggest. While millions were minted, factors like condition, rarity, and errors can dramatically impact its worth. Understanding these nuances is essential for coin collectors and anyone interested in the fascinating world of numismatics. This guide will delve into the intricacies of valuing a 1937 Lincoln cent without a mint mark, providing insights to help you determine its potential worth.
The History and Significance of the Lincoln Cent
Introduced in 1909 to commemorate the centennial of Abraham Lincoln’s birth, the Lincoln cent replaced the Indian Head cent. Designed by Victor David Brenner, the coin features Lincoln’s profile on the obverse and initially, wheat stalks on the reverse. The 1937 cent, like its predecessors, circulated widely and remains a common find, but the passage of time and varying degrees of preservation contribute to its fluctuating value.
Factors Affecting the Value of a 1937 Penny
Several key factors determine the value of a 1937 Lincoln cent without a mint mark (meaning it was minted in Philadelphia).
- Condition: This is the most significant factor. Coins are graded on a scale from Poor (PR) to Mint State (MS), with higher grades fetching significantly more.
- Rarity: While the 1937 Philadelphia cent is not inherently rare due to the large mintage, certain errors or varieties can be.
- Market Demand: The current demand for Lincoln cents and specific varieties can influence prices.
- Eye Appeal: How visually attractive the coin is plays a role, even within the same grade.
Grading Your 1937 Lincoln Cent
Grading a coin accurately requires experience and a keen eye. Here’s a general overview:
- Poor (PR): Heavily worn, details barely visible.
- Fair (FR): Worn but some details visible.
- Good (G): Significant wear, but major design elements are discernible.
- Very Good (VG): Moderate wear, details are clearer.
- Fine (F): Moderate wear, all details visible, although softened.
- Very Fine (VF): Light wear, details sharp.
- Extremely Fine (XF): Very light wear, almost all details sharp.
- About Uncirculated (AU): Minor wear, mostly on high points.
- Mint State (MS): No wear, original luster.
The Sheldon Scale (1-70) is often used to further refine these grades. For example, MS60 to MS70 represent varying degrees of uncirculated quality.
Identifying Errors and Varieties
Certain errors can significantly increase the value of a 1937 cent. Here are a few to look for:
- Doubled Die Obverse/Reverse: A doubling of design elements due to a die manufacturing error. This can be identified using a magnifying glass.
- Off-Center Strike: The coin’s design is not centered on the planchet.
- Broadstrike: The coin is struck without the retaining collar, resulting in a wider-than-normal coin.
- Die Cracks/Breaks: Cracks or breaks in the die result in raised lines on the coin.
Average Values Based on Condition (Estimate)
The following table provides a general estimate of 1937 No Mint Mark Lincoln cent values based on their condition. Prices are estimates and can vary based on market conditions and dealer premiums.
| Condition | Approximate Value |
|---|---|
| Poor (PR) | $0.01 – $0.02 |
| Good (G) | $0.03 – $0.05 |
| Very Good (VG) | $0.05 – $0.10 |
| Fine (F) | $0.10 – $0.25 |
| Very Fine (VF) | $0.25 – $0.50 |
| Extremely Fine (XF) | $0.50 – $1.00 |
| About Uncirculated (AU) | $1.00 – $3.00 |
| Mint State (MS60-MS63) | $3.00 – $10.00 |
| Mint State (MS64+) | $10.00+ |
Note: These are approximate values. Consult with a reputable coin dealer or grading service for a more accurate assessment. Coins with notable errors or exceptionally high grades can command significantly higher prices.
Resources for Coin Collectors
- Professional Coin Grading Services (PCGS) and Numismatic Guaranty Corporation (NGC): These services authenticate, grade, and encapsulate coins.
- Coin Dealers: Local coin shops offer expertise and appraisal services.
- Online Numismatic Resources: Websites like Coin World, Numismatic News, and the Early American Coppers (EAC) organization provide valuable information.
- Coin Collecting Books and Guides: These resources offer detailed information on coin values and grading.
Selling Your 1937 Lincoln Cent
If you believe you have a valuable 1937 Lincoln cent, consider these options:
- Sell to a Coin Dealer: A quick and convenient option, but you may not get the highest price.
- Online Auctions (eBay, Heritage Auctions): Potential for higher prices, but requires research and expertise.
- Coin Shows: Opportunities to connect with collectors and dealers.
- Consignment: A coin dealer sells the coin on your behalf for a commission.
Important Considerations Before Selling
- Research: Understand the value of your coin before selling.
- Authentication and Grading: Consider having the coin professionally graded if you believe it’s valuable.
- Photography: High-quality photos are essential for online listings.
- Reputable Buyer: Choose a reputable dealer or auction site to ensure a fair transaction.
Frequently Asked Questions about the 1937 No Mint Mark Penny
What does “no mint mark” mean on a coin?
A coin with no mint mark indicates that it was struck at the Philadelphia Mint. This was common practice for Philadelphia, especially during the 1930s. The absence of a mark does not automatically make the coin rare or valuable, but it does indicate its origin.
How can I tell if my 1937 penny is in good condition?
Inspect the coin under good lighting. Look for details like Lincoln’s beard and the wheat stalks on the reverse. A well-preserved coin will have sharp details and minimal wear. Compare your coin to grading guides or images online to determine its approximate grade.
Are all 1937 Lincoln cents without mint marks worth the same?
No. The condition of the coin is the primary factor determining its value. A circulated 1937 cent will be worth significantly less than an uncirculated one. Also, any existing errors will impact its value.
What are the common errors to look for on a 1937 penny?
Common errors include doubled dies (where the design appears doubled), off-center strikes, and broadstrikes. Use a magnifying glass to examine your coin closely for any of these anomalies.
Should I clean my 1937 penny?
Generally, no. Cleaning coins can remove the original luster and potentially damage the surface, reducing their value. It’s best to leave the coin as you found it. A professional conservator might be able to clean a coin without damaging it, but that’s usually only worthwhile for very valuable specimens.
Where can I find the mint mark on a Lincoln cent?
On a Lincoln cent (after 1909), the mint mark is typically located below the date on the obverse (front) of the coin. For the 1937, if there is no mint mark, it means it was struck in Philadelphia.
What is a “wheat penny,” and is my 1937 penny one?
“Wheat penny” is a nickname for Lincoln cents minted from 1909 to 1958 that feature two wheat stalks on the reverse surrounding the words “ONE CENT.” Your 1937 penny is indeed a wheat penny.
What is the Sheldon Scale, and how does it relate to coin grading?
The Sheldon Scale is a 70-point scale used to grade coins, ranging from 1 (Poor) to 70 (Perfect Mint State). It provides a more precise and standardized system for assessing the condition of a coin than simple descriptions like “Good” or “Fine”.
How can I protect my valuable coins?
Store your coins in acid-free holders or albums designed for coin collecting. Avoid handling them unnecessarily, and store them in a cool, dry place to prevent damage from humidity and temperature fluctuations.
Is it worth getting my 1937 penny professionally graded?
If you believe your 1937 penny is in exceptional condition (close to uncirculated) or you suspect it has a rare error, then it might be worthwhile to have it professionally graded by PCGS or NGC. However, grading fees can be substantial, so only consider it if the potential increase in value outweighs the cost.
Where can I find accurate pricing information for 1937 pennies?
Refer to reputable coin price guides (such as the “Red Book” – A Guide Book of United States Coins) or consult with experienced coin dealers to get an idea of the current market value of your 1937 penny. Online auction archives can also provide helpful data on past sales.
Why are some 1937 pennies darker or different colors than others?
The color of a copper coin can change over time due to oxidation and environmental factors. This is called toning. Some toning can be attractive and even desirable to collectors, while other types of discoloration may detract from the coin’s value. The original color of a newly minted copper penny is usually bright red.