Consequently, The Royal Mint began to withdraw copper Pennies in 1861. They were replaced by smaller and lighter weight bronze coins in 1863. These were minted by James Watt & Co plus the Heaton Mint, both of Birmingham. Pennies and Halfpence coins continued to be minted for general circulation until 1967. Final proof sets were minted in 1970 before decimalisation in 1971 marked the end of the old Penny. Toning: The copper in a 1964 SMS penny can cause it to tone or change color over time, developing a red or brown hue. Red coins need to be in great condition to be worth more. The requirements are even higher for red and brown pennies. And, unless they have an interesting error, even the finest brown coins are usually worth less than a dollar. The portrait was the work of an artist named Victor David Brenner. It shows Lincoln’s head in profile facing e right. Brenner said he wanted to show Lincoln at his most engaging, and had imagined him reading to a child.

The shortage of small coins was finally resolved in 1797. In this year, industrialist, Matthew Bolton was authorised by The Bank of England to strike the first legal tender copper one Penny and two Penny coins. Some felt the initials were too bold and amounted to “advertising”. They were removed over the artist’s protests, and didn’t appear again until 1918. That year they were moved to a new position, on the lower cut-off of Lincoln’s bust. That’s where you’ll find them on the 1964 penny.Above Lincoln’s portrait are inscribed the words “In God We Trust”. “Liberty” is inscribed to its left, while the date is on the right. In the early 1960s, there was a major coin shortage, presumably due to collectors’ hoarding of circulating silver coins. The U.S. Mint blamed coin collectors for the coin shortage.

They were prepared using specially prepared dies and highly polished planchets, and have a glossy finish and sharp details. And as they were aimed at collectors, all are in uncirculated condition.There are also proof coins (list of U.S. Proof Sets with prices), of which almost 4 million were minted, but the rarest of this year’s pennies are undoubtedly the 1964 SMS penny as we will see below. List of most highly-priced 1964 penny errors The early coins had a simple image of two ears of wheat on their reverse. But 1959 marked 150 years since Lincoln’s birth, and it was considered time for a change. The coin immediately proved to be widely popular; a fact that was largely compounded by coin’s silver composition. Hoarding of 1964 Kennedy halves was immense. For that reason, the coin failed to circulate well. In fact, many numismatists believe that the early hoarding of Kennedy half dollars is one main reason the denomination doesn’t circulate today.

Look at the obverse (or “heads” side) of a 1964 penny, and the chances are it will look very familiar. It carries the same image of President Lincoln that’s been appearing on cents for over 100 years. The 1964 penny has the same dimensions and composition as most of the earlier Lincoln Wheat pennies. It measures precisely 19 millimeters across and weighs 3.11 grams. And it’s made of 95 per cent copper and 5 per cent zinc. Coins minted in Denver have a mint mark on the obverse too – a small “D” situated just below the date. The Reverse of the 1964 Penny At the end of the 18th century a shortage of small value coins, such as silver Pennies and Halfpennies, made trade difficult. This shortage was so great that some merchants and mining companies began to produce their own copper Penny and Half-pence ‘token’ coins. Further authorisation was granted to Bolton in 1799. This enabled him, in 1806 and 1807, to mint one Penny and two Penny coins with a changed design plus new Halfpence coins.As was usual for coin designers, Brenner signed his design. He’d originally intended to add his signature to the obverse, but was told this wasn’t acceptable. So instead, he placed his initials on the reverse – but that led to controversy too. These 1964-D Special Mint Set pennies are highly valued by collectors because they are the only circulating US pennies composed of 95% copper issued after 1837, and because of their limited production. These pennies can be distinguished from regular 1964 pennies by their sharp strikes, matte-like finishes, and distinctive toning. In 1811 Bolton supplied The Royal Mint with machinery for a new mint at Tower Hill. Under the Great Recoinage of 1816 this began striking gold and silver coins. It was not until 1825, in the reign of George IV, that it began to mint copper Halfpence coins and Pennies. These featured the conjoined images of William and Mary on the obverse, and an image of Britannia seated on the reverse. If your coin is a bright red color, it will be more valuable than brown or red and brown examples. The most valuable coins have no wear or scratches at all, or only the most trivial flaws.

The old pre-decimal Penny, was two-hundred-and-fortieth of a pound, and was symbolised with a letter 'd'. This is derived from the Roman denarius coin. An old halfpenny, 1/2d, was therefore, 1/480th of a pound sterling. After 1971, the decimal halfpenny was two-hundredth of a pound, it is symbolised with 'p', as '1/2p'. is a year noted for its poor penny mintages, which is why certain errors stand out from other years.The copper content means these coins can be different colors. When copper is new, it’s a warm red shade. As it’s handled and exposed to oxygen in the air, it dulls and turns brown. Coins are graded from 1 to 70. 1 denotes an identifiable coin in poor condition and 70 is a flawless example. The 1964 penny is what’s known as a Lincoln penny. These were first issued in 1909, and continue to be produced to this day.