Key Takeaways:
- Variations in spacing style offer collectors a built-in value proposition, giving them a leg up on the market.
- Three circulation years matter most: 1998, 1999, and 2000. The 1999 Wide AM comes out on top.
Lincoln pennies minted between 1992 and 2000 look similar at first glance, but there are subtle differences in spacing on the word “AMERICA.” The standard strike displays the A and M nearly touching (Close AM), while reverse proofs display a visible gap (Wide AM).
During the minting process, the wrong die was paired with a production press and it created small distinctions that, in modern times, can be worth a decent amount. This guide will highlight what to look for when searching for these coins, and which years matter most.
Why Does Reverse Spacing Matter?
Variations in spacing style offer collectors a built-in value proposition, removing the need to rely on significant mint errors when testing the market for resale. The Lincoln Memorial reverse (1959) stayed mostly unchanged until 1992, when the lettering was refined for proof coins. This is where the Wide AM gets its gap.
What Drives Value?
Rarity ranks first. Wide AM 1999 pennies were minted in the thousands, but the 1992 Close AM weren’t struck nearly as much. Condition ranks second. Well-preserved coins with little or no discoloration can sell for much more than those with dark spots.
A certified MS-66 Wide AM drew five figures in 2024, proving that collectors are more than willing to pay for the right piece. Lightly circulated pieces can still earn decent returns, however, making the hunt worthwhile at every budget.
Which Years Matter Most?
Three circulation years matter most: 1998, 1999, and 2000. The 1999 Wide AM is number one, with certain pieces commanding four-figure returns. The 1998 version is more common, but high grades are rare since late-1990s cents often suffer from planchet streaks.
Close AM Error Coins
Production staff accidentally installed a Close AM die intended for circulation strikes into the proof line in both 1992 and 1993. Spotting these is often difficult because proof fields can mirror scratches. The tight A-M spacing, however, stands out since normal proofs have the gap.
Reports suggest fewer than two dozen 1992 Close AM proofs are still around, so one in proper condition could hold significant value. The 1993 version is less rare but still not the easiest for collectors to get their hands on, so it remains unchecked on countless “want” lists.
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FAQs
What is the quickest way to spot a Wide AM?
Look for an obvious gap between the bottoms of the “A” and “M” in “AMERICA.” If light clearly passes through, you likely have a Wide AM.
Which Wide AM year is worth the most?
The 1999 Wide AM tends to command the highest return, especially in pristine condition.
Can circulated examples still be valuable?
Yes. Even lightly worn Wide AM cents can earn a decent amount as long as the design details are still intact.
Sources:
Value Proposition: How to Write It With Examples | Investopedia
