1981 Penny Value Checker: Errors List, “D”, “S” & No Mint Mark Worth

The 1981 penny is far more than pocket change. It is the last full year the United States Mint struck Lincoln cents in 95% copper — a composition dating back to 1864 — making every single example worth more than its one-cent face value the moment you find it.

Most circulated 1981 pennies are worth about 2 cents thanks to their copper melt value of roughly $0.039. But the right variety in the right grade is a different story entirely. Business strikes in exceptional condition have sold for over $5,000, while the legendary 1981-S Type 1 PR70 DCAM (Deep Cameo) once hammered at Heritage Auctions for $8,050. High-grade uncirculated coins and scarce proof varieties in the Type 2 “Clear S” category remain among the most actively traded modern Lincoln cents in today’s market.

 

1981 Penny Value By Variety

Here’s what each 1981 penny variety is worth. If you already know your coin’s grade, jump to the Value Guides section for exact pricing.

Also Read: Top 100 Most Valuable Modern Pennies Worth Money (1959 – Present)

 

Top 10 Most Valuable 1981 Penny Worth Money

The king of the 1981 series is a Denver Mint business strike — not a proof. A 1981-D graded MS67+ RD by PCGS sold at Heritage Auctions on January 4, 2017 for $5,170. At the time, PCGS had only 45 coins at MS67 and zero above it. That’s a coin you could theoretically pull from a bank-wrapped roll.

The proof side has its own star. A 1981-S Type 1 PR70 DCAM hammered at $8,050 at Heritage in 2003 — the all-time record for any 1981 penny. Another PR70 DCAM brought $4,113 in 2013. Even the Philadelphia business strike got in on the action: a no-mint-mark MS67+ RD fetched $1,058 at Heritage in 2016. Condition is everything with this date.

 

History of the 1981 Penny

The 1981 Lincoln penny holds a special place in the series: it’s the last full calendar year the Mint struck circulating cents from mostly copper. That 95% copper, 5% zinc formula had been in use since 1962, but the tradition of copper-based cents stretched all the way back to 1864 — broken only by the wartime 1943 steel cents.

By 1979, copper had pushed past a dollar per pound. Congress and the Treasury started looking for cheaper options. By the end of 1981, the decision was made: switch to copper-plated zinc. The first zinc Lincoln cents rolled off the presses at West Point on January 7, 1982. Denver didn’t finish converting until October 21, 1982.

Three facilities — Philadelphia, Denver, and San Francisco — cranked out more than 12.8 billion pennies in 1981. Frank Gasparro’s Lincoln Memorial reverse had been on the cent since 1959, and 1981 was among the last years that classic copper-on-copper look defined everyday pocket change. The Mint did strike a small number of copper pennies in 2009 for the Lincoln Bicentennial series, but those were special issues — not regular circulation coins.

Also Read: Top 100 Rarest Pennies Worth Money (1787 – Present)

 

Is Your 1981 Penny Rare?

Here’s the counterintuitive part: the Denver coin with 5.3 billion struck is actually harder to find in top grades than the Philadelphia coin with 7.4 billion. Not a single 1981-D has ever graded MS-68. Meanwhile, Philadelphia has five at that level. The Type 2 proof is the rarest overall — only three coins have ever hit PR70 at PCGS, and none has sold publicly. If you’re chasing registry set points, the 1981-D in MS-67+ RD and the Type 2 in PR69 DCAM are the sweet spots where scarcity meets attainability.

For comprehensive rarity assessments and current market valuations of these and other Lincoln cents, collectors can utilize our Coin Value Checker APP to make informed acquisition decisions.

 

Key Features of the 1981 Penny

Penny designs have changed over the decades. The obverse kept Lincoln’s profile, but the Mint updated the reverse roughly every 50 years. The 1981 falls in the Lincoln Memorial series, so you get Lincoln on both sides of the coin.

The Obverse of the 1981 Penny

Lincoln’s right-facing bust fills the center, showing him in a formal coat. Along the top rim you’ll read IN GOD WE TRUST. LIBERTY sits behind the portrait on the left, and the date appears on the right. Look below the date for the mint mark — a small “D” or “S.” Philadelphia coins carry no mint mark at all.

The Reverse of the 1981 Penny

Flip it over and you’ll see the Lincoln Memorial with its twelve columns. Look closely between the center columns — there’s a tiny Lincoln statue inside. That makes this one of only two U.S. coins ever to show the same person on both sides.

E PLURIBUS UNUM runs above the building, and UNITED STATES OF AMERICA arches along the upper rim. ONE CENT sits below the stairs, and the letters FG (Frank Gasparro’s initials) appear to the right of the staircase.

Other Features of the 1981 Penny

The 1981 penny is 95% copper and 5% zinc, weighing 3.11 grams. That weight matters — it’s your first clue when checking for wrong-planchet errors. The edge is plain (smooth), diameter is 19.05 mm (0.75 inches), and thickness is 1.52 mm (0.06 inches).

A precision scale accurate to 0.01 grams is a must-have tool. Since zinc-core pennies started in 1982 at about 2.5 grams, any 1981-dated coin weighing near that would be a major discovery.

Also Read: 100 Most Valuable Wheat Pennies Worth Money (1909 to 1958)

 

1981 Penny Mintage & Survival Data

Philadelphia pumped out 7,491,750,000 pennies in 1981. That’s roughly one penny for every two people on Earth at the time. Denver added 5,373,235,677 — making the 1981-D one of the highest-mintage pennies ever. Both show about 20% survival rates, which tells you how hard circulation life is on copper cents.

San Francisco struck just 4,063,083 proof pennies for collector sets. Their survival rate sits around 80.75% for Type 1 specimens because they went straight into protective packaging, not cash registers. Type 2 survival data is still incomplete, which adds to the mystique. PCGS has graded only three coins at PR70 for the Type 2 — making perfect examples essentially priceless.

Also Read: 100 Most Valuable Indian Head Penny Coins Worth Money (1859 – 1909)

 

The Easy Way to Know Your 1981 Penny Value

Grading a 1981 penny comes down to three things: strike quality, surface preservation, and color designation. PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) assign a color label alongside the numerical grade — RD (Red), RB (Red-Brown), or BN (Brown).

RD coins keep at least 95% of their original bright copper luster. Those bring the biggest premiums. RB shows mixed toning, and BN means the coin has gone full chocolate-brown. Most 1981 pennies you’ll find in pocket change grade between Good-4 and Very Fine-20 on the Sheldon Scale. Uncirculated examples typically fall between MS-60 and MS-65. Anything above MS-67 is genuinely rare — PCGS has graded only five Philadelphia examples at MS-68 RD, each valued around $5,000.

For accurate identification and instant valuation of your 1981 pennies, try our Coin Value Checker APP for professional-grade analysis.

 

1981 Penny Value Guides

1981 Penny Categories:

• 1981 Philadelphia (No Mint Mark)
• 1981-D (Denver)
• 1981-S Type 1 (San Francisco, Filled S)
• 1981-S Type 2 (San Francisco, Clear S)

Three Mint facilities struck 12,869,048,760 pennies in 1981, creating four collectible varieties. Philadelphia coins have no mint mark, Denver pieces carry a “D,” and San Francisco proofs show an “S.” The 95% copper composition had been standard since 1962 — and 1981 was the last full year it would define America’s one-cent coin.

 

1981 No Mint Mark 1981 Penny Value

Think a coin with 7.49 billion siblings can’t be valuable? Think again. The 1981 No Mint Mark penny — struck in Philadelphia, which traditionally skips the mint mark — is the last Philly copper cent before zinc took over in 1982. Circulated examples are everywhere. Superb ones are not.

PCGS has slabbed only five at MS-68 RD, the absolute ceiling for this issue. Each carries an estimated value around $5,000. Nothing higher has ever been certified. At MS-67, you’re already in rare territory; a 1981 no-mint-mark MS67+ RD sold for $1,058 at Heritage Auctions in 2016. Greysheet lists values from roughly $0.35 in circulated grades up to $115 for top Mint State coins.

Color designation makes or breaks the price here. RD (Red) coins — at least 95% original copper luster — command the best premiums. RB (Red-Brown) pieces show mixed toning. BN (Brown) coins have fully oxidized and bring the least money.

High-grade examples show real price swings at auction, with results ranging from double digits to over $1,000. Collector demand for premium specimens stays strong.

Market activity held steady around 22 from fall 2024 through early 2025, then spiked to roughly 44 in March and August 2025. That kind of cyclical pattern suggests momentum builds in waves.

 

1981-D 1981 Penny Value

Here’s a number that’ll surprise you: 5,373,235,677. That’s how many 1981-D pennies Denver struck. And yet not a single one has ever graded MS-68 at PCGS. Zero. The population at MS-67 RD stood at just 45 coins when the record holder sold.

That record coin — a PCGS MS67+ RD — brought $5,170 at Heritage Auctions on January 4, 2017, the all-time high for any 1981 penny. Another MS67 RD sold at Heritage in 2016 for $494. Greysheet puts current values between $0.35 in average circulated condition and $169 in pristine MS-67 grade.

Denver’s handling and storage practices during this era were generally a bit better than Philadelphia’s, giving 1981-D pennies slightly better survival odds in high grades. Color grading still applies — RD (Red), RB (Red-Brown), or BN (Brown) — with Red specimens earning top dollar. I’d estimate a red MS-67 1981-D is worth around $160 right now.

Auction results show steady collector interest with consistent pricing and the occasional jaw-dropper — including that $5,170 sale for a premium grade specimen.

Monthly market data from September 2024 to August 2025 shows stable activity around 22 most months, a big spike to about 44 in March 2025, and elevated interest through the summer of 2025.

Also Read: Lincoln Wheat Penny Value (1909-1958)

 

1981-S Type 1 DCAM 1981 Penny Value

A PR70 sold for $8,050. A PR69 sells for under $20. That’s the kind of cliff you’re dealing with on the 1981-S Type 1. This is a proof coin — struck multiple times on polished planchets with specially prepared dies, giving you mirror-like fields and frosted devices. DCAM (Deep Cameo) means the contrast between those mirrors and that frost is strong, intense, and eye-catching. It’s the most desirable look for any proof coin.

You identify the Type 1 by its “Filled S” mint mark. The ends of the letter curve inward and nearly close off the openings, giving the S a blob-like look. This punch was actually the same “Type 2 Clear S” design introduced in late 1979, but worn dies filled in with metal over time, creating that closed appearance. The vast majority of the 4,063,083 proof sets from 1981 contain Type 1 coins.

The all-time record is $8,050 for a PCGS PR70 DCAM at Heritage Auctions in 2003. A second PR70 DCAM sold at David Lawrence Rare Coins on July 12, 2021 for $3,300. Fewer than 50 coins have ever hit PR70 at PCGS. Drop to PR69 or below and values fall off a cliff — thousands are certified, all under $20. According to the USA Coin Book, PR65 examples currently sit at $3.38 or more.

Auction records tell a wild story. Perfect PR70 specimens swing between $960 and $3,300 depending on the venue and timing. Lower grades cluster around $7-22 no matter where they sell.

Market activity nearly doubled from stable winter levels starting in spring 2025. If you’re watching for one of these, keep an eye on upcoming auctions — competition is heating up.

Also Read: Value Of Old Pennies By Year (1959-Present)

 

1981-S Type 2 DCAM 1981 Penny Value

Only three have ever graded PR70. None has sold publicly. That tells you everything about the 1981-S Type 2 DCAM penny — it’s the holy grail of the series. The defining feature is the “Clear S” mint mark with sharp, open curves and prominent bulbous serifs at the top and bottom. This was a fresh, unworn punch introduced late in the production year.

Roughly 8–10% of the 1,063,083 total proof sets contain Type 2 coins — putting the population at fewer than 400,000 examples. A PR69 DCAM sold at Heritage Auctions in 2004 for $863. At PR65, the USA Coin Book values it at $17 or more, compared to just $3.38 for the Type 1 at the same grade. At PR67, the gap widens to $30 (Type 2) versus $7 (Type 1).

Why so scarce? San Francisco replaced the worn Type 1 punch with fresh tooling late in 1981. Most of the year’s proof production was already done. That narrow window is what makes every Type 2 special.

PR69 examples hold steady at $110–150 across multiple years and platforms. PR68 coins trade at a noticeable discount around $30–50. The spread between those two grades is worth paying attention to.

Collector interest stays consistent with occasional bursts, especially in spring. If you’re buying, the quieter months tend to offer better deals with less competition.

1981-S Type 2 FS-501 DCAM 1981 Penny Value

The FS-501 designation comes from the Cherrypickers’ Guide to Rare Die Varieties by Bill Fivaz and J.T. Stanton. “FS” stands for Fivaz-Stanton, and 501 places it in the mint mark variety category (501–699 in their system). This is a formally recognized collectible in the hobby’s reference literature.

This variety shares the same Clear S as the standard Type 2, but specific die markers — including date positioning closer to the rim — distinguish it from other Type 2 examples. Serious variety collectors building complete Lincoln Memorial cent sets actively chase the FS-501 attribution.

Activity on this FS-501 variety tends to go quiet in winter, then explode in spring with sustained interest through summer. If you’re cherrypicking for this attribution, plan your buying around those quieter stretches.

Also Read: Top 100 Most Valuable Modern Pennies Worth Money (1959 – Present)

 

Rare 1981 Penny Error List

Billions of 1981 pennies went into circulation, but some escaped with manufacturing mistakes that turn a two-cent copper coin into something worth real money. These range from subtle doubled lettering to dramatic mechanical failures. You can absolutely find these in pocket change and rolls.

1. Double Die Errors (DDO / DDR)

A doubled die happens during die-making when the hub impresses onto the working die at two slightly different positions. Every coin from that die shows the same doubling. The key word is “every” — this is a die problem, not a strike problem. True doubled dies show rounded, shelf-like separation between the doubled images.

On 1981 pennies, grab at least 10x magnification and check LIBERTY, IN GOD WE TRUST, and the date numerals. Confirmed doubled dies sell for $50 to $150 on eBay, with dramatic naked-eye examples going higher. Don’t confuse this with machine doubling — that flat, shadow-like smearing on one side of letters is worthless.

2. Off-Center Strike Errors

When a blank slips out of position between the dies, you get an off-center strike — a crescent-shaped blank zone with the design pushed to one side. Two things drive the price: how far off-center it is, and whether the date is still visible.

A spectacular triple-struck 1981 penny with 50% and 70% off-center strikes sold for $1,035 at auction in 2009. Standard off-center 1981 pennies with a readable date bring $100 to $900 or more depending on severity.

3. BIE Errors (Die Crack Between B and E)

This one’s fun. A die crack forms between the “B” and “E” in LIBERTY, fills with metal during striking, and transfers as a raised vertical line that looks like an extra “I.” That’s why collectors call it a BIE error. It’s exclusive to Lincoln cents.

Over 1,000 BIE varieties have been documented across all years. They’re a great entry point for beginners — cheap and easy to spot. A 1981 BIE typically adds $2 to $8 to the coin’s value, with the boldest examples reaching a bit higher.

4. Repunched Mint Mark (RPM) Errors

Before 1989, mint workers punched each mint mark by hand onto working dies. A misaligned first punch meant a second correction strike, leaving a doubled or overlapping letter. That’s a Repunched Mint Mark (RPM). The 1981-D has several documented varieties showing D/D or even D/D/D patterns.

Grab 5x magnification and look at the “D” for extra serifs, notches, or a ghost outline. Solid 1981-D RPMs sell for $5 to $25, with the most dramatic examples in top condition reported at $200 to $400. Proof coins from San Francisco generally don’t show RPMs due to their specialized production.

5. Die Crack and Break Errors

When a die fractures under stress, the crack transfers as a raised line on every coin it strikes. If a big chunk breaks away near the rim, you get a “cud” — a blob of unstruck metal replacing part of the design. Cuds are some of the most visually dramatic errors out there.

Minor edge cracks add $5 to $50. Major cracks cutting across design elements can reach $700 or more in high grade. Cuds and spectacular breaks command the biggest premiums from error specialists.

6. Wrong Planchet / Off-Metal Errors

Sometimes a blank meant for another denomination accidentally feeds into the penny press. The most documented 1981 type is a dime planchet (2.27 grams, silver-colored, 17.9 mm) struck with Lincoln cent dies. A 1981-D cent struck as a “Double Denomination on a Struck Dime” sold for $862.50 in 2006.

Got a 1981 penny that looks silver? Weigh it immediately. A genuine copper 1981 penny weighs exactly 3.11 grams. Anything near 2.27 grams in silver color needs professional authentication from PCGS or NGC. Confirmed wrong-planchet errors are worth $500 to $2,000 or more.

7. Foldover Strike Errors

A foldover strike happens when part of the coin’s edge physically folds over during the striking process. The folded metal gets pressed flat, sometimes covering design elements underneath. These are among the most visually dramatic errors you’ll find on any U.S. coin.

A 1981 Lincoln Cent Foldover Strike graded MS66RB sold for $1,320 in 2023. Even without the RD designation, the error itself drove the price to four figures. Value depends on how severe the fold is and how much design it covers.

Also Read: 42 Rare Penny Errors List with Pictures (By Year)

 

Where to Sell Your 1981 Penny

Keep checking your pocket change for 1981 pennies — with billions minted but few surviving in top condition, you might just find one worth far more than its face value. For coins worth $500 or more, Heritage Auctions, Stack’s Bowers, and GreatCollections attract serious buyers and achieve the strongest prices. For mid-range coins valued between $50 and $500, eBay from verified sellers with strong feedback works well. Local coin dealers offer immediate cash but typically pay 60–80% of market value since they need room for resale profit.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

1981 Penny Market Trend

*Market Trend Chart showing the number of people paying attention to this coin.

 

FAQ about 1981 Penny Value

1. Is the 1981 penny rare, and which variety is the hardest to find?

In circulated grades? Not even close — nearly 13 billion were struck. Rarity only shows up at the top of the grading scale. PCGS has certified just five Philadelphia coins at MS-68 RD and zero Denver coins at MS-68. For proofs, the 1981-S Type 2 is the tough one — only about 8–10% of the 4.06 million proof sets contain it, and just three Type 2 coins have ever graded PR70 at PCGS. None has sold publicly.

2. How much is a circulated 1981 penny worth today?

At least 2 cents, thanks to the 95% copper content. Current copper melt value runs about $0.039 per coin. Greysheet lists circulated Philadelphia and Denver examples from $0.35 upward. Heavily worn coins grading Good-4 to Fine-12 are basically worth melt value plus a small premium.

3. What makes the 1981-S Type 2 penny more valuable than the Type 1?

The Type 2 has a sharp “Clear S” mint mark. The Type 1 has a “Filled S” that looks blobby. Fewer than 400,000 Type 2 sets were produced versus the bulk of 4.06 million sets for Type 1, because the new punch came in late in the year. At PR67, Type 2 is worth $30 versus $7 for Type 1. At PR70, only three Type 2 examples exist compared to dozens of Type 1 coins.

4. What is the all-time auction record for a 1981 penny?

$8,050 — a PCGS PR70 DCAM 1981-S Type 1 at Heritage Auctions in 2003. The business strike record is $5,170 for a PCGS MS67+ RD 1981-D at Heritage Auctions on January 4, 2017. The no-mint-mark record is $1,058 for a PCGS MS67+ RD at Heritage Auctions in 2016.

5. What does RD mean on a 1981 penny, and why does it matter?

RD means Red — a color designation PCGS and NGC use for copper coins. You need at least 95% original bright copper luster to earn it. RB (Red-Brown) means 5–95% original color. BN (Brown) means fully toned. The same 1981 penny in MS-65 RD is worth several times more than the identical coin in MS-65 BN. Color grade is a huge price driver.

6. How do I tell a true doubled die from machine doubling on a 1981 penny?

True doubled dies show rounded, shelf-like separation — the secondary image has its own distinct outline. Machine doubling looks flat, like a shadow pressed against one side of each letter. No rounded edge, no value. Use at least 10x magnification and compare against photos of confirmed varieties. True doubled dies on 1981 pennies sell for $50 to $150+ depending on how visible the doubling is.

7. What is a BIE penny and is the 1981 variety common?

A die crack between the “B” and “E” in LIBERTY that looks like an extra letter “I.” Over 1,000 BIE varieties exist across all Lincoln cent years, so they’re relatively common but still fun to collect. A 1981 BIE adds $2 to $8 in value. Great starter error — cheap and easy to spot.

8. Are 1981-D pennies with a repunched mint mark valuable?

Modestly, yes. Before 1989, each “D” was hand-punched onto working dies, and misalignments created RPM varieties with doubled or tilted mint marks. Several 1981-D RPMs are documented showing D/D or D/D/D patterns. Most sell for $5 to $25, though the most dramatic examples in top condition have reportedly brought $200 to $400. The RPM era ended in 1989 when mint marks moved to master dies.

9. Should I have my 1981 penny professionally graded by PCGS or NGC?

Only if the math works. Grading runs $100–$150 or more per coin with fees and shipping. Submit if your 1981 penny looks MS-65 or better, has a clear doubled die or off-center strike, is a foldover or wrong-planchet error, or is a high-grade proof with strong DCAM contrast. We generally recommend a minimum expected certified value of $200 before it makes sense to send a coin in.

10. Which Lincoln cents from other years are considered the most valuable in the series?

The legendary 1943 bronze cent tops the list — struck on a copper planchet instead of steel, one sold for $1.7 million in 2010. A 1943-D bronze brought $840,000 at Heritage Auctions in 2021. The 1944 steel penny (leftover steel planchet) is worth $85,000 or more. The 1982-D Small Date copper penny, a transitional error, has sold for over $10,000. And the 1983 bronze cent — identified by variety specialist Billy Crawford in 2006 — hit $26,000 at GreatCollections in August 2024.