1992 Penny Value (2026 Guide): Errors List, “D”, “S” & No Mint Mark Worth

The 1992 penny is one of the most fascinating coins in the Lincoln Memorial cent series — and it proves that even a one-cent coin can hold a small fortune. Most 1992 pennies pulled from pocket change are worth exactly face value, but a tiny handful of transitional die varieties have sold for more than $25,000 at major auction houses.

Understanding why requires looking closely at the reverse of the coin — specifically at two tiny letters that changed everything. This guide will walk you through every variety, every major error, and the exact price differences you need to know in 2026.

 

1992 Penny Value By Variety

The chart below shows current market values for all 1992 penny varieties.

If you know the grade of your coin, you can find the exact price below in the Value Guides section.

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

 

Top 10 Most Valuable 1992 Penny Worth Money

The auction data reveals a sharp hierarchy among 1992 penny varieties. Philadelphia Close AM specimens consistently outperform Denver examples, with a PCGS MS67 Red example fetching $25,850 at Heritage Auctions in 2017 — compared to $14,100 for a PCGS MS65 Red Denver Close AM sold at Heritage in 2014.

What’s especially striking is that even lower-grade authenticated Close AM examples hold enormous value. A Red-Brown MS63 Close AM can outperform an MS70 common date by a wide margin, proving that rarity beats condition for transitional varieties.

Perhaps the most dramatic auction story belongs to an earlier 1992-P Close AM, which sold for $24,056.63 on eBay after starting at just 99 cents — with 63 competing bids driving the final price. That single event demonstrated to the entire numismatic community just how fiercely collectors compete for these coins.

 

History of the 1992 Penny

The 1992 penny entered circulation during one of America’s toughest post-war recessions. The United States shed 858,000 jobs in 1991, and unemployment peaked at 7.8% in June 1992 — the highest rate in nearly a decade. Despite this economic headwind, the U.S. Mint ran at full capacity, striking approximately 4.65 billion pennies at Philadelphia and 4.45 billion at Denver, with San Francisco contributing 4.18 million proof specimens for collector sets.

The real story of the 1992 penny centers on a tiny reverse design change. From 1959 through 1992, the letters “A” and “M” in the word “AMERICA” on the reverse were spaced apart, creating a visible gap — this is called the Wide AM style. In preparation for 1993 production, Mint officials decided to move these letters closer together to extend die life and reduce manufacturing costs, creating what collectors now call the Close AM style.

The transition was supposed to be clean: all 1992 business strikes would use the Wide AM reverse, and the new Close AM design would debut in 1993. But a small number of 1993-style proof reverse dies were accidentally introduced at both the Philadelphia and Denver facilities before the calendar turned. These transitional coins were struck, packaged, and released without anyone noticing.

The 1992-D Close AM variety was first identified by variety specialist Ken Potter and reported in 2001. The Philadelphia 1992 Close AM — even rarer — was discovered in March 2006 by Parker Ogilvie of Massachusetts, who found his example while searching rolls of circulated cents. A second Philadelphia specimen surfaced in July 2009, confirming that the variety, though extraordinarily scarce, could still turn up in everyday change.

A September 2009 Coin World article described the 1992 Close AM cent as “many times more rare than a 1969-S Lincoln Doubled Die Obverse” — a coin that had sold for $126,500 in 2008. That comparison put the Close AM’s rarity in stark perspective for collectors worldwide.

Both varieties are catalogued in the Cherrypickers’ Guide to Rare Die Varieties of United States Coins by Bill Fivaz and J.T. Stanton, where they carry the official FS-901 designation. Additional numismatic context appears in Q. David Bowers’ A Guide Book of Lincoln Cents (Whitman Publishing, 2008) and Charles D. Daughtrey’s Looking Through Lincoln Cents: Chronology of a Series (Zyrus Press, 2005).

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

 

Is Your 1992 Penny Rare?

To identify these valuable design varieties in your collection, our CoinValueChecker App provides detailed variety recognition and current market data.

 

Key Features of the 1992 Penny

The 1992 penny is a Lincoln Memorial cent struck on a copper-plated zinc planchet — a composition the Mint adopted in 1982 when rising copper prices made solid bronze coins too expensive to produce. The coin’s distinctive reddish appearance comes from a thin outer layer of copper plating over a zinc core, and that plating is what drives so much of the coin’s collector value today.

One critical factor for 1992 penny grading is color designation. PCGS and NGC — the two most respected coin grading services in the world — assign three color labels to Lincoln cents: RD (Red), meaning the coin retains at least 95% of its original mint-red copper luster; RB (Red-Brown), meaning between 5% and 95% original luster remains; and BN (Brown), meaning less than 5% of the original red surface survives. Among the 1992 issues, RD examples command the highest prices by far, while BN examples can trade for a fraction of comparable RD values.

The Obverse of the 1992 Penny

The obverse of the 1992 Lincoln penny carries the portrait of Abraham Lincoln — the same design that has appeared on the cent since Victor David Brenner created it in 1909. Lincoln faces right at the center of the coin, with fine hair detail and a coat lapel visible at the lower portion of the design.

The national motto IN GOD WE TRUST arches above Lincoln’s head just inside the rim. The word LIBERTY appears on the left side of the coin near Lincoln’s shoulder, and the date 1992 sits in the lower right field. The mint mark — a “D” for Denver, nothing for Philadelphia — falls directly below the date. Brenner’s initials, VDB, are discreetly engraved beneath Lincoln’s right shoulder.

The Reverse of the 1992 Penny

The reverse displays Frank Gasparro’s Lincoln Memorial design, which replaced the Wheat Cent reverse in 1959. The Memorial building dominates the center, and a tiny seated Lincoln statue is visible between the columns when examined under magnification — a detail that delights beginning collectors.

The Latin motto E PLURIBUS UNUM (meaning “out of many, one”) spans the upper reverse. UNITED STATES OF AMERICA curves along the upper rim, and ONE CENT sits prominently at the bottom center. Gasparro’s initials, FG, appear near the lower-right corner of the Memorial’s base — and the exact position of those initials relative to the building is actually a diagnostic tool for identifying the Close AM variety.

Other Features of the 1992 Penny

The 1992 penny is a round coin with a smooth, plain edge. It weighs 2.5 grams (0.088 oz) and measures 19.05 mm (0.750 inches) in diameter, with a thickness of 1.52 mm.

The composition is 97.5% zinc with 2.5% copper electroplating, giving it the traditional copper look while keeping production costs low. As copper-plated zinc cents age and circulate, their surface transitions naturally from brilliant Red to Red-Brown and eventually to Brown — a process that directly affects collector value.

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

 

1992 Penny Mintage & Survival Data

Philadelphia struck exactly 4,648,905,000 pennies in 1992, while Denver produced 4,448,673,300. San Francisco minted 4,176,560 proof specimens — each sold directly to collectors in sealed Proof Sets, which is why the survival rate for 1992-S pennies is so much higher than their circulated counterparts.

Philadelphia and Denver coins account for nearly equal shares of surviving 1992 pennies, reflecting the roughly parallel distribution of commerce across the eastern and western halves of the United States. The survival rate for business strikes — around 45–47% — is actually quite high by historical standards, a reflection of both the coin’s durable copper-zinc construction and the collector awareness that grew throughout the 1990s.

The proof coins have an even higher survival rate of approximately 85.5%, which is expected given that they were purchased as collectibles and never entered circulation. This is the fundamental difference between a coin made for commerce and one made for collectors — the proof coin lives in a protective holder from day one.

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

 

The Easy Way to Know Your 1992 Penny Value

To determine your 1992 penny’s value, the first thing to check is the spacing between the letters “A” and “M” in the word “AMERICA” on the reverse. On a standard Wide AM penny — meaning the typical, common variety — there is a visible gap between the bottom of the “A” and the bottom of the “M.” On the valuable Close AM penny, those two letter bases nearly touch.

Use a 5x or 10x magnifying loupe to examine this area. Position the coin under a bright, direct light and look at the inscription in the upper right area of the reverse, roughly at the 1–2 o’clock position. A second confirmation point: on Close AM pennies, Frank Gasparro’s “FG” initials appear slightly repositioned relative to the Memorial building compared to Wide AM examples.

If you think you may have a Close AM, do not attempt to clean or handle the coin further. Even a fingerprint can reduce value, and artificial cleaning will cause a grading service to label the coin with a “Details” designation that destroys most of its market value.

Close AM pennies are worth roughly $12,000–$25,000+ in uncirculated grades. Regular 1992 pennies without errors are worth face value if worn, or 10 to 25+ cents if uncirculated.

The CoinValueChecker App simplifies identification through instant photo analysis—automatically detecting Close AM varieties, assessing condition, and providing accurate market valuations.

 

1992 Penny Value Guides

The 1992 penny production showcased the U.S. Mint’s three-facility operation, with each location serving distinct purposes.

• 1992 No Mint Mark (Philadelphia Mint)
• 1992 Close AM (Philadelphia Mint)
• 1992-D (Denver Mint)
• 1992-D Close AM (Denver Mint)
• 1992-S DCAM (San Francisco Mint)

Philadelphia and Denver mass-produced circulation strikes totaling over 9 billion coins, while San Francisco focused exclusively on proof specimens for collectors.

The transitional Close AM varieties, struck at both Philadelphia and Denver using 1993-style reverse dies, transformed ordinary production runs into numismatic legends.

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

 

1992 No Mint Mark Penny Value

The 1992 No Mint Mark penny comes from Philadelphia, which does not add a mint mark to its business strike coins. With a mintage of 4,648,905,000, this is one of the most common modern coins in existence — but condition can still separate a pocket change coin from a premium specimen worth real money.

Circulated examples are worth face value. Uncirculated Red specimens in MS65 are worth around $4, but the price curve steepens dramatically at higher grades: MS68 RD examples have sold for over $100, and the certified MS69 RD population at PCGS and NGC combined sits below 20 coins total, making those specimens genuinely conditionally rare. A November 2020 Heritage Auctions sale recorded $2,875 for an MS69 RD example, though more recent dealer listings put current values closer to $1,100–$1,200 as the top-population count has slowly grown. Red-Brown variants typically trade at roughly 60% of comparable Red values, while Brown examples rarely top $5 even in high grades.

Recent auction records reveal growing collector interest in high-grade specimens.

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

 

1992 Close AM Penny Value

The 1992 Close AM penny is one of the rarest modern U.S. coins in existence — and its discovery story is as remarkable as its value. Parker Ogilvie of Massachusetts found the first confirmed Philadelphia example in March 2006 while searching rolls of circulated cents. A second specimen surfaced in July 2009, and as of the most recent PCGS data, fewer than 20 examples across all color grades (Brown, Red-Brown, and Red — BN, RB, and RD) have ever been certified by PCGS.

The rarity is almost impossible to overstate. Out of over 4.65 billion Philadelphia cents struck in 1992, fewer than 20 authenticated Close AM specimens exist. That’s roughly one in 250 million. PCGS CoinFacts and a September 2009 Coin World article both noted that the 1992-P Close AM is “many times more rare” than a 1969-S Doubled Die cent — a coin valued at over $100,000.

At Heritage Auctions in 2017, a PCGS MS67 Red specimen set the current record at $25,850. An MS64 Red example sold at Heritage in 2016 for $8,812.50, and an MS61 Red crossed the block for $1,703.75 in August 2017. Even an example in a PCGS “Genuine” holder — meaning it received no numerical grade due to surface issues — has sold for over $500, reflecting how collectors value authenticated examples at any grade.

The auction record chart reveals exponential price appreciation since discovery, with each appearance creating headlines in the numismatic community.

Market activity for Close AM varieties shows intense collector competition whenever specimens surface.

1992 Close AM Penny Value (FS-901)

The FS-901 is the official variety attribution number assigned to the 1992 Close AM penny by the Cherrypickers’ Guide to Rare Die Varieties of United States Coins, co-authored by Bill Fivaz and J.T. Stanton and published by Whitman Publishing. The Fivaz-Stanton numbering system is the industry standard for cataloguing die varieties, and FS-901 specifically identifies the RDV-007 reverse die with the nearly touching “AM” and repositioned FG initials.

Having the FS-901 attribution on a certified holder essentially eliminates authentication doubt — and that certainty carries a measurable price premium. Red specimens in MS64 with FS-901 attribution have reached $8,813 at Heritage Auctions, while MS66 Red examples typically trade in the $17,000–$18,000 range. Red-Brown FS-901 specimens command approximately $22,800 in MS64 — actually higher than some comparable Red examples, because the total certified population of all colors combined is so thin that any grade bracket can become momentarily dominant.

The 1992 penny has been closely watched by collectors over the past year, with steady levels of market activity reflecting continued interest in this emblematic piece of American numismatic history.

 

1992-D Penny Value

The 1992-D penny was struck at the Denver Mint with a mintage of 4,448,673,300 — making it one of the most commonly produced coins of the 20th century. Denver’s striking process applied 100 to 150 tonnes of pressure per coin, impressing Victor David Brenner’s Lincoln portrait and Frank Gasparro’s Memorial reverse onto planchets manufactured by the Jarden Zinc Corporation in Greeneville, Tennessee.

The copper-plated zinc composition — 97.5% zinc core with 2.5% copper electroplating — required Denver’s advanced plating process, including alkaline washing, steel bead polishing, and oblique barrel plating for uniform coverage. As of May 2025, PCGS has certified 14 examples in the top grade of MS69 RD, and NGC has certified 10 additional examples. The current market for these top-pop specimens reflects some softening: a PCGS MS69 RD that sold at Legend Coin Auctions in May 2019 for $3,525 would likely bring $1,000–$2,000 today given increased competition at that grade tier.

For more accessible grades, MS65 Red examples typically trade around $4, MS67 Red around $24, and MS68 Red for $100 or more. Red-Brown variants display natural patina patterns at a fraction of Red values, and Brown examples remain entry-level acquisitions for type collectors.

Recent auction records highlight steady appreciation for higher grades, with competitive bidding becoming the norm rather than the exception.

The sustained collector interest in Denver’s 1992 production reflects both the mint’s technical excellence and the enduring appeal of well-preserved copper-plated zinc specimens.

 

1992-D Close AM Penny Value

The 1992-D Close AM penny was first identified by variety specialist Ken Potter and reported in 2001 — making it the earlier of the two 1992 Close AM discoveries. While it is somewhat more available than the Philadelphia version, “somewhat more available” is still extraordinarily rare: PCGS has certified approximately 75 examples across all color grades and grade levels, and the total population across all three major services (PCGS, NGC, and ANACS) stands at roughly 85 confirmed pieces.

One memorable example of how these coins turn up: Michigan collector John Anderson found a 1992-D Close AM in a “leave a penny, take a penny” container at a local gas station — proof that new examples can still emerge from the most unlikely places.

Recent auction prices reflect sustained demand. A PCGS MS66 Red example sold at Heritage Auctions on November 6, 2023 for $9,600. A PCGS MS65 Red sold at Heritage on April 22, 2021 for $8,400, and an earlier MS65 Red crossed the block at $8,225 in early 2017. Even circulated examples in AU (About Uncirculated) grades regularly sell for $500–$1,000+ at auction, and an NGC AU55 Brown once sold for $990 — demonstrating that the Close AM designation adds value at virtually every grade tier.

The Denver Close AM also carries its own die diagnostics: subtle differences in the FG initials’ positioning and specific characteristics of the reverse Memorial detail that distinguish it from the Philadelphia variety. Collectors building complete sets of Close AM examples — which is extremely rare in itself — must master both sets of diagnostics.

Auction records reveal consistent price strength across all grades.

Market activity for 1992-D Close AM varieties remains intensely competitive, with any authenticated example generating immediate interest from registry set collectors worldwide.

1992-D Close AM Penny Value (FS-901)

The 1992-D Close AM FS-901 is the Denver counterpart to the Philadelphia variety and comes with its own authentication challenges. PCGS data shows the top certified population for the Denver Close AM sits at PCGS MS66 RD with just 4 examples graded as of November 2024, and NGC tops out at MS65 RD with 5 examples — meaning the highest-grade population is even thinner than these numbers suggest.

Authentication is genuinely difficult. The Denver Mint’s die characteristics can be subtly different from Philadelphia’s, and the market is plagued by misidentified Wide AM coins submitted as Close AM pieces. Collectors are strongly advised to only purchase Denver Close AM cents in certified PCGS or NGC holders with the FS-901 attribution confirmed on the label.

Certified prices reflect the difficulty: a PCGS MS66 RD (#38184942) sold at Heritage Auctions in January 2020 for $8,413.20, while an earlier PCGS MS66 RD (#37252511) sold at Heritage in August 2019 for $12,000. Red-Brown MS62 examples have sold for roughly one-quarter that level — still four-figure territory for a cent.

The consistent four-figure realizations across multiple auction platforms from 2013 to the present confirm the Denver FS-901 penny’s established and durable position in the numismatic marketplace.

 

1992-S DCAM Penny Value

The 1992-S proof penny from the San Francisco Mint is the official benchmark proof issue for this year’s Lincoln cent series. It is the only 1992 penny to carry the DCAM designation — which stands for Deep Cameo (also written Deep CAM) — meaning it displays frosted, heavily contrasted design elements on an otherwise mirror-like field.

The DCAM designation is only possible because San Francisco uses specially prepared, highly polished dies and slow, repeated strikes to produce the mirror finish and frosted devices that define proof quality. For beginners, the simplest way to spot a proof is the mirror-like reflectivity of the flat background areas — you should be able to see a dim reflection of your face in them.

With 4,176,560 minted, the 1992-S proof is not scarce in lower grades. However, finding a flawless PR70 DCAM example — perfect in every measurable way — is rare, and the price difference between PR69 DCAM ($8–$12) and a true PR70 DCAM is significant. As a historical note, 1992 was the last year the San Francisco Mint used the Wide AM reverse die style on proof pennies, meaning the 1992-S itself is a transitional-year representative for proof collectors.

Auction records demonstrate steady appreciation for perfect specimens, with growing recognition of their importance in the transitional year story.

Active market activity demonstrates a cyclical momentum that suggests the coin has real numismatic significance, not just speculative appeal.

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

 

Rare 1992 Penny Error List

With over 9 billion 1992 pennies struck across two mints, the sheer volume of production created numerous opportunities for minting errors to slip through quality control. These production anomalies — ranging from dramatic double strikes to subtle die cracks — entered circulation as collectibles worth far more than face value. Here is every significant 1992 penny error type you need to know.

1. 1992 Doubled Die Obverse (DDO) Penny Error

A Doubled Die Obverse — abbreviated DDO — occurs during die manufacture when the master hub strikes the working die multiple times at slightly different angles. This creates doubled, or “shelf-like,” ghost images of design elements on the obverse of every coin that die subsequently strikes.

On 1992 DDO pennies, the most visible doubling typically appears in IN GOD WE TRUST, LIBERTY, and the date numerals. Minor DDO varieties with subtle separation sell for $10–$50 in circulated grades. Stronger examples with clear, separated doubling visible under 5x magnification can bring $50–$150. Identifying genuine DDO errors requires a loupe — look for rounded, raised separation in letters, not flat “shelf” doubling, which is machine doubling and carries no numismatic premium.

2. 1992 Doubled Die Reverse (DDR) Penny Error

The Doubled Die Reverse — DDR — follows the same formation process as the DDO but affects the reverse design elements. On 1992 DDR pennies, collectors look for doubling in E PLURIBUS UNUM above the Lincoln Memorial, in UNITED STATES OF AMERICA along the rim, and occasionally in the Memorial’s column details.

Reverse doubled dies on 1992 pennies are generally more subtle than obverse varieties. Most 1992 DDR examples sell for $25–$75 in circulated grades, with better specimens reaching $100–$150 at auction. Be careful to avoid confusing DDR errors with die deterioration doubling, which is flat and flat and worth nothing extra.

3. 1992 Die Crack Penny Error

Die crack errors occur when the striking die develops fractures from repeated use under extreme pressure. When the mint continues using a cracked die, those fractures leave raised lines or ridges on struck coins — essentially a “scar” of the die’s wear transferred to every coin the die produces.

Minor die cracks that barely affect the design typically sell for $3–$10. Moderate die cracks showing clear raised lines through lettering or across Lincoln’s portrait can bring $35–$90. Dramatic die cracks affecting a significant portion of the design — especially “retained cuds” where a large fragment of die metal remains attached — can command $150 or more from error specialists.

4. 1992 Off-Center Strike Penny Error

Off-center strikes happen when the planchet (the blank coin disc) is not properly centered between the two dies when the press fires. Part of the design is struck normally, while the remainder of the coin shows blank planchet metal where the design should be.

The percentage of off-center displacement directly determines value. Minor examples showing 5–10% offset without the date visible sell for $3–$10. Dramatic 50%+ off-center strikes with the full date still visible — the most desirable combination — can bring $50 or more. The key rule: the date must be visible for the coin to command a significant premium, as that’s what confirms the year and mint.

5. 1992 Broadstrike Penny Error

A broadstrike occurs when a coin is struck without the retaining collar that normally holds the planchet in place. Without the collar, the metal flows outward freely during striking, producing a coin that is noticeably wider and flatter than normal — yet still shows the complete design, just “spread out” across the larger surface area.

Broadstrike 1992 pennies are easy to identify: they are visibly wider than a normal cent, lack the raised rim, and feel slightly thinner. These errors typically sell for $50–$100 at coin shows and online auctions, with more dramatic examples commanding higher prices from error specialists who seek them for type sets.

6. 1992 Die Clash Penny Error

A die clash error results when the obverse and reverse dies strike each other without a planchet between them — something that can happen when the coin feeding mechanism fails. This direct die-to-die contact leaves a ghost impression of each die’s design on the other. When planchets are later fed back into the press, coins struck by these clashed dies show faint traces of one side’s design appearing on the opposite face.

Minor die clash marks on 1992 pennies are worth $2–$5. Moderate examples showing clear secondary images — like Lincoln’s portrait faintly visible on the reverse — bring $15–$30. The most dramatic “MAD Clash” (Misaligned Die Clash) variants with severe misalignment can command $50–$150 or more from specialized error collectors.

7. 1992 Wrong Planchet Penny Error

Wrong planchet errors occur when a coin is struck on a blank intended for a different denomination or composition. For 1992 pennies, the most documented example is a cent struck on a dime planchet. A PCGS MS64 Red 1992 penny struck on a dime planchet has sold for over $2,600 at auction — making this one of the most valuable single-coin errors from the year outside of the Close AM variety.

Wrong planchet errors require professional authentication to confirm, as the weight, diameter, and composition all differ from a normal cent. If you suspect a wrong planchet error, weigh the coin on a precision scale before submitting it for certification — a standard 1992 penny should weigh exactly 2.5 grams.

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

 

Where to Sell Your 1992 Penny

Now that you understand the potential value of your 1992 cent, choosing the best selling platform is crucial to maximizing your returns. While specialized auction houses handle high-value Close AM pieces, online marketplaces sell standard pieces. Each coin trading platform has its own unique features and advantages and disadvantages.

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

 

1992 Penny Market Trend

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

 

FAQ about the 1992 Penny Value

1. What is a 1992 Close AM penny and why is it so valuable?

The 1992 Close AM penny is a transitional die variety struck with a 1993-style reverse die that was accidentally used at both Philadelphia and Denver before the calendar year changed. The key identifier is the near-touching “A” and “M” in AMERICA on the reverse. PCGS has certified fewer than 20 Philadelphia examples total across all grades and colors, making this one of the rarest modern U.S. coins — with auction records reaching $25,850 for a PCGS MS67 Red at Heritage Auctions in 2017.

2. How do I tell the difference between a Wide AM and Close AM 1992 penny?

Flip the coin to the reverse and look at the word AMERICA in the upper right area (roughly 1–2 o’clock position). On a standard Wide AM penny, there is a clear visible gap between the bases of “A” and “M.” On the rare Close AM, those two letters nearly touch or show only the thinnest sliver of space between them. Use a 5x to 10x magnifying loupe under direct light for the most accurate view.

3. Who discovered the 1992 Close AM penny?

The 1992-D Close AM was first identified by variety specialist Ken Potter and reported in numismatic publications in 2001. The rarer Philadelphia 1992 Close AM was first found by Parker Ogilvie of Massachusetts in March 2006, while searching rolls of circulated cents. A second Philadelphia example surfaced in July 2009, and new examples are still occasionally discovered in circulation today.

4. What does PCGS or NGC population data tell me about my coin’s rarity?

When PCGS or NGC grades a coin, they record it in a Population Report — a running count of every example they have ever certified by date, variety, and grade. For the 1992 Close AM, PCGS has certified fewer than 20 examples total. For the 1992-D Close AM, the combined PCGS, NGC, and ANACS population sits at roughly 85 pieces. Population data is the most reliable real-world measure of a coin’s true rarity.

5. What makes a 1992 penny rare?

Standard 1992 pennies are not rare — more than 9 billion were struck and most are worth face value. Rarity applies specifically to the Close AM variety (fewer than 20 known for Philadelphia, about 75–85 for Denver) and to high-grade uncirculated examples in full Red (RD) color, where the PCGS and NGC combined populations in MS69 sit below 25 coins for the Philadelphia issue.

6. What errors should I look for on a 1992 penny?

The Close AM variety is the most valuable “error” — technically a transitional die variety — and is worth thousands. Beyond that, look for Doubled Die Obverse (DDO) errors showing doubling in IN GOD WE TRUST or LIBERTY (worth $10–$150), off-center strikes with visible dates (worth $15–$50+), broadstrikes (worth $50–$100), and wrong planchet errors such as a cent struck on a dime planchet (worth $2,600+). Die crack and die clash errors are more common and typically worth $5–$90 depending on severity.

7. What is the FS-901 designation on a 1992 penny?

FS-901 is the official Fivaz-Stanton variety number assigned to the 1992 Close AM penny in the Cherrypickers’ Guide to Rare Die Varieties of United States Coins by Bill Fivaz and J.T. Stanton. The designation confirms that the coin displays the RDV-007 reverse with nearly touching “AM” letters and the repositioned FG initials. PCGS and NGC both recognize the FS-901 designation on their certified holders, which is the gold standard for authentication.

8. What is the difference between RD, RB, and BN on a 1992 penny?

These are color designations assigned by grading services to describe how much original mint-red copper luster the coin retains. RD (Red) means 95% or more original red luster — the most valuable designation. RB (Red-Brown) means between 5% and 95% original luster, indicating partial toning. BN (Brown) means less than 5% original luster remains, with full natural oxidation. For the rare 1992 Close AM variety, even Brown examples can sell for hundreds of dollars because the total population is so small.

9. How should I store a 1992 penny to preserve its value?

Never clean a 1992 penny — chemical treatment or abrasive cleaning is immediately detected by grading services and results in a “Details” designation that destroys most of the coin’s market value. For raw uncirculated coins, use inert 2×2 plastic flips or hard plastic capsules rated for long-term coin storage, and avoid any holders containing PVC (polyvinyl chloride), which emits plasticizers that cause green corrosion. Store in a cool, dry environment, ideally in a safe deposit box, away from humidity and temperature extremes.

10. Is a 1992 penny worth submitting to PCGS or NGC for grading?

Only consider professional grading if your coin has a realistic value of $200 or more. Grading fees, shipping, and insurance can total $50–$100 or more, so the coin’s estimated value should be at least three to five times that cost to make the math work. Specific situations that warrant certification include: potential Close AM varieties, high-grade uncirculated examples that appear to be MS65 or better, wrong planchet errors, or any coin you intend to sell through a major auction house like Heritage Auctions or Stack’s Bowers.