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The 1998-S Close AM Lincoln Penny is worth anywhere from $5 in Proof 60 condition to over $1,500 for high-grade specimens. While most pennies from the late 90s are only worth face value, this specific “Close AM” variety is a rare treasure that collectors actively hunt for in their change and coin sets.
| Condition / Grade | Estimated Market Value |
|---|---|
| PR65 Red (Standard Proof) | $3 – $7 |
| PR69 Deep Cameo (Standard) | $15 – $25 |
| PR70 Deep Cameo (Close AM Variety) | $500 – $1,500+ |
Why the 1998-S Close AM Lincoln Penny is Special
If you’ve recently sorted through a collection of modern coins, you might be wondering why a simple penny from 1998 would be worth more than its one-cent face value. To understand this, we have to look at how the United States Mint produced coins during this era. Most pennies minted at the San Francisco Mint (marked with an “S”) were intended to be Proof coins—specially struck pieces for collectors with a shiny, mirror-like finish.
However, a fascinating mistake occurred during the production process. The Mint accidentally used a reverse die intended for business-strike (circulation) coins on a small number of Proof coins. This created the 1998-S “Close AM” variety. Because these errors are rare, many hobbyists use a top coin identifier app to zoom in on the lettering and confirm if they have found a genuine rarity.
When you use an app like CoinKnow, you can quickly compare your coin’s reverse side to known error patterns. The “Close AM” refers to the spacing between the letters “A” and “M” in the word “AMERICA” on the back of the coin. On the rare version, these two letters are almost touching at the base, whereas on the common version, there is a distinct gap.
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How to Identify the Close AM Variety
Identifying this coin requires a sharp eye or a good magnifying glass. On a standard 1998-S Proof Penny, the “A” and “M” in “AMERICA” should be widely spaced. This is known as the “Wide AM” design, which was the standard for Proof coins at the time. If the letters are touching or extremely close, you have found the rare “Close AM” variety.
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Another subtle hint can be found in the designer’s initials, “FG” (Frank Gasparro), located near the Lincoln Memorial. On the rare 1998-S Close AM, the “FG” is typically further away from the Memorial building compared to the standard version. Many people find the 1998-S Close AM Lincoln Penny price data reveals that even slight differences in the “FG” placement can confirm the die variety.
Because this error is so specific, it is easy to overlook if you aren’t looking for it. To ensure you don’t miss out on a potential windfall, it’s wise to scan your 1998-S Proof sets using CoinKnow. The AI technology in the app can help highlight these microscopic differences that the naked eye might miss, especially if the coin has developed some natural toning over the years.
Your Old Coin Could Be Valuable!
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| Feature | Wide AM (Common) | Close AM (Rare) |
|---|---|---|
| A and M Spacing | Visible gap between letters | Letters almost touching |
| FG Initials | Close to the Memorial | Further from the Memorial |
| Intended Use | Proof Sets Only | Accidental Business Die |
Determining the 1998-S Penny Value by Condition
Condition is king in the world of coin collecting. For the 1998-S variety, the value is heavily dependent on the “Grade” assigned by professional services like PCGS or NGC. Since all “S” mint coins are Proofs, they are expected to be in excellent condition. A coin that has been handled or scratched will see its value drop significantly, even if it is the rare variety.
For those checking their own collection, looking up 1998-S Close AM Lincoln Penny value information is a great first step. Most Proof coins are “Deep Cameo” (DCAM), meaning there is a sharp contrast between the frosted design of Lincoln and the mirror-like background. If your Close AM coin has this “mirror” finish and is free of fingerprints or haziness, it could be worth over $1,000.
If you find a 1998-S in a plastic “slab” from a grading company, check the label carefully. If it doesn’t explicitly mention “Close AM,” it is likely the common version. However, if you have an uncertified coin, using CoinKnow to get an estimated grade can help you decide whether it is worth paying the fees to have it professionally authenticated and graded for auction.
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Market Trends and Auction Records
The market for modern error coins like the 1998-S Close AM remains very strong. In the early 2000s, when these were first discovered, prices spiked as collectors scrambled to find them in existing Proof sets. Today, while more have been found, the supply is still incredibly low compared to the millions of standard pennies minted that year.
Auction houses often see these coins sell for high premiums. For instance, a 1998-S Close AM Lincoln Penny graded at PR70 DCAM (the highest possible grade) can fetch upwards of $1,500. Even lower grades like PR68 can still command several hundred dollars. Collectors value these because they represent a specific moment in Mint history where the human error resulted in a beautiful, unintended rarity.
| Grade (PCGS/NGC) | Recent Auction Average |
|---|---|
| PR67 DCAM | $150 – $250 |
| PR68 DCAM | $350 – $500 |
| PR69 DCAM | $600 – $900 |
| PR70 DCAM | $1,200 – $1,800 |
Where to Look for These Rare Pennies
The best place to find a 1998-S Close AM Lincoln Penny isn’t usually in pocket change, though it’s not impossible. Since these are “S” mint coins, they were originally sold in 1998 Proof Sets. Many collectors buy these sets and break them open to have the individual coins graded. If you have an old Proof set sitting in a drawer, it’s worth taking a second look.
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You should also look at “uncertified” or “raw” coin listings on sites like eBay. Sometimes, sellers don’t realize they have the Close AM variety and list it as a standard 1998-S Proof. If you have a keen eye and use a tool like CoinKnow to verify the details, you might be able to pick up a rare coin for a fraction of its true market value.
Always remember that these errors are only found on the San Francisco “S” mint coins for this specific year. While there are “Wide AM” errors for circulation pennies (no mint mark) from 1998, 1999, and 2000, the 1998-S “Close AM” remains one of the most sought-after modern Lincoln Cent varieties because of its high strike quality and extreme rarity.
FAQ
Q: How many 1998-S Close AM pennies exist?
A: There is no official mintage number because it was an error. However, experts estimate that only a few thousand were likely produced before the Mint caught the mistake. Only a small fraction of these have been found and graded.
Q: Can I find a 1998-S Close AM in my spare change?
A: It is highly unlikely. “S” mint coins are Proofs and are not meant for circulation. However, sometimes Proof sets are broken open and spent by people who don’t know their value, so it is technically possible but very rare.
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Q: Is the 1998-S different from the 1998 Wide AM?
A: Yes! The 1998-S is a Proof coin with an “S” mint mark where the “Close AM” is the rarity. The 1998 (no mint mark) is a circulation coin where the “Wide AM” is the rarity. They are two different types of errors.
Q: What is the best way to sell a 1998-S Close AM Penny?
A: If you think you have one, the best route is to get it authenticated by a grading service like PCGS or NGC. Once graded, you can sell it through a reputable coin auction house or to a specialized dealer to get the maximum value.
Q: Does the color of the penny affect its value?
A: Since these are Proof coins, they are almost always “Red” (RD). If the coin has turned brown or developed spots, the value will decrease significantly. Collectors look for a bright, orange-red luster.