The 1978-S Lincoln Penny is worth anywhere from $1 in typical proof condition to over $50 in perfect Deep Cameo state. While most 1978 pennies found in pocket change lack the “S” mint mark, finding one with this small letter means you have a coin specially minted for collectors.

Condition / Grade	Estimated Value
PR 65 (Standard Proof)	$1.00 – $3.00
PR 67 Deep Cameo	$5.00 – $12.00
PR 69 Deep Cameo	$25.00 – $60.00
PR 70 Deep Cameo	$200.00+

Understanding the 1978-S San Francisco Proof Penny

If you have discovered a 1978 penny with an “S” mint mark underneath the date, you aren’t looking at a standard coin meant for buying groceries. These coins were produced at the San Francisco Assay Office specifically for the 1978 Proof Set.

Unlike the millions of pennies struck in Philadelphia or Denver for general circulation, the San Francisco Mint focused on quality over quantity. If you are unsure exactly what you have, using a top coin identifier app can help you distinguish between a proof strike and a heavily polished regular coin.

In 1978, the mint produced 3,127,781 proof sets. Because these coins were sold in protective plastic cases, many have survived in excellent condition.

However, over the decades, many sets were broken open, and individual 1978-S pennies escaped into the wild. If you find one in your change, it likely looks much shinier and more sharply detailed than a regular penny, even if it has picked up a few scratches along the way. Using the CoinKnow app can provide a quick digital assessment of your coin’s visual characteristics.

The Importance of “Cameo” and “Deep Cameo” Designations

When valuing a 1978-S Lincoln Penny, collectors look for a specific visual effect called “Cameo.” This refers to the contrast between the frosted, matte finish on Abraham Lincoln’s portrait and the mirror-like, shiny background (the fields) of the coin.

In the late 1970s, the minting process was improving, allowing for more consistent “Deep Cameo” (DCAM) or “Ultra Cameo” effects. A standard 1978-S proof without this contrast is worth very little, but a coin with a heavy frost on Lincoln and the Lincoln Memorial is highly desirable.

To get the best price, your coin must be free of “milk spots” (cloudy white haze) and fingerprints. Because these coins have such reflective surfaces, the oils from human skin can permanently damage the finish.

If you are curious about the technical grading standards for these high-finish coins, you can explore the detailed 1978 Lincoln penny price information which breaks down the differences between Red and Proof designations.

Current Market Value for 1978-S Lincoln Pennies

The market value for these coins is heavily dependent on the “Grade.” Professional graders use a 70-point scale. A 1978-S at a PR 63 or PR 65 grade is very common and usually sells for just a few dollars. However, the price jumps significantly as you approach the “perfect” grade of PR 70.

Grade (PCGS/NGC)	Mintage	Auction Record
PR 68 Deep Cameo	High	$15 – $25
PR 69 Deep Cameo	Moderate	$40 – $75
PR 70 Deep Cameo	Very Low	$400+

For the everyday find, don’t expect a windfall. Most 1978-S pennies found in jar collections are considered “uncirculated” but not “museum quality.” You can check the current 1978 penny value guide to see how the “S” mint mark compares to the Philadelphia and Denver versions.

Usually, the 1978-S is worth more than its siblings unless the Philadelphia or Denver coins are in near-perfect condition. If you need an instant valuation while at a flea market or coin show, CoinKnow allows you to scan the coin to see recent comparable sales.

Identifying Errors on the 1978-S Proof Penny

While proof coins go through a more rigorous inspection process than circulating coins, errors still happen. Error collectors are often willing to pay a premium for a “wrong-way” coin or a mechanical mistake.

Common errors to look for on a 1978-S include “Double Dies.” This occurs when the hub strikes the die twice at slightly different angles. Look closely at the letter “S” or the date “1978” for any ghost-like doubling.

Another rare find is the “Off-Center Strike.” This happens if the planchet (the blank metal disc) isn’t properly aligned in the press. While extremely rare in proof sets, an off-center 1978-S would be worth hundreds of dollars.

Using a magnifying loupe alongside the CoinKnow app can help you spot these tiny imperfections that the naked eye might miss. If you find a coin where the “S” is filled with metal (the “Filled S” variety), it is usually a result of a worn-out die and is a popular entry-level error for collectors.

Composition and Specifications of the 1978 Penny

The 1978 Lincoln Penny is part of the “Memorial” series, featuring the Lincoln Memorial on the reverse. It is important to note the metal composition because it changed just a few years later in 1982.

The 1978 version is made of 95% copper and 5% zinc. This gives the coin a weight of 3.11 grams, significantly heavier than modern pennies which are mostly zinc.

Specification	Detail
Composition	95% Copper, 5% Zinc
Weight	3.11 grams
Diameter	19.05 mm
Edge	Plain / Smooth

Because of the high copper content, the melt value of a 1978 penny is actually higher than its face value of one cent (usually around 2 to 3 cents). However, the 1978-S proof coin’s collector value far exceeds its scrap metal value.

Always keep your 1978-S pennies in a dry environment. Copper is prone to “carbon spots”—tiny black dots caused by oxidation—which can ruin a coin’s grade and value.

Should You Get Your 1978-S Penny Professionally Graded?

One of the most common questions for new collectors is whether they should send their coin to a service like PCGS or NGC. Professional grading can cost between $20 and $50 per coin, including shipping and insurance.

If your 1978-S Lincoln Cent is not “perfect,” you will likely spend more on the grading process than the coin is worth. We recommend grading only if the coin looks absolutely flawless under a 10x magnification.

A “perfect” PR 70 Deep Cameo is the holy grail for this year. If your coin has even a single tiny hairline scratch, it will likely grade as a PR 68 or 69, which makes it a “fun find” rather than a “financial investment.”

Compare your coin’s luster and strike to high-resolution photos online before committing to the expense of professional authentication. Most 1978-S pennies remain best enjoyed in their original mint packaging or as a shiny highlight in a personal album.

FAQ

Q: Why does my 1978 penny have an “S” mark while others don’t?

A: The “S” stands for the San Francisco Mint. In 1978, San Francisco only produced “Proof” coins for collectors. Most pennies were made in Philadelphia (no mint mark) or Denver (“D” mark) for use in stores.

Q: Is a 1978-S penny made of gold?

A: No, it is made of 95% copper. However, because proof coins are so shiny and have a mirror-like finish, they can sometimes appear to have a golden or bronze glow under certain lighting.

Q: Can I find a 1978-S penny in my pocket change?

A: It is rare, but it happens! Sometimes people break open proof sets to spend the money. These are called “Impaired Proofs.” If they are scratched up from being in a pocket, they are usually worth about $0.25 to $0.50.

Q: How can I tell if my 1978-S is “Deep Cameo”?

A: Hold the coin under a light. If the background looks like a dark mirror and Lincoln’s face looks like it is covered in white frost or flour, you likely have a Deep Cameo coin.

Q: What is the highest price ever paid for a 1978-S penny?

A: High-grade PR 70 Deep Cameo examples have sold for over $500 at major auctions, though most collectors can find very nice PR 69 copies for under $50.