The 1998-S Close AM Lincoln Penny is worth anywhere from $5 in Proof 63 condition to over $1,200 for flawless specimens. While most pennies in your pocket are worth just one cent, this specific variety from the San Francisco Mint is a prize for collectors due to a unique design quirk.

Condition / Grade	Estimated Market Value
PR 63 (Common)	$5 – $15
PR 67 (Great Shape)	$25 – $50
PR 69 Deep Cameo (High Grade)	$75 – $150
PR 70 Deep Cameo (Perfect)	$600 – $1,200+

What Exactly is the 1998-S Close AM Penny?

If you have found a shiny 1998 penny with an “S” mint mark, you are looking at a Proof coin. These were not intended for spending at the grocery store; they were sold by the U.S. Mint in special sets for collectors. Identifying a rare variant like this can be tricky for the untrained eye, which is why many hobbyists use a top coin identifier app to verify their finds instantly.

The “Close AM” refers to the spacing between the letters ‘A’ and ‘M’ in the word AMERICA on the reverse side of the coin. On a standard 1998-S Proof penny, these letters should actually be spaced apart (Wide AM). However, a small number of these coins were accidentally struck using a business strike die meant for ordinary circulation pennies. In the world of numismatics, these “wrong design” varieties are highly sought after.

Using the CoinKnow app can help you photograph the reverse of your coin to see if yours matches the rare spacing pattern. For most everyday Americans, finding one of these in an old collection is like finding a hidden treasure. While it looks like a normal penny at first glance, the subtle distance between those two letters can change the value from a few dollars to several hundred.

How to Identify the Close AM vs Wide AM Variety

To determine the 1998-S Close AM Lincoln Penny value, you must first confirm the variety. To do this, look at the word “AMERICA” on the back of the coin. On the “Close AM” variety, the legs of the letters A and M are so close that they are nearly touching. Additionally, look at the designer initials “FG” located near the Lincoln Memorial.

On a Close AM coin, the initials “FG” are the “Close” style, which means they are further away from the Memorial building. On the “Wide AM” (which is the normal design for the 1998-S), the initials are closer to the building. It sounds confusing, but remember: the name of the variety refers to the letters A and M, not the initials.

If you are struggling to see the difference, it’s worth checking the 1998 Lincoln Penny price data to see how much of a difference this small detail makes. Collectors pay a premium for this specific die transition error because it wasn’t supposed to exist on a Proof coin.

Feature	Normal 1998-S (Wide AM)	Rare 1998-S (Close AM)
Letters A and M	Noticeable Gap	Almost Touching
FG Initials	Close to Memorial	Far from Memorial
Rarity	Common (Proof Sets)	Very Rare

Determining the Value of Your 1998-S Lincoln Penny

The value of your coin depends heavily on its “Grade.” Professional grading services like PCGS or NGC rate coins on a scale from 1 to 70. Since the 1998-S is a Proof coin, it starts with a high baseline for quality, but even microscopic scratches can lower the potential 1998-S Close AM Lincoln Penny value.

A “Proof 70” is a perfect coin with no visible flaws under 5x magnification. These are the “Holy Grail” for Lincoln Cent collectors. Even a single point difference, such as a PR 69, can drop the price significantly. Most coins found in unsealed sets or handled by hand will grade somewhere between PR 63 and PR 67.

When you use the CoinKnow tool, you can get a better sense of how condition affects the market price. Many people who find these coins in old estate collections don’t realize that keeping them in the original plastic “Proof Set” holder is the best way to preserve their value. Once a coin is scratched, its value as a high-end collectible drops immediately.

The History of the 1998 Close AM Error

Why does this coin exist? In the late 1990s, the U.S. Mint used different dies for “business strike” pennies (the ones you find in change) and “proof strike” pennies (the ones made for collectors). The business strike dies featured the Close AM design, while the proof dies were supposed to have the Wide AM design.

In a few instances in 1998 and 1999, the minting facility accidentally used a business strike die to create proof coins. This resulted in the 1998-S Close AM. Because the San Francisco Mint has such high quality control, only a small number of these reached the public. This makes the 1998 penny value information for the “S” mint mark very interesting for investors.

Understanding this history helps you realize why your find is special. It isn’t just a penny; it’s a mistake that escaped the government’s watchful eye. It is estimated that a few thousand of these might exist, but many remain undiscovered in Proof Sets sitting in people’s basements or attics.

Year	Mint Mark	Rare Variety	Estimated Value (High Grade)
1998	S (San Francisco)	Close AM	$800+
1999	S (San Francisco)	Close AM	$1,000+
1998	No Mark (Philly)	Wide AM	$25 – $50

Where to Sell Your 1998-S Close AM Penny

If you believe you have found this rare variety, your first step should be authentication. Selling a raw, uncertified coin is difficult because buyers are wary of fakes or misidentified varieties. Getting your coin graded by a reputable service like PCGS can unlock the full 1998-S Close AM Lincoln Penny value.

Once certified, you can sell your coin through major auction houses, specialized coin dealers, or even online platforms like eBay. When selling online, high-quality photos are essential. This is where the CoinKnow app’s photography features can help you showcase the specific “Close AM” spacing to potential buyers.

Auction prices often vary based on “eye appeal.” A coin with beautiful copper toning or a deep, mirror-like finish (known as Deep Cameo) will often sell for much more than the “book value.” Always check recent sold listings rather than asking prices to see what people are actually paying.

Final Tips for New Coin Collectors

Don’t be discouraged if your 1998 penny isn’t the rare “S” Mint Close AM variety. Coin collecting is about the hunt! Many other years have similar varieties, such as the 1992 Close AM or the 1999 Wide AM. Keeping a magnifying glass—or a high-resolution smartphone camera—handy is the best way to start your journey.

Always handle your coins by the edges. The oils from your skin can cause “fingerprint” stains on the copper surface, which are permanent and will lower the grade. If you find a coin that looks valuable, place it in a PVC-free plastic flip or a coin tube immediately.

With a bit of patience and the right tools, you might just find that your pocket change is worth a lot more than one cent. The 1998-S Close AM is a perfect example of how a tiny detail can create big value in the world of American numismatics.

FAQ

Q: How many 1998-S Close AM pennies were made?

A: There is no official mintage number because these were an error. However, experts estimate that roughly 2,000 to 3,000 might exist, making them significantly rarer than the standard 1998-S Proof.

Q: Can I find a 1998-S Close AM in my pocket change?

A: It is extremely unlikely. Since these were “Proof” coins sold in plastic cases to collectors, they would only enter circulation if someone broke the set and spent the coin. If you do find one in change, it will likely be scratched and worth much less than a pristine version.

Q: Is there a 1998 Wide AM penny?

A: Yes! The standard 1998-S Proof penny is a Wide AM. Additionally, there is a rare “Wide AM” variety for the 1998 Philadelphia penny (no mint mark), which is also valuable but usually worth less than the 1998-S Close AM variety.

Q: How much should I pay for a 1998-S Close AM?

A: If you are buying one, expect to pay at least $20-$40 for a mid-grade certified copy. Perfect PR70 specimens can cost over $1,000. Always ensure the coin is graded by a reputable service before paying a high premium.