1998-S Close AM Lincoln Penny Value: Price Guide & Rarities

The 1998-S Close AM Lincoln Penny is worth anywhere from $5 in Proof 65 condition to over $1,500 for perfect Deep Cameo specimens. While most 1998 pennies in your pocket change are common, the “S” mint mark proof version hides a specific design variety that collectors obsess over.

Condition / Grade	Estimated Value (USD)
PR 65 Deep Cameo	$5 – $15
PR 68 Deep Cameo	$25 – $50
PR 69 Deep Cameo	$150 – $350
PR 70 Deep Cameo	$1,200 – $2,500+

Understanding the 1998-S Close AM Lincoln Penny Mystery

If you’ve recently inherited a coin collection or found a shiny proof set in a drawer, you might be holding a hidden treasure. The 1998-S Close AM Lincoln Penny is a fascinating “mule” error coin that occurred when the U.S. Mint accidentally used the wrong die to strike a specific set of coins. If you aren’t sure what you have, using a top coin identifier and value app can help you distinguish between a standard strike and a high-value variety in seconds.

The “S” mint mark indicates the coin was minted in San Francisco. Unlike pennies from Philadelphia or Denver intended for circulation, San Francisco pennies are usually “Proof” coins—extra-shiny versions made specifically for collectors. In 1998, a rare variety emerged where the letters “A” and “M” in the word “AMERICA” on the reverse side are touching, or “Close.”

To verify if your coin is the rare version, you need to look at the space between the A and M. On a standard 1998-S proof penny, these letters should be wide apart. If they are touching, you have the “Close AM” variety, which is significantly more valuable to serious Lincoln cent enthusiasts. For those scanning their collection, CoinKnow offers high-resolution recognition features that can spot these tiny details that the naked eye might miss.

The Difference Between Close AM and Wide AM Varieties

The technical reason behind the 1998-S Close AM Lincoln Penny rarity lies in the transition of die designs. In the late 1990s, the U.S. Mint used two different reverse designs for the Lincoln Memorial cent. The “Wide AM” design was intended for proof coins (to make the design look more elegant), while the “Close AM” design was the standard for business strikes (the pennies you use at the grocery store).

In 1998, a few San Francisco proof dies were accidentally manufactured with the “Close AM” business strike design. Because proof coins are strictly quality-controlled, these “mule” errors are incredibly scarce. Identifying this mistake requires a magnifying glass or a digital microscope to see the proximity of the lettering.

Check the initials “FG” near the Lincoln Memorial as well. On the rare Close AM variety, the initials of the designer, Frank Gasparro, are usually further away from the building compared to the Wide AM version. If you find one that matches these criteria, checking the 1998 penny value across various auction records is your next best step to determine your potential windfall.

Feature	Standard 1998-S (Wide AM)	Rare 1998-S (Close AM)
A and M Spacing	Noticeable gap	Touching or nearly touching
“FG” Initials	Close to the Memorial	Further from the Memorial
Rarity	Common (millions made)	Very Rare (estimated thousands)

Why Condition and Grading Matter for Your 1998-S Penny

When assessing the 1998-S Close AM Lincoln Penny, professional grading by services like PCGS or NGC is crucial. Because these are proof coins, they are expected to be in near-perfect condition. A tiny scratch or a fingerprint can drop the value from hundreds of dollars to just a few dollars. Collectors look for “Deep Cameo” (DCAM) designations, where the frosted portrait of Lincoln contrasts sharply against a mirror-like background.

Most found 1998-S pennies will grade at PR 67 or PR 68. However, the jump to PR 69 or the elusive PR 70 (perfect condition) is where the real money is made. To get a better sense of how your coin stacks up, you can review the 1998 penny price and grade data which highlights the premium that top-tier grades command in the current market.

If your penny has been handled by human hands, it likely won’t hit that “Perfect 70” mark. However, even a mid-grade Close AM variety is worth far more than its face value. CoinKnow can provide you with a ballpark grade estimate by analyzing the surface quality of your coin through your phone’s camera, helping you decide if the $20-$50 grading fee is a worthy investment.

The Market Demand for Lincoln Cent Rarities

The market for modern Lincoln cent varieties has exploded over the last decade. While older “Wheaties” are still popular, many young collectors are focusing on these “transition” errors from the 90s. The 1998-S Close AM Lincoln Penny is often the centerpiece of a modern variety collection, sitting alongside its cousins, the 1999-S and 1992 Close AM varieties.

Because these errors are relatively recent, new examples are still being discovered in old government-issued proof sets. If you have a 1998 Prestige Set or a standard 5-coin or 10-coin proof set, it is worth the time to break out the loupe. Demand remains high because completing a “Variety Set” requires these specific coins, and the supply is naturally limited by the minting mistake.

Auction houses like Heritage Auctions and GreatCollections frequently see these coins move for high three-figure sums. Even in a “down” market, the rarity of the Close AM strike ensures it maintains a floor price much higher than the standard Wide AM version. Keeping an eye on apps like CoinKnow helps you stay updated on recent sold prices so you don’t sell your treasure too cheaply.

How to Safely Store and Protect Your Rare Pennies

If you believe you’ve found a 1998-S Close AM Lincoln Penny, stop touching it immediately! The oils from your skin can cause “toning” or spotting on a proof coin’s delicate surface, which permanently ruins its value. Use cotton gloves or plastic tweezers designed for numismatics to handle the coin by its edges only.

Storage is equally important. A simple paper envelope isn’t enough; you should use a PVC-free plastic “flip” or a hard plastic coin capsule. This protects the coin from humidity and environmental pollutants. Many collectors who find these in proof sets choose to keep them inside the original plastic lens until they are ready to ship them off for professional grading.

Remember, a “raw” (unauthenticated) 1998-S Close AM might sell for $50 on eBay, but that same coin inside a PCGS holder with a PR 69 grade could fetch $300 or more. The protection and “guarantee” of a professional grade are what high-end buyers are paying for.

Action	Recommended Method
Handling	Use cotton gloves; hold by edges.
Storage	Air-tight capsules or PVC-free flips.
Cleaning	NEVER clean a coin; it destroys value.
Identification	Use a 10x loupe or CoinKnow app.

Final Verdict: Is Your Penny a Jackpot?

While the odds of finding a 1998-S Close AM Lincoln Penny in your pocket are slim (since they were only in proof sets), they are occasionally found in “break-up” lots or mixed estate collections. If you do find one, it is a significant numismatic discovery. Most everyday Americans overlook pennies, assuming they are only worth one cent, but this specific variety proves that small details make a big difference.

Whether you are looking to sell or start a legacy collection, understanding the nuances of the 1998-S strike is the first step. Use the tools available to you, stay patient, and always double-check the spacing of those letters. You might just be holding a coin worth hundreds of times its face value.

1998-S Close AM Lincoln Penny FAQ

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

A: It is very unlikely. San Francisco “S” mint coins are proof coins not intended for circulation. However, someone might have spent a proof coin by mistake, so it’s always worth checking “S” mint pennies you find!

Q: What is the most expensive 1998-S Close AM ever sold?

A: Perfect PR70 Deep Cameo examples have sold for over $2,000 at major auctions. Most high-grade examples (PR69) sell in the $150 to $300 range.

Q: Why is it called a “Close AM”?

A: It refers to the distance between the ‘A’ and ‘M’ in the word ‘AMERICA’ on the back of the coin. On this rare variety, the letters are touching or very close, whereas they should be far apart on a standard 1998 proof penny.

Q: Is there a 1998-P Close AM variety?

A: Actually, the 1998-P (Philadelphia) penny is supposed to have a Close AM. On those coins, the “Wide AM” is the rare variety worth money. It’s the exact opposite of the San Francisco “S” version!

Q: Should I clean my penny to make it look better?

A: No! Never clean a rare coin. Cleaning creates micro-scratches that professional graders can detect instantly, and it can reduce a coin’s value by 50% to 90%.