1998-S Lincoln Penny Value What It’s Really Worth and Why Collectors Care
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The 1998-S Lincoln Penny is worth anywhere from $3 in average condition to over $60 or more for a perfect cameo proof — and if you’ve got one tucked away in an old coin folder, you might be sitting on a small but real treasure. Most people don’t realize the “S” mintmark makes a big difference, and this guide will walk you through everything you need to know.
What Makes the 1998-S Lincoln Penny Different
The 1998-S Lincoln Penny wasn’t made for everyday spending. It was struck at the San Francisco Mint specifically as a proof coin — meaning it was produced with extra care, polished dies, and mirror-like finishes intended for collectors. You won’t find these in your change jar by accident.
If you look closely at the coin, you’ll see a small “S” mintmark just below the date on the obverse (front) side. That little letter is what sets it apart from the 1998 Philadelphia and Denver versions, which were made by the billions for circulation.
Because the 1998-S was only sold in proof sets directly from the U.S. Mint, its numbers are limited and its quality is far above average. That’s why collectors are willing to pay a premium for high-grade examples.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
If you’ve recently discovered an old coin and want to quickly identify it, a coin identifier and value app can save you a lot of guesswork and help you figure out exactly what you have before you try to sell or trade it.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
1998-S Lincoln Penny Value by Grade
Proof coins are graded differently than regular circulation coins. Instead of looking for wear, graders focus on the sharpness of the strike, the depth of the mirror fields, and whether the coin has any spots, hairlines, or contact marks.
The two key designations you’ll hear for proof Lincoln cents are PR (Proof) and DCAM (Deep Cameo), which refers to the frosted raised design contrasting against the mirror-like background. Deep Cameo coins are the most desirable and bring the highest prices.
Your Old Coin Could Be Valuable!
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Here’s a general breakdown of what the 1998-S Lincoln Penny is worth at different grade levels:
| Grade | Designation | Estimated Value |
|---|---|---|
| PR-65 | Proof (standard) | $3 – $6 |
| PR-67 | Proof | $6 – $12 |
| PR-69 DCAM | Deep Cameo | $15 – $30 |
| PR-70 DCAM | Perfect Deep Cameo | $50 – $65+ |
For the most up-to-date auction results and population data, you can check out detailed 1998 Lincoln Penny price data across grades and mint marks to see how the market is actually moving.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
How Many Were Minted and Why That Matters
The 1998-S Lincoln Penny had a proof mintage of approximately 2,086,507 coins. That might sound like a lot, but compared to the hundreds of millions of business strike cents produced the same year, it’s actually quite modest.
More importantly, not all of those proof coins survived in top condition. Many were handled, stored improperly, or developed spots and toning over the years. Truly pristine PR-70 DCAM examples are genuinely rare, which is why they command prices that might surprise you for a one-cent coin.
The CoinKnow app is a great tool for understanding how mintage numbers affect a coin’s rarity and long-term collector value — especially when you’re trying to decide whether to hold or sell.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
Where to Sell or Get Your 1998-S Penny Appraised
If you think you have a high-grade 1998-S Lincoln Penny, your best move is to get it professionally graded by PCGS or NGC before selling. A slab from a top grading service protects the coin and proves its grade to potential buyers, which almost always results in a better sale price.
For general value research, the full 1998 penny value breakdown including all mint marks and conditions is a helpful reference that covers the Philadelphia, Denver, and San Francisco versions side by side.
You can sell graded coins through major auction platforms like eBay, Heritage Auctions, or Great Collections. Ungraded raw proofs can also sell locally at coin shows or through coin dealer shops, though you’ll typically get a lower offer without third-party certification.
CoinKnow also helps you track recent sale prices in real time, so you’ll always know what your coins are actually fetching in today’s market before you commit to any deal.
Your Old Coin Could Be Valuable!
Identify It & Know Its Real Value — Free Download
FAQ
Q: Is the 1998-S Lincoln Penny rare?
A: It’s not extremely rare, but it’s scarcer than regular circulation cents and was only sold in proof sets. High-grade DCAM examples — especially PR-70 — are genuinely hard to find and worth a meaningful premium.
Q: Can I find a 1998-S penny in my pocket change?
A: Almost certainly not. The 1998-S was a proof coin made exclusively for collectors and sold directly by the U.S. Mint in annual proof sets. It was never released into general circulation.
Q: How do I know if my 1998-S penny is a Deep Cameo?
A: Look for a strong contrast between the frosted, raised design elements (Lincoln’s portrait, the lettering) and the mirror-like flat fields of the coin. If the contrast is sharp and dramatic, you likely have a Cameo or Deep Cameo — and that’s where the real value is. Apps like CoinKnow can also help you understand what to look for when evaluating your coin’s grade.
