1992 Penny Value: Close AM Rarities and How to Spot Them

A 1992 or 1992-D penny is worth one cent as of October 2026, and even a perfect-looking uncirculated one about $1. The exceptions are two transitional varieties struck with the Close AM reverse that was not meant to appear until 1993: the 1992-D Close AM, with roughly 15 to 20 graded, which sold for $3,720-4,320 in PCGS MS64 red and $9,600-12,000 in MS66 red, and the 1992 Close AM from Philadelphia, with about three known, one of which brought $25,850 in MS67 red at Heritage in January 2017.

Telling Close from Wide takes one look at the back of the coin: the gap between the A and M of AMERICA, and the distance of the designer's initials FG from the Memorial. This guide shows exactly what to look for and what the few real sales have been.

Quick answer

• 1992 (4,648,905,000 struck) and 1992-D (about 4.45 billion): one cent worn, about $1 in mint state red; the best PCGS MS69RD 1992-D coins have sold for $660-3,525.
• Normal 1992 cents have a Wide AM: a clear gap between the A and M of AMERICA, with FG close to the Memorial.
• Close AM: the A and M almost touch, and FG sits farther from the building. In 1992 that reverse is a rarity.
• 1992-D Close AM: $3,720-4,320 in PCGS MS64RD (2018-2020), $3,120-8,400 in MS65RD, $9,600 in MS66RD (Heritage, November 2023); CoinWeek says $3,000-4,000 through MS64.
• 1992 Close AM: about three known. One MS67RD sold for $25,850 (Heritage, January 2017); an NGC Genuine example brought $5,000 on eBay in January 2022.

How do you value a 1992 penny, step by step?

Turn it over first, because the back decides everything.

1. Confirm the type. A 1992 cent is copper-plated zinc, 2.5 grams, 19 mm, with the Lincoln Memorial reverse. The date and any mint mark are on the front under the date.
2. Find AMERICA on the reverse. It runs around the top rim as part of UNITED STATES OF AMERICA. Look at the last two letters, A and M, with a 5x or 10x loupe.
3. Measure the gap. On a normal 1992 Wide AM the two letters have a clear space between their bases, about the width of a letter stroke. On a Close AM the feet of the A and M nearly touch, with almost no light between them.
4. Check the FG initials. Frank Gasparro's initials sit to the right of the Memorial's base. On the Wide AM they sit close to the building; on the Close AM they sit noticeably farther away, and the letters are thinner.
5. Rule out damage and plating problems. A dent, a plating bubble or grease on the die can make the gap look smaller. The Close AM has a different letter spacing across the design, and FG confirms it; one tell alone is not enough.
6. Read the mint mark. None is Philadelphia, D is Denver. A Close AM with a D is the 1992-D rarity; a Close AM with no mint mark is the far rarer 1992.
7. Judge wear and color. Flat cheek and jaw mean circulated. Red, spotless surfaces carry the price. Every recorded Close AM sale above $3,000 was a red mint state coin.
8. Price from sold results for the exact variety, grade and color, and send any candidate to PCGS or NGC before pricing it at all.

What is a 1992 penny worth?

Prices as of October 2026 from PCGS CoinFacts, CoinWeek's auction tables and Greysheet CPG ranges. Ordinary coins of both mints are worth one cent.

Read the 1992-D numbers with care. The MS65 range is wide because the coins differ in quality and because prices have drifted down since the first $13,500-14,100 sales in 2013-2014. CoinWeek summarizes the current market as "$3,000 to $4,000 through MS64" with gems considerably more. For the Philadelphia coin there are so few sales that any price is an estimate, and Greysheet's own entry warns that every candidate must be tested for authenticity before it is priced.

What is a Close AM penny and why does 1992 matter?

The Mint used two slightly different Memorial reverses in the early 1990s. The one on normal 1992 business strikes has a Wide AM in AMERICA and the FG initials tucked close to the Memorial. For 1993 the Mint introduced a modified reverse with the letters of AMERICA closer together, a Close AM, and the FG farther from the building. A few 1992 and 1992-D cents were struck with the 1993-style reverse a year early, which is why they are called transitional varieties. PCGS believes the Philadelphia coins were very likely experimental or trial strikes to see how the new reverse would look.

The reverse pairing then flipped later in the decade. From 1993 business strikes carry the Close AM, from 1994 proofs carry the Wide AM, and the famous 1998, 1999 and 2000 Wide AM cents are business strikes that received proof-style reverses. Our 1999 penny value guide covers that side of the story. The 1992 varieties are the rarer direction: a business strike with the reverse that had not been released yet.

How rare is the 1992 Close AM penny?

Very. Parker Ogilvie found the first one in circulation in 2006 (Numismatic News gives March 2006, PCGS CoinFacts May 2006), and Kie Brown of Connecticut found the second in bank rolls in July 2009. PCGS CoinFacts describes a second example in AU and a third believed to be low mint state, so about three are known. The only major auction record is the PCGS MS67RD that Heritage sold for $25,850 on January 4, 2017; an NGC Genuine example changed hands on eBay for $5,000 in January 2022. PCGS lists guide values of $1,200 in AU50 and $4,750 in MS63 for brown coins, and Greysheet shows $11,000-42,500 for red mint state, which is a published range rather than a record of sales.

The 1992-D Close AM is the one people actually find. Collector Colin Kusch discovered it in December 2001, and a second die pairing turned up in 2017, found by Minnesota collector Greg Smith. Variety expert John Wexler, quoted by CoinWeek, concluded from the die state of the Kusch coin that the Denver Mint tried to destroy the experimental strikes and a few escaped. By 2009 Numismatic News counted 15 graded by PCGS and NGC combined, eight of them mint state; PCGS now shows four in MS66RD and nothing finer, and NGC five in MS65RD. CoinWeek's advice is blunt: there is no reason to buy a Close AM that is not in a PCGS or NGC holder, because sellers who do not know varieties list ordinary coins under the name every week.

A worked example

Say you pull a 1992-D from a roll and the A and M of AMERICA look close under your phone's zoom. Before you get excited, check the FG. If the initials sit snug against the Memorial's base, you are looking at a normal Wide AM with letters that only look close because of wear, lighting or a thick plating. If the FG sits clearly away from the building, with thinner letters, and the feet of the A and M nearly touch, you have a candidate. Do not clean it, do not polish it, photograph both tells, and send it to PCGS or NGC with a request for variety attribution. A red MS64 has been selling for $3,720-4,320; a brown circulated one is worth far less but still hundreds, and the attribution is what makes it sellable at all.

Common mistakes

• Using only the AM gap. Lighting, wear and plating can fake a narrow gap. The FG spacing must agree.
• Confusing the 1992 story with 1998-2000. Those years are Wide AM rarities on business strikes; 1992 is a Close AM rarity.
• Pricing from the Greysheet high end. Published ranges for the 1992 Close AM reach $42,500, but there are almost no sales; the one slabbed red coin brought $25,850.
• Buying a raw "1992 Close AM" online. CoinWeek and Greysheet both say to insist on PCGS or NGC.
• Treating a 1992-D in MS69 as a rarity. It is a top-grade common coin, worth $660-3,525 only in a PCGS or NGC MS69RD holder.
• Falling for artificially toned coins. CoinWeek notes that rainbow-toned 1992-D cents have no numismatic value.

How WorthPic reads 1992 penny photos

WorthPic runs on the newest and most capable AI model available, tuned for exactly this kind of identification. From photos of both sides it reads the date and mint mark, confirms the Memorial reverse, judges wear on the cheek and the Memorial steps, and estimates color. On the reverse it looks at the spacing of the A and M in AMERICA and the position of the FG initials relative to the Memorial, where the photo is sharp enough, and says whether the two tells agree. It then gives an honest value range in US dollars with a most likely figure, explains what drives it, and says which close-up would settle any doubt. A Close AM from 1992 is rare enough that it treats any candidate with caution and recommends attribution. It identifies and estimates. It does not authenticate, grade or appraise.

What to photograph

• The front and back straight on, in even daylight.
• AMERICA at the top of the reverse, filling the frame, with the A and M sharp.
• The FG initials and the right end of the Memorial together in one close-up.
• The date and mint mark close up.
• Lincoln's cheek at an angle, to show wear and luster.

When to get it looked at in person

An ordinary 1992 or 1992-D needs no expert. Any coin on which both tells point to a Close AM should be shown to an experienced dealer or variety specialist and then sent to PCGS or NGC for attribution, because no serious buyer will pay for the variety without it. The auction houses that have sold these coins are Heritage, Stack's Bowers and GreatCollections. For the other modern cents worth checking, see our 1983 penny value guide and the overview in error coins worth money, and for a quick sort of a jar start with what pennies are worth money.

Sources

• CoinWeek: 1992-D Lincoln Memorial Cent, a collector's guide: Denver mintage, the Close AM definition, discovery history, populations and the full table of 1992-D Close AM auction results.
• PCGS CoinFacts: 1992 1C Close AM, BN: guide values, the three known examples, the trial strike theory and the 2022 eBay sale.
• PCGS CoinFacts: 1992 1C Close AM, RD: the $25,850 January 2017 Heritage record.
• Numismatic News: No longer unique, second Close AM 1992 cent found: the 2006 and 2009 discoveries, the FG spacing tell and the 2009 census of 1992-D coins.
• Greysheet: 1992 Lincoln cents, Memorial reverse: CPG ranges for 1992 and 1992-D Close AM in brown, red-brown and red.
• Lincoln Cent Resource: Wide AM and Close AM varieties: the FG initials sit farther from the Memorial on the Close AM reverse and are a better diagnostic than the AM spacing.