Owner Comments:
The 1990 No S Lincoln cent is a Proof coin struck at the San Francisco Mint missing the obligatory and otherwise standard S mintmark. This omission had occurred several times in the past, including at least three times on the Roosevelt dime and once on the Jefferson nickel. This issue is the sole Lincoln cent missing its mintmark and represents the last time to date that such an omission occurred on a Proof coin. The first detail makes this coin especially coveted, while the second tells a particularly fascinating story. Lincoln cents are collected by a large and enthusiastic group, a fact that makes this coin, the only Lincoln cent of its kind, very desirable. All collectors of Proof Lincoln Memorial cents want one. It also turns out that the coin is very rare, much rarer than many expected (more on that to follow), which makes it rather expensive, trading for as much as $7,000 in the highest grades. All of these cents were issued in Proof sets and Prestige Proof sets—versions of the Proof set that included a Proof 1990-P Eisenhower commemorative dollar. In 1990, a Proof die struck approximately 3,700 cents, which is the estimated mintage figure of the 1990 No S Lincoln cent. When this coin was discovered not long after the Proof sets were issued, the U.S. Mint confirmed the error and announced that they had recovered and destroyed 145 examples. For this reason, the net mintage figure of this variety is often reported as 3,555. The total number of Proof sets issued in 1990 was nearly 2.8 million. To date, only about 250 examples are known, less than 1/10 the number thought to be struck. The discovery rate is so low that some numismatists suggest that many fewer than 3,555 ever actually left the Mint.
The question remains as to how such a coin could have been produced in 1990. Preparing a Proof die requires that the die be chrome-plated, polished, and, in 1990, sandblasted by hand to create the frosted design elements. A number of Mint employees handled and inspected the die without, apparently, noticing the missing mintmark. Another detail adds more intrigue to the story of this coin, as, starting in 1985, the master dies used to make dies for Proof coins included the S mintmark. When such errors had occurred previously, most recently in 1983, mintmarks were still being added by hand to individual dies, making this type of error more likely. Furthermore, Lincoln cent dies without mintmarks in 1990 would all have been clearly intended for the production of circulating coinage. In the case of the 1990 No S cent, it appears that a die intended to strike circulating coinage was treated and used to strike Proof coins at San Francisco. There are certainly still discoveries of these coins to be made. Most commonly, they are found in the Prestige Proof set, and the prize of finding one is significant. Additionally, a doubled-die nickel and a doubled-die quarter can be found in 1990 Proof sets (numbers 60 and 51 on this list, respectively). The prospect of finding one of three valuable varieties makes sets of this year irresistible to modern-coin specialists.
Garrett, Jeff; Schechter, Scott. 100 Greatest US Modern Coins (Kindle Locations 1075-1079). Ingram Distribution. Kindle Edition.