Can’t Afford the 1922 Plain? The Best Budget Alternatives to the Rarest Lincoln Cent of 1922

Not everyone has thousands of dollars to drop on a single piece of metal — and honestly, you shouldn’t have to. Here are the most beautiful, historically significant budget alternatives I’ve found after years of hunting through dealer boxes, auction lots, and estate sales.

When I first picked up a copy of The Enigmatic Lincoln Cents of 1922 by Tom DeLorey, I thought I was just buying a niche numismatic reference. What I got instead was a time capsule — a riveting journey into one of the most fascinating chapters in U.S. Mint history. And like so many collectors who’ve read it, I immediately felt the itch: I need a 1922-D. I need a 1922 Plain. I need to start collecting these.

Here’s the problem. The 1922 Plain — that legendary no-D Lincoln cent struck at the Denver Mint when a worn die was polished so aggressively the mint mark vanished entirely — is a five- to six-figure coin in any grade that matters. Even well-circulated examples can run $2,000 to $5,000 or more. The 1922-D, while far more accessible, still commands solid premiums in higher grades. For those of us collecting on a budget, the dream of owning a true 1922 Plain can feel impossibly out of reach.

But here’s what I’ve learned after years of studying this series and reading every word of DeLorey’s research: you don’t need to spend a fortune to build a meaningful, historically rich collection centered around the enigmatic cents of 1922. In this guide, I’ll walk you through the best budget alternatives — semi-key dates, better-condition common dates, affordable varieties, and smart collecting strategies that let you enjoy this incredible era of numismatic history without emptying your bank account.

Why the 1922 Lincoln Cents Deserve Your Attention

Before we get into budget alternatives, it’s worth understanding why this single year in the Lincoln cent series has captivated collectors, researchers, and historians for over a century. As DeLorey’s book so brilliantly explains, the story of the 1922 cents is really the story of the U.S. Mint in transition — a period of cost-cutting, die management challenges, and production pressures that created some of the most interesting varieties in American numismatics.

In 1922, the Denver Mint was the only facility producing Lincoln cents. Philadelphia and San Francisco weren’t striking cents that year. This alone makes 1922 unique. But the real intrigue comes from what happened inside the Denver Mint’s die shop. Dies were over-polished, re-engraved, and manipulated in ways that produced dramatic varieties — from the famous 1922 Plain (no mint mark at all) to the 1922-D with strong reverse, weak D, and everything in between.

“It really is like opening a time capsule of what was happening at the US Mint during the early 1920s. There are real reasons behind a lot of the things that happened at the time and why some things were minted and others weren’t. And it really is just a matter of chance that we had any 1922 cents at all.”

That sense of historical contingency — the idea that these coins exist at all only because of specific decisions made by specific mint workers under specific pressures — is what makes this series so compelling. And the good news? You can explore this history on a budget.

The 1922-D: Your Gateway Coin

If you’re building a budget-friendly 1922 Lincoln cent collection, the 1922-D is your starting point. It’s the only regular-issue Lincoln cent from 1922 that most collectors can realistically afford in collectible grades.

What to Look For in the 1922-D

The 1922-D had a mintage of approximately 7.17 million — not large by Lincoln cent standards, but enough that circulated examples are readily available. Here’s how I approach buying them on a budget:

• Target the VF to EF range: Very Fine (VF-20) to Extremely Fine (EF-40) examples typically run $15 to $50, depending on eye appeal and surface quality. These grades show strong detail in Lincoln’s features and clear wheat stalks on the reverse — giving you a coin that looks impressive in a collection without the four-figure price tag of uncirculated pieces.
• Seek out original, problem-free surfaces: I’d rather pay $35 for a clean, original VF-20 with even brown patina than $25 for a cleaned or corroded example. Original surfaces are everything in this series. Avoid coins that have been harshly cleaned, have pitting, or show signs of environmental damage. The provenance of a coin’s surface tells its own story.
• Look for the “strong reverse” variety: Some 1922-D cents show a notably sharper, more fully struck reverse — the wheat stalks, lettering, and rim details are crisp and well-defined. These are sometimes informally called “strong reverse” examples and carry a modest premium, but they’re still very affordable. A well-struck reverse speaks volumes about the die state and adds real collectibility to an otherwise common date.

Avoiding Overpaying for the 1922-D

One mistake I see budget collectors make is paying MS-63 or MS-64 prices for a 1922-D when they could get a much nicer-looking circulated coin for a fraction of the cost. Unless you’re specifically building a high-grade registry set, a beautiful EF-45 1922-D will give you far more visual satisfaction per dollar than a mediocre uncirculated piece. Focus on eye appeal within your grade range rather than chasing the highest grade you can afford. A coin with strong luster and an attractive patina in EF will always outshine a lackluster mint-state piece.

Semi-Key Dates in the Early Lincoln Cent Series

One of the smartest budget strategies I’ve found is to branch out from 1922 itself and collect the semi-key dates in the surrounding years of the Lincoln cent series. These coins share the same historical era, the same design, and many of the same die variety interests — but they’re dramatically more affordable than the 1922 Plain.

Affordable Semi-Keys from the 1920s

Here are some of my favorite semi-key dates from the early-to-mid 1920s that you can acquire in collectible grades for under $50 to $100:

1. 1921-S: With a mintage of about 15.2 million, the 1921-S is the lowest-mintage San Francisco cent of the decade. In VF to EF grades, these typically run $20 to $60. They’re a great way to add a scarcer mint mark to your collection without breaking the bank.
2. 1923-S: Mintage of approximately 8.7 million. Another San Francisco semi-key that’s very affordable in circulated grades ($15–$40 in VF-EF). The 1923-S is a coin that’s often overlooked, which means you can sometimes find nice examples with strong eye appeal at bargain prices.
3. 1924-D: This is a genuine semi-key with a mintage of only about 2.5 million. In VF grades, expect to pay $30 to $70; in EF, $75 to $150. The 1924-D is genuinely scarce in higher grades, making it an excellent long-term hold for budget collectors who appreciate numismatic value.
4. 1925-S and 1926-S: Both are modestly scarce San Francisco issues that can be found in the $10 to $40 range in nice circulated grades. They fill important holes in a date-and-mint-mark set without straining your budget.
5. 1926-D: With a mintage of about 2.3 million, this is one of the scarcer Denver issues of the decade. Budget $40 to $80 for a nice VF example with good luster remaining.

Why Semi-Keys Are the Budget Collector’s Best Friend

Semi-key dates offer the perfect balance of scarcity, affordability, and historical significance. They’re scarce enough that you’ll feel a genuine sense of accomplishment when you find a nice example, but common enough that you won’t have to wait years or pay auction-house prices. In my experience, building a complete set of 1920s Lincoln cents in VF-EF grades — including the semi-keys — is one of the most satisfying and achievable goals in all of budget numismatics.

Better-Condition Common Dates: The Overlooked Value Play

Here’s a strategy that doesn’t get enough attention: buying better-condition common dates. While everyone else is fighting over the key dates, you can build a stunning collection of common-date Lincoln cents in unusually high grades for very little money.

Common Dates That Shine in High Grade

Consider coins like the 1925 Philadelphia (mintage ~139 million) or the 1927 Philadelphia (~144 million). These are among the most common Lincoln cents ever made. In circulated grades, they’re practically worthless — maybe 50 cents to $2 each. But in mint condition — MS-64 Red or better — they can be genuinely beautiful coins with full original luster, sharp strikes, and gorgeous toning. And here’s the kicker: because they’re so common, even high-grade examples can often be found for $30 to $75 if you’re patient and know where to look.

I’ve examined dozens of high-grade common-date 1920s cents, and I’m consistently struck by how much coin you get for your money. A blazing MS-65 Red 1925 cent is a genuinely impressive piece of copper — the kind of coin that makes people stop and look at your collection, even though it’s not a “rare” date. The eye appeal alone justifies the modest investment.

Where to Find High-Grade Common Dates

• Estate sales and old collections: Many high-grade common dates were hoarded decades ago by collectors who were filling Whitman folders. When these collections come to market, the common dates in top condition often sell for very little because there’s no date-specific demand. That’s where the smart money goes.
• Coin shows: Walk the bourse floor with a loupe and a sharp eye. Dealers who specialize in key dates often have boxes of high-grade common dates that they’re happy to move at reasonable prices. I’ve found some of my best pieces this way.
• Online auctions (timed lots): Search for lots that group multiple common-date cents together. You can often pick up 10 to 20 high-grade common dates for the price of a single semi-key. It’s one of the best values in the entire hobby.

Affordable Varieties: The Hidden Gems of the 1920s

If you really want to explore the fascinating world that DeLorey’s book opens up, consider collecting die varieties from the 1920s Lincoln cent series. This is where budget collecting gets truly exciting, because varieties are often overlooked by mainstream collectors — which means they’re dramatically underpriced relative to their historical interest and collectibility.

Varieties to Hunt For

Beyond the famous 1922 no-D and the various 1922-D die states, there are numerous other varieties throughout the 1920s that are both affordable and fascinating:

• 1922-D Weak D and Strong D: The 1922-D comes in multiple die varieties with differing mint mark strength and placement. Some show a bold, clear D; others show a faint, partially polished D. These can often be distinguished with a good loupe and a copy of DeLorey’s book as your reference. Prices vary, but many of these varieties can be found for $20 to $100 in nice circulated grades.
• Repunched mint marks (RPMs): Throughout the 1920s, Denver and San Francisco mint marks were sometimes punched into dies more than once, creating visible doubling. These RPMs are cataloged in references like the Cherrypickers’ Guide and can often be found for $10 to $50 in collectible grades. They’re a fantastic way to add variety and interest to your collection without spending key-date money.
• Die cracks and cuds: Late-state dies from the 1920s sometimes show dramatic die cracks, breaks, or “cuds” (raised blobs of metal where a piece of the die has broken away). These error-variety coins are genuinely scarce and historically interesting, yet they often sell for modest prices because they’re not on most collectors’ radar.

How to Start Collecting Varieties on a Budget

My advice is simple: get a good reference book, a 10x loupe, and start looking. DeLorey’s book is the essential starting point for 1922 varieties, but for the broader 1920s series, I also recommend the Cherrypickers’ Guide of Die Doubling Varieties by Bill Fivaz and J.T. Stanton. With these tools in hand, you can identify varieties that other collectors walk right past — and that’s where the real bargains are.

Smart Collecting Strategies for the Budget-Minded

After years of collecting Lincoln cents on a budget, I’ve developed a set of strategies that I swear by. Whether you’re focused on 1922 or the broader series, these principles will help you build a collection you’re proud of without financial stress.

Strategy 1: Set a Monthly Budget and Stick to It

Decide how much you can comfortably spend each month — whether it’s $25, $50, or $100 — and treat it as a non-negotiable line item in your hobby budget. This approach lets you collect consistently over time without ever feeling the pinch. I’ve found that a steady $50 per month builds a surprisingly impressive collection over the course of a year or two.

Strategy 2: Buy the Best You Can Afford Within Your Grade Range

This is the single most important piece of advice I can give. Don’t buy a coin just because it’s cheap. Buy the best example you can find within your target grade and price range. A beautifully toned, well-centered VF-20 is always a better buy than a poorly struck, off-center EF-40 — even if they cost the same amount. Eye appeal matters more than the number on the holder.

Strategy 3: Build Relationships with Dealers

Let your local coin shop dealers and show vendors know what you’re collecting. When they come across a nice 1922-D or a high-grade common date at a good price, they’ll think of you. I’ve gotten some of my best coins this way — pieces that never made it to the public display case because a dealer set them aside for me. Provenance and trust go a long way in this hobby.

Strategy 4: Don’t Ignore Paper and Digital Resources

As several forum members noted, DeLorey’s book is available in multiple editions — including a more affordable softcover version. If the limited edition hardcover (only 250 copies printed) is out of your budget, the softcover edition contains all the same research and is a fraction of the cost. Knowledge is the budget collector’s most powerful tool, and a $40 to $50 reference book can save you hundreds of dollars in bad purchases.

Strategy 5: Be Patient and Wait for the Right Coin

The worst purchases I’ve ever made were impulse buys — coins I grabbed because I was afraid someone else would get them first. The best purchases were coins I waited weeks or months to find in exactly the right condition at exactly the right price. Patience is a budget collector’s superpower. The coin will come around again.

Building a Themed Collection Around 1922

One of the most rewarding approaches I’ve found is to build a themed collection centered on the story of 1922. This lets you explore the history and numismatic significance of the year without needing to own the ultra-expensive key date.

A Sample Themed Collection

Here’s what a budget-friendly “Enigmatic 1922” collection might look like:

1. 1922-D in VF or EF: Your centerpiece coin — the only regular-issue Lincoln cent of 1922. Budget: $20–$60.
2. 1922-D Strong Reverse variety: A more fully struck example showing what the die looked like before polishing. Budget: $30–$80.
3. 1921-P, 1921-D, and 1921-S: The immediate predecessors, showing the transition into the 1922 production year. Budget: $5–$30 each in circulated grades.
4. 1923-P, 1923-D, and 1923-S: The immediate successors, showing how the series evolved after 1922. Budget: $2–$40 each.
5. A high-grade common date from the 1920s: An MS-64 or MS-65 example of a common date like 1925 or 1927, showing the series at its aesthetic best. Budget: $30–$75.
6. A die variety or RPM from the 1920s: A repunched mint mark or notable die crack that connects to the variety-hunting spirit of the 1922 story. Budget: $10–$50.
7. A copy of The Enigmatic Lincoln Cents of 1922: The essential reference that ties it all together. Budget: $40–$50 for the softcover edition.

Total estimated cost for this entire themed collection: $200 to $450. That’s less than many collectors spend on a single coin — and the result is a collection with genuine historical depth, visual appeal, and numismatic significance.

The Investment Angle: Budget Coins with Upside

While I collect primarily for the love of history and the thrill of the hunt, I’d be remiss not to mention that many of the budget alternatives I’ve discussed have strong long-term upside potential.

The 1922-D, the semi-key dates of the 1920s, and well-chosen die varieties have all shown steady appreciation over the decades. As the overall Lincoln cent market continues to grow — driven by new collectors entering the hobby and existing collectors upgrading their sets — these coins are well positioned to benefit from increased demand.

In particular, I’d highlight the 1924-D and 1926-D as coins with genuine scarcity that are still affordable in circulated grades. As collectors increasingly recognize the difficulty of finding these dates in nice condition with strong eye appeal, I expect prices to firm up significantly. Buying now, while they’re still relatively underappreciated, is a smart move for the budget collector with an eye toward the future.

Conclusion: The 1922 Story Belongs to Every Collector

The story of the 1922 Lincoln cents is one of the most compelling in all of American numismatics. It’s a story of mint workers doing their best under pressure, of dies that were polished and re-polished until they produced something unexpected, and of a single year in which chance and circumstance combined to create coins that collectors would treasure for generations.

You don’t need a five-figure budget to be part of that story. A nice 1922-D, a handful of semi-key dates, a few well-chosen varieties, and a copy of DeLorey’s brilliant research can give you a collection that’s rich in history, beauty, and numismatic significance — all for a fraction of the cost of a single 1922 Plain.

As one forum member wisely put it: “A little knowledge can be a good thing (though too much knowledge can be dangerous to your bank account).” Armed with the knowledge from The Enigmatic Lincoln Cents of 1922 and the strategies outlined in this guide, you can build a collection that’s both affordable and deeply rewarding. The key is to focus on what you can afford, buy the best examples available within your budget, and never stop learning.

The enigmatic cents of 1922 have captivated collectors for over a century. With the right approach, they can captivate you too — no matter what your budget looks like.

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