1956, the prime era of the Wheat pennies. The 1956 wheat penny is one of
the biggest reasons why they are still available!
How did that happen? You ask.
The
US Mint
minted 1.5 billion+ Lincoln Pennies (Cents) in 1956. Unfortunately, with
such a high mintage the 1956 wheat penny value is low even for high graded
examples. However, the pristine condition high-quality red-toned coins are
worth more.
Don’t be disheartened; they can also be worth as high as $57,600 for
higher-graded pennies. If you happen to stumble upon one, here are the
1956 wheat penny values and the factors that influenced it.
Identifying a 1956 Wheat Penny
1956, the prime era of the Wheat pennies. The 1956 wheat penny is one of
the biggest reasons why they are still available!
How did that happen? You ask.
The
US Mint
minted 1.5 billion+ Lincoln Pennies (Cents) in 1956. Unfortunately, with
such a high mintage the 1956 wheat penny value is low even for high graded
examples. However, the pristine condition high-quality red-toned coins are
worth more.
Don’t be disheartened; they can also be worth as high as $57,600 for
higher-graded pennies. If you happen to stumble upon one, here are the
1956 wheat penny values and the factors that influenced it.
Identifying a 1956 Wheat Penny
To identify the 1956 wheat penny, there are certain factors necessary to
be considered. These factors influence the values of the 1956 Lincoln
penny.
Coin Specifications
| Obverse |
The Bust of Abraham Lincoln with the inscriptions “IN GOD WE TRUST.
LIBERTY. 1956.”
|
| Reverse |
The US motto, “E PLURIBUS UNUM,” with the denomination “ONE CENT”
and “UNITED STATES OF AMERICA” in the center flanked by two wheat
ears, giving the penny its name.
|
| Designer |
Victor D. Brenner |
| Dimensions |
19.05 mm x 1.52 mm |
| Face Value |
One cent ($0.01) |
| Composition |
95% copper coin with admixtures of zinc or tin
|
| Total Mintage |
1,519,615,484 |
| Minted At |
Philadelphia (no mint mark) and Denver (D)
|
Mintmarks and Variations
As mentioned in the table, the 1956 Wheat pennies were minted in
Philadelphia and Denver. The Denver mint-struck coins have the
mintmark “D,” whereas the ones struck in Philadelphia lack the mark.
The Denver Mint had produced 2.5 times more pennies than the
Philadelphia Mint.
The Philadelphia Mint had a total mintage of 420,745,000 coins in
different shades of copper. The circulated coins with brown tones are
hardly of any value; the red uncirculated coins, however, are pretty
valuable. The Brown coins have values from $0.25 to $45, while the red
ones are worth $0.35 to $55 and can go as high as $820.
An MS67+ graded 1956 Lincoln Penny was sold at an auction in 2022 for
$57.600!
The Philadelphia Mint also struck proof versions of the penny for the
collectors, which have values from $42 to $900 depending on the grade from
PR64 to PR68. The higher grades from MS68+ can be valued at $5,750, but a
coin was sold at $16,100 in 2003.
Finally, the Denver mint coins that carried the mintmark “D” had a mintage
of 1,098,201,100 pennies. These coins are valued from $0.25 to $45 for the
brown shades. However, the red-brown toned coins were priced from $0.35 to
$55 and as high as $300.
The grades from MS67+ were usually valued under $1,000. Surprisingly, a
red penny with an MS67+ grade was once sold at $18,000.
Errors and Their Values
There are 3 major errors that may occur on the 1956 Lincoln penny and
influence its value.
These errors are:
Re-Punched Mint mark
The repunched mintmark error can take the 1956 Wheat penny value within
the range of $15 to $370. However, it is pretty valuable in auction, since
it is sold at $1,000.
Double Die Obverse/Reverse (DDO/DDR)
The Double Die error was rather a inevitable error despite US Mint’s
efforts. The error can appear on the obverse or the reverse.
Double Denomination Error (penny struck on wrong planchet)
This error was considerably common among the US coins since various types
of coins were minted. Depending on what planchet they are struck in the
value may range from $1,500 to $1,700 and can go as high as $2,070.
Value of a 1956 Wheat Penny
We did discuss the values of the mintmarks and errors on the 1956 Wheat
pennies, however, there is yet another important factors that influences
the 1956 Lincoln penny value: The coin condition.
The coin conditions are divided into 4 major categories with the
corresponding grading scale curated by the Coin Grading Services. Here is
an summarized table that includes the coin conditions with their
respective prices:
| Good |
/ |
/ |
$3.50 |
| Very Good |
/ |
/ |
$6.05 |
| fine |
$0.06 |
$0.06 |
$8.36 |
| Very fine |
$0.12 |
$0.12 |
$12 |
| Extra fine |
$0.14 |
$0.14 |
$29 |
| AU |
$0.18 |
$0.18 |
$36 |
| MS 60 |
$0.41 |
$0.35 |
$41 |
| MS 63 |
$1.20 |
$1.20 |
$89 |
| PR 63 |
$7.05 |
/ |
/ |
Why does the Value Change with the Grades?
The Grading scale is a coin grading developed by coin grading services
like Numismatic Guaranty Company (NGC) and Professional Coin Grading
Service (PCGS). The scale ranges from 1 to 70, where 70 means the most
pristine condition and 1 is the lowest most roughest condition.
Thus, the coin's condition determines its design visibility and sharpness,
which fluctuates the prices accordingly.
Conclusion
The 1956 Lincoln (wheat) penny deciphered! The article includes
everything you need to know about the Lincoln penny. With this
knowledge, you can now seamlessly negotiate for the optimal prices of
your 1956 Lincoln (Wheat) Penny. Furthermore, you can also access the
values of the other rare coins considering these points.
Explore our Coin Value section of blog for more exciting articles
deciphering the value of rare coins from the Wheat Penny series, Morgan
Dollars, Indian Head Penny, and others.
