Is a 1957 Wheat Penny Worth Anything? Exploring its True Value
The value of a 1957 Wheat penny varies, but most are worth only a few cents. However, specific rarities and mint errors can dramatically increase their worth, making them a potentially valuable find for collectors.
The Allure of the Wheat Penny: A Historical Overview
The Wheat penny, also known as the Lincoln Wheat cent, holds a special place in numismatic history. Minted from 1909 to 1958, it’s more than just a piece of copper; it’s a tangible link to the past. The 1957 Wheat penny represents one of the later years of its production, a period marked by increased mintage figures, which generally impacts its perceived value.
Factors Determining the Value of a 1957 Wheat Penny
The value of a 1957 Wheat penny, like any coin, isn’t fixed. It’s influenced by several crucial factors:
- Condition: This is paramount. Uncirculated (mint state) coins, with no wear and original luster, command the highest prices. Graded coins from reputable grading services like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) are generally more valuable.
- Mint Mark: The 1957 Wheat penny was minted at three locations: Philadelphia (no mint mark), Denver (D), and San Francisco (S). The mint mark, if present, is located on the reverse, below the wheat ears. While the Denver and San Francisco mints are generally worth slightly more, condition remains the dominant factor.
- Rarity: This is where the real potential lies. Certain mint errors, such as double dies or off-center strikes, can significantly increase the value of a 1957 penny.
- Market Demand: The current interest in coin collecting and the specific demand for 1957 Wheat pennies at any given time also influences prices.
Understanding Grading and its Impact on Value
Professional coin grading is crucial for accurately assessing the condition and authenticity of a coin. Grading services use a numerical scale, typically from 1 to 70, to indicate the coin’s condition.
- Poor (P-1): Heavily worn, barely identifiable.
- Good (G-4): Worn, but details are visible.
- Very Good (VG-8): Significant wear, but key details are clear.
- Fine (F-12): Moderate wear, with good detail.
- Very Fine (VF-20): Light wear, with sharp details.
- Extremely Fine (EF-40): Minimal wear, with almost full detail.
- About Uncirculated (AU-50): Slight traces of wear, mostly on high points.
- Mint State (MS-60 to MS-70): Uncirculated, ranging from slightly flawed to perfect.
A coin graded MS-65 will be worth considerably more than a coin graded VG-8.
Identifying and Valuing Mint Errors
Mint errors are defects that occur during the coin production process. They are highly sought after by collectors because they are unique and rare. Some common mint errors to look for on a 1957 Wheat penny include:
- Double Die: Occurs when the die used to strike the coin has a doubled image.
- Off-Center Strike: When the coin is not struck perfectly centered, resulting in part of the design being missing.
- Broadstrike: Occurs when the collar (a retaining ring) is missing during striking, resulting in a wider, unfettered coin.
- Die Cracks: Small cracks in the die can transfer to the coin, creating raised lines.
Identifying and authenticating mint errors can be tricky. It is best to consult with a numismatic expert or submit the coin to a grading service for authentication.
Where to Find Information and Estimate Coin Value
Several resources can help you determine the value of your 1957 Wheat penny:
- Online Coin Guides: Websites like PCGS CoinFacts, NGC Coin Explorer, and USA Coin Book provide information about coin values, mintage figures, and error types.
- Coin Collecting Books: Books like “A Guide Book of United States Coins” (the Red Book) offer detailed information about U.S. coins and their values.
- Coin Dealers: Local coin dealers can provide expert appraisals and offer to purchase your coin.
- Online Auction Sites: eBay and similar platforms can provide a sense of current market prices, but be cautious about inflated values.
| Source | Pros | Cons |
|---|---|---|
| PCGS CoinFacts | Detailed information, reputable grading service. | Can be overwhelming for beginners. |
| Local Coin Dealer | In-person appraisal, potential for immediate sale. | Values can vary widely, requires travel. |
| “Red Book” | Comprehensive guide, widely recognized. | Value estimates can be outdated, requires purchase. |
| eBay (completed listings) | Real-time market data, large sample size. | Requires careful analysis, potential for inflated or unrealistic prices. |
Maximizing the Value of Your 1957 Wheat Penny
To maximize the value of your 1957 Wheat penny:
- Handle it with care: Avoid touching the coin’s surface to prevent further damage.
- Store it properly: Use acid-free holders or albums to protect the coin from environmental damage.
- Research thoroughly: Learn about the coin’s potential value and any possible mint errors.
- Consider professional grading: If you believe your coin is valuable, submit it to a reputable grading service for authentication and grading.
Frequently Asked Questions About 1957 Wheat Pennies
What is the mintage figure for 1957 Wheat pennies?
The Philadelphia mint produced 282,580,000 1957 Wheat pennies, Denver produced 1,052,250,000, and San Francisco produced 31,660,000. The relatively high mintage figures, especially for Denver, contribute to the lower overall value of common 1957 Wheat pennies.
Are 1957-D Wheat pennies more valuable than 1957 Wheat pennies?
Generally, no. While the Denver mint produced a significantly higher number of 1957-D pennies, the difference in value compared to a Philadelphia-minted 1957 penny is minimal unless the coin is in exceptional condition or exhibits a significant error.
What is the highest price ever paid for a 1957 Wheat penny?
The highest prices are generally paid for coins with significant errors and in high grades. While specific auction records fluctuate, examples with prominent double dies or other major errors, graded MS-67 or higher, can fetch thousands of dollars.
How can I tell if my 1957 Wheat penny is a double die?
Look closely at the lettering (“LIBERTY,” “IN GOD WE TRUST”) and the date (“1957”) under magnification. A double die will show a distinct doubling or blurring of these features. Compare your coin to images of known double die varieties online to help confirm.
What is the best way to clean a 1957 Wheat penny?
Never clean a coin! Cleaning can damage the surface and significantly reduce its value. The best approach is to leave it as is. If you are concerned about its condition, consult a professional numismatist.
Where can I sell my 1957 Wheat penny?
You can sell your coin through various channels, including:
- Local Coin Dealers: A good option for quick sales, but shop around for the best price.
- Online Auction Sites: Offer potentially higher prices, but involve more effort and risk.
- Coin Shows: Allow you to connect with multiple buyers in person.
- Consignment: Some dealers will sell your coin on consignment, taking a percentage of the sale price.
Is it worth getting my 1957 Wheat penny graded?
If you believe your coin is in exceptional condition (virtually uncirculated) or suspect it has a rare mint error, professional grading is worth considering. The grading process can significantly increase the coin’s value and make it easier to sell.
What tools do I need to start collecting Wheat pennies?
Essential tools for collecting Wheat pennies include:
- Magnifying Glass: For examining details and identifying mint errors.
- Coin Holders or Albums: For safe storage and protection.
- Coin Books or Guides: For researching values and mintage figures.
- Soft Cloth or Gloves: To handle coins without damaging them.
Are there any specific varieties of the 1957 Wheat penny that are particularly valuable?
Yes, certain double die varieties and off-center strikes are particularly valuable. Look for coins with clearly visible doubling of the date or lettering.
How does the value of a 1957 Wheat penny compare to other Wheat pennies?
Generally, 1957 Wheat pennies are less valuable than earlier Wheat pennies due to their higher mintage figures. However, rare errors can make them more valuable than common dates in better condition.
What is the best way to store my 1957 Wheat pennies?
Store your coins in acid-free holders or albums specifically designed for coin storage. Avoid storing them in cardboard or PVC-based materials, as these can damage the coins over time. Keep your collection in a cool, dry place.
Can a 1957 Wheat penny be made of silver?
No. Wheat pennies were made of 95% copper, 5% tin and zinc. There are no known instances of 1957 Wheat pennies being struck in silver. Any coin that appears silver-colored is likely the result of environmental damage or tampering and will not be made of silver.