Is a 1956 Wheat Penny Worth Anything? Uncovering the Value of This Iconic Coin
In general, a 1956 Wheat penny is not particularly valuable and is typically worth only a few cents if in circulated condition. However, uncirculated examples and those with certain errors can command significant premiums.
The Allure of the Wheat Penny: A Brief History
The Wheat penny, officially known as the Lincoln Wheat cent, was minted from 1909 to 1958. Its iconic design features Abraham Lincoln on the obverse (front) and two wheat stalks on the reverse (back), symbolizing national prosperity. Its long run and massive mintages mean that many examples are still in circulation today, making it a popular target for coin collectors. The 1956 Wheat penny, produced toward the end of the series’ run, falls into this category. While not considered rare in general, specific factors can dramatically influence its worth.
Understanding Mint Marks and Their Impact
The presence and location of a mint mark on a coin can be crucial in determining its value. The 1956 Wheat penny was struck at three mints: Philadelphia, Denver, and San Francisco.
- Philadelphia: Coins from the Philadelphia mint do not have a mint mark.
- Denver: Coins minted in Denver are marked with a “D” beneath Lincoln’s bust.
- San Francisco: Coins from San Francisco bear an “S” mint mark, also located beneath Lincoln’s bust.
Generally, the San Francisco minted pennies from 1956 are slightly more sought after than those from Philadelphia and Denver, although condition remains the dominant factor.
Grading and Condition: The Key to Value
A coin’s condition is the single most important factor in determining its worth. Coins are graded on a scale, from Poor (barely identifiable) to Mint State (uncirculated).
- Circulated Coins: These coins show signs of wear from handling and use. Their value is generally low, often just a few cents. Grades range from Poor to Good to Fine to Very Fine.
- Uncirculated Coins (Mint State): These coins show no signs of wear and retain their original luster. They are graded from MS-60 (slightly impaired) to MS-70 (perfect). Uncirculated 1956 Wheat pennies can fetch considerably more than circulated examples.
It’s important to note that professional grading by reputable services like PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation) can significantly increase the perceived value of a coin.
Error Coins: Finding Hidden Treasures
Error coins are coins that were produced with some sort of mistake during the minting process. These errors can be highly sought after by collectors and can significantly increase a coin’s value. Some possible errors to look for in 1956 Wheat pennies include:
- Double Die: A doubling of the image on the coin, caused by an error in the die.
- Off-Center Strike: The coin was not struck properly centered, resulting in part of the design missing.
- Broadstrike: The collar (the outer ring that confines the metal during striking) failed, allowing the coin to spread out beyond its normal dimensions.
Identifying error coins requires a keen eye and some knowledge of the minting process. Resources like error-variety websites and coin collecting books can be helpful in identifying potential errors.
Market Factors: Supply, Demand, and Sentimental Value
The coin market is influenced by supply and demand, just like any other market. The availability of a particular coin, combined with collector demand, determines its price. Sentimental value can also play a role, particularly for coins that hold personal meaning for the owner. While the 1956 Wheat penny isn’t inherently rare, factors like condition, mint mark, and potential errors can shift the balance of supply and demand, affecting its market value. News and trends within the coin collecting community also influence prices.
Understanding the Value Range: From Cents to Dollars
The majority of circulated 1956 Wheat pennies are worth only a few cents. However, uncirculated examples, especially those graded MS-65 or higher by a reputable grading service, can sell for several dollars or more. Error coins can command even higher prices, depending on the type and severity of the error. To get an accurate valuation, it’s best to consult a reputable coin dealer or check recent auction prices for similar coins.
Frequently Asked Questions (FAQs) About 1956 Wheat Pennies
What is the average value of a circulated 1956 Wheat penny?
The average value of a circulated 1956 Wheat penny is typically between 1 to 5 cents*. Due to their high mintage and widespread circulation, these coins are not considered rare in worn condition.
How much is an uncirculated 1956 Wheat penny worth?
An uncirculated 1956 Wheat penny can be worth significantly more, ranging from $1 to $10+, depending on the grade assigned by a professional grading service. The higher the grade (closer to MS-70), the greater the value.
Does the mint mark affect the value of a 1956 Wheat penny?
Yes, the mint mark can influence the value. Pennies minted in San Francisco (“S” mint mark) are often slightly more desirable than those from Philadelphia (no mint mark) and Denver (“D” mint mark), although condition is still the most important factor.
What are some common errors found on 1956 Wheat pennies?
Common errors to look for include doubled dies, off-center strikes, and broadstrikes*. These errors can significantly increase the value of the coin.
Where can I sell my 1956 Wheat penny?
You can sell your 1956 Wheat penny to coin dealers, online auction sites (like eBay), or at coin shows*. Consider getting your coin professionally graded before selling to maximize its value.
How can I tell if my 1956 Wheat penny is uncirculated?
An uncirculated coin will show no signs of wear or handling*. The coin will retain its original luster and sharpness of detail. Examine the high points of the design (like Lincoln’s cheekbone) for any signs of friction or wear.
What does MS-65 mean in coin grading?
MS-65 stands for Mint State-65*. It is a grade assigned to uncirculated coins, indicating a coin with above-average eye appeal and only minor imperfections.
Are there any rare varieties of the 1956 Wheat penny?
While no widely recognized “rare” varieties exist, double die obverse (DDO) and double die reverse (DDR) errors* are highly sought after when found.
Should I clean my 1956 Wheat penny?
Never clean your coins! Cleaning can remove the original surface and significantly decrease the value of the coin. Leave it as is, or consult a professional for conservation advice.
What is the best way to store my 1956 Wheat penny?
Store your 1956 Wheat penny in a coin holder, album, or sleeve made of inert materials*. Avoid PVC-based materials, as they can damage the coin over time.
Where can I find more information about coin collecting and grading?
Numerous resources are available, including the PCGS and NGC websites, coin collecting books, and numismatic organizations* such as the American Numismatic Association (ANA).
Why are Wheat pennies popular with collectors?
Wheat pennies are popular because they are relatively affordable, readily available, and represent a significant period in American history*. Their iconic design and long production run make them a great starting point for new collectors.