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.
To identify the 1956 wheat penny, there are certain factors necessary to be considered. These factors influence the values of the 1956 Lincoln penny.
| 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) |
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.
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.
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:
| 1956 penny value Chart | |||
|---|---|---|---|
| Condition | 1956 No Mint Mark penny | 1956 D penny | 1956 D penny D above shadow D |
| 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 | / | / |
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.
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.
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