Most people overlook pennies, assuming they’re only worth a single cent. However, some old pennies could be hiding a surprising value—especially certain 1956 Lincoln Wheat Pennies. While millions were minted, some rare varieties and error coins have become highly desirable among collectors. The right 1956 penny in high-grade condition or with a minting mistake could be worth far more than face value. Could one of these forgotten coins be sitting in your change jar? Let’s explore what makes the 1956 penny special, how to identify valuable versions, and why collectors are willing to pay top dollar for them.
The 1956 Lincoln Wheat Penny
The 1956 Lincoln Wheat Penny is part of the long-running Lincoln cent series, which was first introduced in 1909. Designed by Victor David Brenner, the obverse (front) of the coin features a right-facing portrait of President Abraham Lincoln, with the inscriptions “IN GOD WE TRUST” above, “LIBERTY” to the left, and the year 1956 to the right. The reverse (back) showcases two wheat stalks framing the words “ONE CENT” and “UNITED STATES OF AMERICA,” giving the coin its “Wheat Penny” nickname.
The 1956 penny was struck at two mints:
- Philadelphia Mint (no mint mark) – Over 420 million were produced.
- Denver Mint (D mint mark) – Over 1.09 billion were minted.
Although common in circulation, some 1956 pennies have rare errors or exist in pristine condition, making them valuable to collectors.
The 1956 Lincoln Wheat Penny may not seem rare at first glance, but certain varieties can be worth far more than a cent. Whether it’s a Doubled Die Obverse, a repunched mint mark, an off-center strike, or a high-grade example, these coins can bring in hundreds or even thousands of dollars at auctions. If you happen to find a 1956 Wheat Penny in your collection or pocket change, inspect it closely—it might just be a hidden treasure!
FAQ’s:
1. How much is a 1956 wheat penny worth today?
Most circulated 1956 pennies are worth 3 to 5 cents due to their copper content. However, uncirculated examples in high mint-state grades (MS66 or higher) can sell for $100 to $500 or more. Rare error coins, such as Doubled Die Obverse or Repunched Mint Mark varieties, can be worth over $1,000.
2. How can I tell if my 1956 penny is a doubled die?
Look closely at the inscriptions “IN GOD WE TRUST” and “LIBERTY” on the obverse. If you see clear doubling or overlapping letters, you may have a Doubled Die Obverse (DDO) error, which is highly valuable. Using a magnifying glass or coin loupe can help identify these details.
3. What is a 1956-D repunched mint mark (RPM) penny?
A Repunched Mint Mark (RPM) occurs when the “D” mint mark was stamped multiple times, creating a noticeable overlapping effect. This type of error is valuable, and well-preserved examples can sell for $50 to $200.
4. Are there any steel 1956 pennies?
No, all 1956 pennies were made of 95% copper and 5% tin and zinc. However, if you find a silver-colored 1956 penny, it may have been plated or altered after minting. If you suspect an error coin, have it checked by a professional grading service.
