The 1956 Lincoln Wheat Penny is one of the most recognizable coins among U.S. numismatists and penny collectors. Though it’s part of the later years of the Wheat Cent series, its historical significance and collectible variants make it a valuable addition to any collection. Whether you’re a seasoned collector or a curious beginner, this guide breaks down everything you need to know about the 1956 penny.
A Brief History of the Lincoln Wheat Penny
The Lincoln Wheat Cent, also known as the Wheat Penny, was first introduced in 1909 to commemorate the 100th birthday of President Abraham Lincoln. Designed by Victor David Brenner, it became the first regular-issue U.S. coin to feature a real person’s portrait.
The obverse (front) of the coin displays Lincoln’s profile, while the reverse (back) shows two stalks of wheat surrounding the denomination and country name. The Wheat Penny was minted until 1958, when it was replaced by the Lincoln Memorial reverse design.
1956 Wheat Penny Specifications
- Designer: Victor D. Brenner
- Composition: 95% copper, 5% tin and zinc
- Diameter: 19.05 mm
- Weight: 3.11 grams
- Edge: Plain
- Mint Marks: No mint mark (Philadelphia), D (Denver)
How Many 1956 Pennies Were Made?
The U.S. Mint produced hundreds of millions of 1956 Lincoln Cents, making it a common coin in circulation. Here’s the breakdown:
- 1956 (Philadelphia): 420,745,000 coins
- 1956-D (Denver): 1,098,201,100 coins
Despite the high mintage, certain well-preserved or rare-error examples are highly sought after by collectors.
1956 Lincoln Wheat Penny Value
The value of a 1956 Wheat Penny depends heavily on its condition, mint mark, and whether it has any minting errors.
Circulated Condition
- 1956 (no mint mark): Typically worth 1 to 5 cents
- 1956-D: Also worth 1 to 5 cents
In circulated condition, these coins don’t carry significant value because of their abundance. However, they can be great for beginner collectors.
Uncirculated (Mint State) Condition
- MS-60 to MS-63: $0.25 – $1.50
- MS-64 to MS-65 Red: $2 – $10
- MS-66 to MS-67+ Red: $20 – $100+ (especially for 1956-D with pristine red luster)
Coins designated as “Red” by grading services (NGC or PCGS) command a premium, especially when they are in Mint State 66 or higher. “Red” refers to the original red copper color that’s been preserved without toning or oxidation.
1956-D Lincoln Wheat Penny Value
The 1956-D Wheat Penny is particularly well-known for a variety of die errors and doubling, which can significantly increase its value.
- MS67 Red 1956-D pennies have sold for $100 – $200+ at auction.
- Some rare, high-grade specimens (MS68 Red) have been valued at over $2,000.
Notable 1956 Penny Errors and Varieties
Collectors are especially drawn to error coins because of their rarity and uniqueness. Here are the most common types of errors and varieties you might find on a 1956 Lincoln cent:
1. 1956 Doubled Die Error
Some 1956 pennies, especially those from the Denver Mint, feature doubling on the date or lettering, such as “LIBERTY” or “IN GOD WE TRUST.” These are known as doubled die obverse (DDO) errors.
- Value: From $20 to several hundred dollars, depending on severity and grade.
2. Repunched Mint Mark (RPM)
Many 1956-D pennies show repunched mint marks, where the “D” was stamped more than once in slightly different positions.
- Value: Typically $5 to $50 or more, based on clarity and grade.
3. Off-Center Strike
Coins that were misaligned during striking, resulting in a partial design, are called off-center errors.
- Value: Varies widely from $10 to over $100, depending on how far off-center the strike is and how much of the date is visible.
4. BIE Error
A small die break between the “B” and “E” in LIBERTY creates what looks like the letter “I,” forming the word “BIE.”
- Value: These can sell for $5 to $20, depending on the severity and popularity among collectors.
How to Identify a Valuable 1956 Wheat Penny
If you suspect you have a rare or valuable 1956 Lincoln cent, consider the following steps:
- Check the Mint Mark: Look for the “D” (Denver) mint mark under the date.
- Examine for Errors: Use a magnifying glass to check for doubling, repunched mint marks, or other oddities.
- Assess the Condition: Red, glossy, and uncirculated coins are worth significantly more.
- Get a Professional Grading: Submit high-quality or suspicious coins to grading services like PCGS or NGC for authentication and value appraisal.
Tips for Collectors
- Storage: Use coin holders or flips made of acid-free materials to avoid damage or discoloration.
- Buy From Reputable Dealers: If purchasing 1956 pennies for investment, ensure you buy from trustworthy coin dealers.
- Look for “Red” Coins: The redder and shinier the penny, the more likely it is to be valuable.
- Focus on Errors: Even common coins can be worth hundreds if they include rare minting errors.
Final Thoughts
The 1956 Lincoln Wheat Penny might not be rare in general circulation, but specific varieties and pristine examples can fetch impressive prices. With potential for doubled dies, repunched mint marks, and high-grade specimens, it’s a coin worth examining closely. For coin collectors, it’s both a nostalgic artifact from the post-WWII era and a rewarding find that might hold more value than its face suggests.
Whether you’re digging through an old coin jar or building a complete Lincoln Cent collection, the 1956 wheat penny remains a piece of American history—and possibly a small treasure in disguise.