The 1958 Lincoln Wheat Penny marks the end of an era in American coinage. As the final year of the iconic Wheat Reverse design, the 1958 penny holds historical significance and collector interest. Whether you’re a seasoned numismatist or a curious hobbyist, understanding the value, varieties, and key characteristics of this coin can help you make informed decisions when buying, selling, or collecting.
In this comprehensive guide, we’ll explore everything you need to know about the 1958 Lincoln Wheat Penny, including its history, mint varieties, errors, and current market value.
History of the 1958 Wheat Penny
The Lincoln Wheat Penny, also known as the Wheat Cent, was minted from 1909 to 1958. Designed by Victor David Brenner, the obverse features a right-facing profile of President Abraham Lincoln, while the reverse showcases two wheat ears encircling the words “ONE CENT.”
The year 1958 was the final year the U.S. Mint produced pennies with the Wheat Reverse design. In 1959, to celebrate Lincoln’s 150th birthday, the Mint introduced a new reverse design featuring the Lincoln Memorial.
Because it was the last Wheat Cent issued, the 1958 penny is widely collected and remembered as a numismatic milestone.
Mint Marks and Varieties
The 1958 Lincoln Wheat Penny was minted in two locations:
1. 1958 (No Mint Mark) – Philadelphia Mint
- Mintage: 252,525,000
- This version has no mint mark beneath the date. It’s the most common variety of the 1958 Wheat Penny.
2. 1958-D (Denver Mint)
- Mintage: 800,953,000
- The 1958-D is even more common than the Philadelphia issue. Look for the “D” mint mark below the date on the coin’s obverse.
Both versions were struck in large quantities, making them generally affordable in circulated condition. However, high-grade uncirculated coins and error varieties can be worth much more.
Metal Composition and Specifications
| Specification | Detail |
|---|---|
| Composition | 95% copper, 5% tin and zinc |
| Diameter | 19.05 mm |
| Weight | 3.11 grams |
| Edge | Plain |
| Designer | Victor D. Brenner |
These copper coins have a rich reddish tone when uncirculated and develop a brown patina over time when exposed to the elements.
1958 Doubled Die Error: The Rarest Wheat Penny
One of the most famous and rarest errors in U.S. coin history is the 1958 Doubled Die Obverse (DDO) penny.
What Is a Doubled Die?
A doubled die error occurs when the coin die itself is engraved twice with a misalignment, resulting in a coin that appears to have doubled features—especially noticeable on the date and lettering.
Features of the 1958 DDO:
- Extremely strong doubling on “LIBERTY,” “IN GOD WE TRUST,” and the date “1958”.
- The doubling is sharp and very distinct to the naked eye.
Value of the 1958 Doubled Die Penny:
This variety is ultra-rare, with only 3 confirmed examples known to exist. It is considered a “Holy Grail” coin for Lincoln cent collectors.
- In 2018, a specimen graded PCGS MS64RD sold at auction for $336,000.
- Another example in similar condition sold for over $100,000.
If you suspect you have a 1958 DDO penny, it is strongly recommended to have it authenticated by a professional grading service like PCGS or NGC.
Value of the 1958 Lincoln Wheat Penny
Here is a general pricing guide for 1958 Lincoln Wheat Pennies, based on condition and variety:
1958 (No Mint Mark) Penny Value:
| Grade | Value (Approximate) |
|---|---|
| Good (G-4) | $0.05 |
| Fine (F-12) | $0.10 |
| Extremely Fine (EF-40) | $0.20 |
| Uncirculated (MS-60) | $0.50 |
| MS-65 Red (Certified) | $3 – $5+ |
1958-D Penny Value:
| Grade | Value (Approximate) |
|---|---|
| Good (G-4) | $0.05 |
| Fine (F-12) | $0.10 |
| Extremely Fine (EF-40) | $0.15 |
| Uncirculated (MS-60) | $0.30 |
| MS-65 Red (Certified) | $2 – $4+ |
Note: Red (RD) coins are worth more than Brown (BN) or Red-Brown (RB) coins in the same grade. Color is a critical factor in pricing Lincoln cents.
Tips for Collectors
If you’re collecting the 1958 Lincoln Wheat Penny, here are some helpful tips:
- Look for Luster and Color: Choose coins with full red coloration if possible. These tend to command higher premiums.
- Buy Certified Coins: High-grade or error coins should be purchased with PCGS or NGC certification to ensure authenticity.
- Check for Errors: Besides the famous doubled die, look for other anomalies like off-center strikes, die cracks, or repunched mint marks (RPMs).
- Store Properly: Keep your coins in a cool, dry environment in acid-free holders to preserve color and prevent corrosion.
- Build a Set: Many collectors aim to complete a full Wheat Penny set from 1909 to 1958, with the 1958 being the final piece.
Where to Buy or Sell a 1958 Wheat Penny
You can buy or sell 1958 Lincoln Wheat Pennies through several avenues:
- Online Marketplaces: eBay, Etsy, and Amazon are common platforms for buying circulated and certified coins.
- Coin Dealers: Local or online dealers often offer better grading transparency and authentication.
- Coin Shows and Auctions: These provide opportunities to view coins in person and potentially find rare varieties.
- Grading Services: For valuable coins or possible errors, use PCGS or NGC for professional grading and encapsulation.
Final Thoughts
The 1958 Lincoln Wheat Penny is a key coin for collectors due to its historical significance and the extreme rarity of its doubled die error. While most 1958 pennies are worth only a few cents, high-grade uncirculated examples and rare varieties can be worth thousands—if not hundreds of thousands—of dollars.
Whether you’re looking to start a coin collection or just stumbled upon an old penny in your change jar, the 1958 Wheat Penny is a coin worth investigating. Who knows? You might be holding a small piece of American history—or even a rare treasure.
Frequently Asked Questions (FAQs)
Is a 1958 wheat penny rare?
No, the regular 1958 penny is not rare. Over 1 billion were minted. However, the 1958 Doubled Die Obverse penny is extremely rare and valuable.
How much is a 1958 wheat penny worth?
In circulated condition, it’s typically worth 1 to 10 cents. In uncirculated grades, it can sell for a few dollars. Rare error coins can fetch thousands.
Where can I sell a 1958 wheat penny?
Try eBay, coin shops, or coin grading services like PCGS if you believe your coin is rare.
If you’re serious about collecting Lincoln cents, the 1958 Wheat Penny is a must-have for your album—and potentially, your biggest discovery yet.