1956 Steel Wheat Penny – Most people are not interested in collecting coins, but they accidentally deposit coins that are worth hundreds or even thousands of dollars. One of them is the 1956 steel wheat penny which is quite interesting for us to discuss because this coin is a historic coin in the US.
To determine the value of a coin, of course, several factors must be considered. Starting from errors ( 1920 wheat penny error ), and mint marks to the condition of the coins that can affect the amount of price you get.
If you are interested in knowing how much the 1956 penny value can be obtained, as well as what factors determine the penny value, then read this article to the end.
What Is a 1956 Wheat Penny?
Before we talk about how much a penny you can get, we must first know the history behind this 1956 penny coin minting. Let’s start with the coin design section first.
The front side of this 1956 penny features a portrait of Abraham Lincoln facing right and the words “In God We Trust“. In addition, there is the inscription LIBERTY along with the year this coin was made.
While the reverse side shows the words “ONE CENT” and there is the inscription “UNITED STATES OF AMERICA” which indicates this coin is used in the United States.
In addition, two stalks of wheat are on the outer edge of the 1956 penny which is the US motto “E Pluribus Unum” which means “one of many“.
When we talk about the 1956 steel wheat penny, of course, it is very interesting because this coin is known as a high-value coin.
The penny, designed by Victor David Brenner, is reportedly still in circulation today and of course, its value is very high.
This wheat penny is made from three types of metal composition, namely 95% copper, 5% zinc, and tin. The combination of these three materials makes this 1956 penny coin last a long time to this day.
Most likely you can find this coin in various conditions. Just like the article we discussed earlier 1944 steel penny value, this coin is a transaction tool that is generally used and is minted in very large quantities.
One of the determining factors of a value is the condition of the coin and the error on the coin. The variety of coins determines the amount of value you can get. Because this 1956 penny wheat has two variations that are printed in different quantities.
Varieties of 1956 Steel Wheat Penny
The 1956 silver wheat penny value had two varieties printed and each had a different fault. Here is the 1956 silver wheat penny value in circulation:
• 1956 Wheat Penny No Mint Mark
The first variety is the 1956 wheat penny no mint mark. This coin is one of the rare coins, but quite abundant for the rare coin category.
Because this coin was minted in as many as 420,745,000 pieces and minted in the Philadelphia Mint. Although the number is quite large, some coins have never changed.
This condition is known as the Mint State which shows the coin is like new and shows a reddish color of copper. While the coins in circulation tend to be older but in good condition.
This is what can determine the 1956 pennies’ worth money, depending on the coins in circulation ( most valuable wheat pennies ) and not in circulation.
• 1956-D Wheat Penny
This second variety is known as the 1956-D Wheat Penny which means that this coin was minted in the Denver Mint.
This coin ever set a record in 1956 with a production of 1,098,210,100 pieces and the highest number of wheat cents minted at that time.
This very large number makes this coin abundant on the scarcity scale. But there are still many collectors who are looking for this coin in a different condition.
Because it is printed in large quantities, this coin is circulated. Therefore conditions that are not circulated will have a very high value.
Factors Affecting The 1956 Silver Penny Value
Several factors affect the value of the coins you have. Of course, it will be a professional collector who will recognize every part of the coin.
This factor will determine the amount of value you can get.
The following are some of the important factors in determining the 1956 steel wheat penny value:
Uncirculated coins or in Mint State condition are the most expensive coins and belong to the elite class among collectors. These coins are preserved so they are in very good condition.
The condition of this coin is no wear and no detail is missing and the surface of the coin is still sharp. To determine if this coin is uncirculated or uncirculated, it is on Lincoln’s temple.
The uncirculated coins still have their original luster as they are not circulated and the copper surface is still very consistent.
• Very Good
These coins are usually found in perfect condition from a distance. But when you look closely, some drawbacks occur due to time.
Like Lincoln’s temples that become flat or, there are small scratches on coins that are not visible to the naked eye. Coins in this state have a high value but depend on the damage done to the coin.
1956 steel penny value can be categorized in Good condition when this coin still has a clear inscription. Even though some parts of this coin are damaged as pictured or have scratches, they are still of considerable value, with the 1943 steel penny value of 2021.
This 1956 penny has gone through many hands and certainly has many scratches. However, the scratches that occur are not as bad as circulated coins because some people tend to keep them.
The 1956 steel wheat penny is in good condition meaning all the inscriptions and pictures on this coin are missing and heavily damaged.
However, the surface condition is still good and makes it have a fairly high value.
• Planchet Error
The 1956 steel wheat penny had a printing error where the metal went through a set of strokes and created a blank planchet. This causes part of the planchet to disappear because it is cut off.
This error was discovered in 1956-D and this piece is above the mint mark D. This coin is quite rare because no one knows for sure how many there are.
For this error is worth $25 in very good condition or still has legible writing.
It can be concluded that determining the value of the 1956 steel penny requires several important factors to be considered. These coins can be categorized under several criteria that make them have different values.
How Much is a 1956 Steel Wheat Penny Worth?
As we know several factors determine the value of the 1956 penny. Each category of this valuation has a different coin condition.
If you have a coin with a good surface and legible writing and graphics, then you can get the highest price you want.
However, because the 1956-D and 1956 mint mark numbers were circulated in large numbers, they weren’t hard to find. Because many people still keep it because they want to get the highest price.
For the highest price ever achieved by this 1956 penny, namely in 2005, the 1956-D penny was sold for $7.4575 in MS-67 condition. This condition can be said to be almost perfect because it still has the original copper-red luster.
As for the 1956 penny no mint mark or 1956-D with circulated conditions and some missing or damaged parts, you can still get values ranging from 3 to 5 cents depending on the condition you have.
These coins have lived for decades and are bound to wear and tear, especially the coins in circulation. These circulated coins tend to have missing parts, illegible writing, missing images, or surfaces that no longer gleam.
If you have a coin in a heavily damaged condition, then the value you get is only the copper value of this coin, which is 2 cents.
On the other hand, the 1956 uncirculated penny has a very valuable value. These uncirculated coins are usually worth 20 cents to $5 depending on the condition.
But you can still get the highest price if you find one of the rarities, namely a printing error on the 1956-D Penny.
These coins can be worth hundreds to thousands of dollars in very good condition or uncirculated.
Looking for More Information About Coins? Check Other Years From This Lincoln ( Wheat ) Penny Series:
1909 1910 1911 1912
1913 1914 1915 1916
1917 1918 1919 1920
1921 1922 1923 1924
1925 1926 1927 1928
1929 1930 1931 1932
1933 1934 1935 1936
1937 1938 1939 1940
1941 1942 1943 1944
1945 1946 1947 1948
1949 1950 1951 1952
1953 1954 1955 1956
Many collectors are still looking for this rare coin today and maybe you have it. Or if you are interested in collecting this 1956 penny, you can look for it from a professional coin dealer and collector.
The 1956 steel wheat penny can have very high grades based on predetermined factors. Of course the more coins you have in good condition, the more valuable they can be.
Try to find out if you have a 1956 wheat penny in your home. These wheat coins can be very valuable if you have them in an uncirculated state.
Avoid washing coins as it will only lower the price. Just make sure the coins are in good condition and don’t use any cleaning fluid that will bring the price down.