The 1958 Wheat Penny

Numismatics, the study and collection of currency, often shines a spotlight on coins such as the 1958 Wheat Penny. Minted during the final year of the Wheat Penny series, which began in 1909, this particular penny attracts collectors and enthusiasts alike.

The design of the 1958 Wheat Penny features Abraham Lincoln, a tribute that started with the 100th anniversary of his birth. The coin was designed by Victor David Brenner. The obverse shows a profile of Lincoln facing right. The reverse hosts the famous wheat stalks that give the penny its name. This design lasted until 1958, replaced by the Lincoln Memorial reverse in 1959.

Physical Characteristics

The 1958 Wheat Penny is made of 95% copper, with the remaining 5% composed of tin and zinc. It weighs 3.11 grams and has a diameter of 19.05 millimeters. Its edge is plain, typical for pennies. The reddish-brown color arises from the high copper content, which also influences its longevity and wear resistance.

When examining these pennies, one can often determine their condition by observing blemishes and wear on the high points of the design, such as Lincoln’s cheek and jaw on the obverse, and the tops of the wheat stalks on the reverse.

Minting Locations and Quantities

In 1958, Wheat Pennies were produced at two U.S. Mint facilities: Philadelphia and Denver. Philadelphia pennies do not bear a mint mark, whereas Denver coins are marked with a D. Both mints produced a large quantity of pennies that year. Specifically, Philadelphia minted approximately 252,525,000, while Denver produced around 800,953,000. This abundance contributes to their accessibility for collectors.

Rarity and Value

For most 1958 Wheat Pennies, the value above face is modest due to their high mintage. However, value increases significantly for coins in mint-state condition or with rare errors. For instance, a 1958 Double Die Obverse (DDO) penny can command thousands of dollars. This error features noticeable doubling on the obverse inscriptions.

When assessing a coin’s value, collectors often use the Sheldon Scale, which rates condition from 1 to 70. Most circulated 1958 Wheat Pennies grade between 10 and 40. Higher grades, such as Mint State (MS) 60 to 70, considerably elevate the coin’s valuation.

Notable Errors and Varieties

Beyond the 1958 DDO, other errors exist but with less frequency and impact on value. Common minting errors include die cracks, off-center strikes, and repunched mint marks. These anomalies occur due to imperfections in the minting process and provide interest to error coin collectors.

• Die Cracks: These occur when the minting die starts to fracture, leaving raised lines on the coin surface.
• Off-Center Strikes: Coins not perfectly aligned produce a distinctive, off-center appearance.
• Repunched Mint Marks: This error happens when the mint mark is stamped more than once, often slightly misaligned.

Historical Context

The 1950s brought significant changes to America. The country was experiencing post-war prosperity and facing the complexities of the Cold War. Commemorative coins, like the Wheat Penny, served as cultural symbols, reminding citizens of history and values during changing times. Lincoln remains an enduring icon of integrity and leadership, placing the penny as a bridge between the past and present.

Collecting Strategies

For beginning collectors, the 1958 Wheat Penny offers an accessible entry into the world of numismatics. Key strategies include seeking out uncirculated versions from coin dealers or exchanges and scouring for error varieties in circulation. Assembling a complete run of Lincoln Wheat Pennies, including each year and mint mark, poses a rewarding challenge.

Storage is crucial for maintaining a coin’s condition. Collectors often employ coin albums, flips, or holders to protect pennies from environmental damage. Proper handling, using gloves or by edges only, helps in preserving their state over time.

The Legacy of Wheat Pennies

Though the wheat ears are no longer featured on Lincoln pennies, the legacy of these coins endures. They offer a tangible link to the past, illustrating the continuity of U.S. history through currency design. For students of history and economics, Wheat Pennies are a testament to changes in society and technology over decades.

Modern Interest and Market Trends

In recent years, interest in vintage coins has grown. Coins like the 1958 Wheat Penny benefit from internet-era resources. Online forums, auctions, and catalogs have facilitated easier access and exchange for collectors. As digital platforms grow, new generations find ways to appreciate and collect these pieces of history.

Despite their modern replacement, Wheat Pennies maintain a rich tradition. They stand as a valuable study for anyone interested in American history, economy, and culture as expressed through numismatic art. Observing them allows us a window into the past and a piece of the continuity of small but essential elements of daily life.