1953 Wheat Penny Value Explained: Non-Obvious Perspective

Sometimes, coins may be hidden in the shadow of their rarer, more popular counterparts. This is what usually happens with the 1953 Lincoln wheat penny. Although this instance may seem ordinary at first, it is a particularly interesting sample of numismatic artwork with peculiar designations and errors to praise. 

So, what does the 1953 wheat penny look like? What should we know so as to check coin value appropriately, and which features make it rare? Let us find out what beginners can miss and which aspects professional collectors pay special attention to.

The Basic Facts of the 1953 Penny

At first, it is vital to comprehend the definitive characteristics of the coin. How else should we identify it on the spot, though? Indeed, this penny is a remarkable example of mid-century American currency, and even though it is widely used, collectors are still attracted to its unique aesthetics and unusual features not to mention.

Appearance

When it comes to its most obvious features, we should discuss the design of obverse and reverse sides separately. As for the obverse, it features a right-facing portrait of President Abraham Lincoln created by Victor David Brenner in 1909 to mark the centennial of Lincoln's birth, along with the inscriptions "LIBERTY" and "IN GOD WE TRUST" curved along the upper rim. To the right of the portrait, one may find the coin's minting year, 1953, and any applicable mint mark. 

The reverse design, on its part, displays two wheat ears on each side of the boldly lettered denomination "ONE CENT". The inscriptions "UNITED STATES OF AMERICA" are inscribed beneath it, while the national motto "E PLURIBUS UNUM" sways over it. The wheat years became the symbol of the coin and soon substituted its official name, i.e., the Lincoln cent.

Composition

The 1953 wheat penny composition was no different from that utilized before. Just like its predecessors (except for war-issued cases), this numismatic creation contained 95% copper and 5% tin and zinc. As a result, the coin exhibits its distinct reddish-brown appearance when uncirculated, though, over time, circulation and oxidation may lead to darker brown or greenish patinas (with red being the most sought-after either way).

Dimensions

• Diameter: 19.00 millimeters

• Weight: 3.11 grams

• Edge: Smooth (plain)

The 1953 Wheat Penny's Historical Context

1953 was just in the middle of the century, but it was a dramatic period for the whole world. Social, economic, and cultural changes of the post-war period affected any sphere of life, including the monetary sector. In the early 1950s, the United States was going through intense economic growth (e.g., increased consumer purchasing power, suburban expansion, and industrial productivity. The 1953 wheat penny was produced and circulated in a society that was experiencing unexpected affluence. 

As a result, the US Mint finally faced an urgent demand for small-denomination coins to serve a booming economy. This is why there were produced nearly a billion Wheat Pennies across the Philadelphia, Denver, and San Francisco Mints. Cash was still necessary (though it is a bit hard to realize it these days), and the "popularity" of pennies was only rising. 

Mint Locations and Variations Produced

The main locations responsible for the production of the wheat penny 1953 were those located in Philadelphia, Denver, and San Francisco. Although each location made a significant contribution to the year's enormous production of pennies, there are minor differences in the availability of coins in the market and circulation, mint marks, and even quality.

Philadelphia Mint (1953 Wheat Penny No Mint Mark)

In 1953, there were minted 256,755,000 regular wheat pennies and 128,800 proofs at the Philadelphia Mint, the oldest and most active of the US Mint's facilities ever working.

• Mint Mark: None (this is a common rule, not just a one-time occurrence).

• Availability: Relatively common (except for proofs).

• Features: Clean strike and sharp details (especially in higher grades).

Denver Mint (1953 D Wheat Penny)

The Denver Mint produced an extraordinary amount of coins – 700,515,000 pieces, the biggest contribution of any mint.

• Mint Mark: "D".

• Availability: The most accessible in circulation today.

• Features: Possible minor minting errors, such as doubled dies or repunched mint marks.

San Francisco Mint (1953 S Wheat Penny)

The San Francisco Mint, which was known for producing fewer coins during that period, produced 181,835,000 pennies anyway.

• Mint Mark: "S".

• Availability: The rarest of the three variations.

• Features: Weaker strikes.

By the way, apart from the mint mark, each coin was attributed special designations (which should be officially declared by authorized organizations like PCGS or NGC). 

These refer to RD (Red, 95% of original red luster), RB (Red-Brown, 5% to 95% of original red luster), and BN (Brown, 5% of its original red luster) to indicate the color of the coin. Proof coins, though, may boast CAM (Cameo, frosted, matte-like features) and DCAM (Deep Cameo, the highest level of contrast with deeply frosted features and reflective mirror-like areas) designations, too. 

1953 Wheat Penny Errors and Their Impact on Value

Errors usually represent the most appealing side of any coin (if they are beautiful and rare in particular). Mistakes happen throughout the minting process, and this is not a surprising fact. Many collectors strive to obtain such deviated pieces, for they know that the 1953 penny worth may be boosted for good. 

One of the most famous and valuable errors is the 1953-D Lincoln Cent struck on a silver dime planchet (which was sold for over $1,000 even in circulated condition). Other imperfections refer to off-center strikes, doubled die errors, repunched mint marks, clipped planchets, and whatnot. 

How Much Is a 1953 Penny Worth?

The 1953 penny value is an odd variable, as it changes drastically from instance to instance. In fact, the 1953 wheat penny is a classic coin with a face value of one cent, but its worth is not confined to what is written on the surface. While most coins in circulation are worth a few cents to a few dollars, higher-grade coins, as well as those with special designations or proof finishes, can be sold for much more impressive prices at auctions.

Here is a quick table of auction prices for different issues of the same wheat penny: 

Mind that instances sold at auctions should have been exceptional. Average coins may be valued significantly lower, in turn. 

Should you wish to check the value of the coin you possess, it might be reasonable to appeal to professional grading services like PCGS. But first, you are free to assess the coin on your own! 

All you have to do is download the Coin ID Scanner app, scan the coin with the use of the camera on your phone, and review the results. No need to wait but get an instant answer instead. Interested in this idea? Give it a try today!

Sources: 

1. https://kids.usmint.gov/about-the-mint/penny 

2. https://www.pcgs.com/coinfacts/coin/1953-1c-rd/2806