What is a 1958 Penny Worth? Critical Aspects Revealed

Since 1857, a penny has been the smallest unit of physical currency in terms of its denomination, yet the real value cannot be confined to its stated worth. The long history of pennies offers numerous insights into how the price is generally formed and how this might modify over the course of time. 

Each period is unique, and market trends cannot be the same all the time, so let us check coin value of a 1958 penny to comprehend the main pricing strategies and tendencies of today. Pennies are common, but what if it is not really true?.. 

Brief Overview of the Lincoln Penny Series

One of the most well-known and resilient coin programs in the history of American numismatics is the Lincoln Penny series released in 1909 to commemorate the centennial of the titled president. It was the first time in coin production that a real figure was used instead of the traditional representations of Liberty. As for the specific characteristics, the other, more relevant and popular name of the coin is "Wheat Penny" thanks to two wheat stalks depicted on the reverse.

In 1959, the series underwent its first major design change, which made the 1958 P wheat penny value even higher.  This design, created by Frank Gasparro, was used until 2008. Since 2010, though, the reverse has featured a Union Shield, which became the last iteration of this coin so far.

Related article: 2022 Voto Para La Mujer Quarter Value.

Types of 1958 Pennies 

The most obvious categorization of these coins may refer to mint distribution, i.e., the production of coins depending on their place of origin. As covered before, in 1958, there were minted two primary types of Wheat Pennies differentiated by their mint sites and marks as well. 

The first type (“1958 penny no mint mark”) was produced by the Philadelphia Mint with a total mintage of 252,525,000 pieces and no mint mark on them. The second variety, which was produced in the Denver Mint and had the "D" mint mark, produced 800,953,300 coins, which is a much larger quantity indeed.

However, this division should not be misleading, as there appeared additional types, such as 1958 wheat penny errors, the 1958 Doubled Die Obverse Penny (DDO), a coin with an uncommon mistake, which was also struck at the Philadelphia Mint in particular. There are fewer than five known copies of this iteration, which is one of the rarest and most sought-after coins in the Lincoln Penny series ever minted.

Grading and Condition

Is a 1958 penny worth anything? So as to answer this question, it is vital to understand grading basics and learn its terms in the first place. Using the Sheldon Scale, which goes from Poor (P-1) to Perfect Mint State (MS-70), grading evaluates a coin's condition of preservation and assigns it a number in the end. 

Grades for circulated 1958 pennies usually range from Extremely Fine (EF-45) to Good (G-4). The coin has different levels of wear in these grades, with the wheat stalks and Lincoln's image elements becoming less distinct as the quality falls. Coins graded as Mint State (MS), in turn, are required to exhibit no wear and not to be used in trade. 

In order to grade a coin properly, you are free to employ digital tools like Coin ID Scanner or appeal to professional certification services like PCGS or NGC, though the first option seems to be more convenient and easy to use. These may help one identify one coin, grasp all the necessary details regarding their background, and assess all the imperfections on the spot. So, here are some key factors to take into consideration when grading a coin: 

1. Obverse Details: Note how sharp Lincoln's face, hair, and jacket are.

2. Reverse Details: Check the clarity of the "E Pluribus Unum" and "One Cent" inscriptions as well as the wheat stalks, too.

3. Luster and Surface Quality: The greatest rates are applied for coins that have little to no markings and preserve their original sheen as it was.

Factors Influencing 1958 Wheat Penny Value

Mintage and Availability: Altogether, the Philadelphia and Denver mints produced more than a billion 1958 Wheat Pennies. The value of common 1958 pennies in circulated grades is typically kept low, but those uncommon variations such as the 1958 Doubled Die Obverse are quite valuable (the value of the 1958 wheat penny errors is to be discussed further).

Condition: As we have stated before, the coin's worth always depends on its condition. While uncirculated coins with excellent grades (MS-65 or better) may sell for higher prices, circulated coins with noticeable wear are less valued. So, if you wish to create a unique and worthy collection, try to obtain instances with full luster, a minimal number of blemishes, and crisp details.

Mint Marks: The presence of a mint mark is a critical aspect that defines how valuable a coin can be. In fact, the 1958 wheat penny no mint mark value is somewhat higher, and a 1958-D penny from the Denver Mint is more common because of its greater mintage figures in the end. Hence, searching for the 1958 wheat penny no mint mark can be reasonable unless it drains the collector’s resources and time. 

Varieties and 1958 Penny Error List: Since the Doubled Die Obverse (DDO) is the most notable 1958 Wheat Penny error coin, its rarity and condition have brought over $100,000 at auction. Just imagine how desirable this item has been! Minor mistakes like off-center strikes or die cracks, though, can still boost the worth, but they are less profitable anyway.

If you want to know more about rare quarters worth money, you might read our other article.

Current Market Value Analysis 

How much is a 1958 penny worth today? What is a 1958 wheat penny worth in general? These are the main questions that may confuse collectors of all sorts. As such, because of their high volumes of mintage, circulated examples are often valued between $0.05 and $0.20. 

Upper-grade coins (i.e., MS-65 and above) can fetch $15 to $50 or even more, particularly if they exhibit great luster and few imperfections only, while uncirculated coins in lower Mint State grades (MS-60 to MS-63) usually sell for $2 to $10. 

Besides, any 1958 D wheat penny value chart might show that due to its large mintage of more than 800 million coins, the 1958-D Wheat Penny, which was produced in Denver, is extremely common and less valuable as a result. Due to its large mintage of more than 800 million coins, the 1958-D Wheat Penny, which was produced in Denver, is extremely common. When in circulation, its value usually ranges from $0.05 to $0.20, yet the higher grades can sell for $8 to $15.

The value of coins is subject to modifications. In order to keep up with what is going on in the numismatic market, we recommend that you rely on resources like Coin ID Scanner not only to assess the condition of your pennies appropriately but comprehend pricing tendencies, too. Good luck on your coin-collecting journey!  

Sources: 

1. https://www.pcgs.com/coinfacts/coin/1958-1c-doubled-die-obverse-rd/92848 

2. https://www.usacoinbook.com/coins/489/small-cents/lincoln-wheat-cent/1958-P/doubled-die-obverse/