Everything about the 1956 Penny: Values, Errors, Rarity

The 1956 Lincoln Wheat Penny is a specimen full of history, artistry and potential hidden value. Yes, it may seem common, but certain variations, errors and pristine conditions can turn an ordinary cent into a valuable numismatic piece. 

Do you have a 1956 Wheat Penny no mint mark, a 1956 D Wheat Penny or a rare error coin? You have to understand the nuances of this coin to make a coin search by image​ and assess their worth in the right way. 

Here is the numismatic description we are going to start with:

A Look into the History

The Wheat Penny 1956 belongs to the Lincoln Wheat Cent series, which was introduced in 1909 to commemorate the 100th anniversary of Abraham Lincoln’s birth. Designed by Victor David Brenner, this was the first U.S. coin to feature a real person rather than allegorical imagery.

By 1956, thirty years before 1986 quarters appeared, the United States economy was flourishing in the post-war era, and demand for small denomination currency remained high. The Denver Mint produced a record-breaking 1,098,201,100 pennies, making the 1956 D wheat penny one of the most abundant wheat cents in existence. The Philadelphia Mint contributed an additional 420,745,000 pennies - with the total mintage over 1.5 billion.

Design and Composition Details

Obverse (Front): The bold profile of President Lincoln is deeply struck, with high relief details that make the 1956 penny D stand out. The date, mint mark (if applicable), and inscriptions surround the portrait.

Reverse (Back): Featuring the classic wheat stalks, the reverse design is a symbol of the agricultural strength of the United States.

Material: The 1956 WheatPenny is made primarily of copper. That is why it has a rich red or brown patina depending on exposure to the elements.

Toning: Many collectors seek pennies with original luster, especially those with a "Red" (RD) designation rather than "Brown" (BN) or "Red-Brown" (RB).

Mint Mark Variations and Their Values

1956 Penny No Mint Mark Cost (Philadelphia Mint)

This coin was struck at the Philadelphia Mint, which produced 420,745,000 of these coins.

How much is a 1956 Wheat Penny worth? In circulated condition, these are common and worth 2 to 10 cents. In uncirculated condition, especially with a strong strike, the 1956 penny value no mint mark can reach up to $15 to $20 in MS66+ grade.

1956 Wheat Penny no mint mark value increases significantly for proof versions, fetching $30 to $50 or more (depends on quality).

1956 D Wheat Penny Value Today (Denver Mint)

The 1956 D penny value worth varies widely based on condition. A typical circulated penny from this mintage is worth 2 to 5 cents, but a mint-state example can sell for $30 to $40 in MS67.

What makes a 1956-D penny rare? The rarity factor comes into play with high-grade, full-red specimens or error coins (explored below).

So, how much is a 1956 D wheat penny worth? The highest auction price for an MS67+RD specimen exceeded $7,000.

Error Coins and Their Values

Some 1956 wheat penny error examples make these coins particularly expensive. Here are some of them:

1956 Doubled Die Obverse (DDO)

This error results from a misalignment during the hubbing process. This causes doubling in inscriptions such as "IN GOD WE TRUST" and "LIBERTY".

These coins from the 1956 penny error list can be worth anywhere from $50 to $1,500, depending on clarity and condition.

1956 Repunched Mint Mark (RPM)

There are also rather common mistakes in specific mint marks. 1956 D Wheat Penny error is one of them. Some coins show a doubled or tripled "D" mint mark due to repunching during production.

Values start at $5 and can exceed $100 for well-defined examples.

1956 Off-Center Strikes

If the planchet was misaligned during striking, part of the design may be missing.

Off-center strikes of 5% to 10% are worth $5 to $15, while 50% or more can reach $150+.

1956 Clipped Planchet Penny

These occur when part of the planchet is missing due to a punching misalignment.

What is a 1956 Wheat Penny worth in this case? Values range from $10 to $50, depending on severity.

1956 Penny Values by Condition

Disclaimer: Coin values fluctuate based on market demand, condition and authenticity verification. You should always consult professionals before selling or buying any coins. 

A Smart Collector’s Tool – Coin ID Scanner

For collectors and casual people who want to know more about coins, identifying the value specimens is rather important, especially when they want to buy or sell their pieces. The Coin ID Scanner app is a tool that simplifies this process. This app allows users to:

• Instantly Identify Coins: Simply take a photo of your coin, e.g., a 1936 dime, and the app will determine what it is.

• Know Prices: Get market data for wheat pennies and other collectible coins.

• Digital Storage: You may manage your coin collection right in your account for a more convenient and easier experience.

The Coin ID Scanner makes it easier than ever to assess and catalog your collection. Download it today and check it out by yourselves!

So, how much is a 1956 penny worth? The price might surprise you, especially if you find a rare error or a pristine MS67+ specimen. Keep an eye on those Lincoln cents—you never know what you might hold!

Frequently Asked Questions

1. Are all 1956 pennies valuable?

No, not all of them are valuable. Is a 1956 Wheat Penny worth anything then? The majority of these coins are common and only worth a few cents to a few dollars. The overall cost depends on their condition. However, certain factors can increase their value, such as:

High-Grade Condition: Pennies in Mint State (MS-65 or higher) or those with full red color (RD) are more expensive.

Rare Errors or Varieties: Examples include doubled dies, off-center strikes or repunched mint marks.

Proof Coins: The 1956 Proof Lincoln penny can be more valuable, especially in high grades with Cameo or Deep Cameo contrast.

2. How can I tell if my 1956 penny is an error coin?

To determine if your 1956 penny is an error coin, look for the following characteristics:

1. Doubled Die Obverse (DDO): Check for noticeable doubling on the date, "LIBERTY" or "IN GOD WE TRUST."

2. Repunched Mint Mark (RPM): If your coin has a "D" mint mark, examine it for signs of over-punching or doubling.

3. Off-Center Strike: If the design is not centered, it could be a valuable misstrike.

4. Clipped Planchet: Look for a curved or straight clip missing from the edge.

5. Die Cracks or Cuds: Raised lines or blobs of metal on the coin's surface could indicate a die break.

A magnifying glass or coin microscope can help detect these errors. If you suspect a rare variety, consider professional grading by PCGS or NGC.

3. What is the best way to sell a rare coin?

If you have a rare or valuable 1956 penny, consider these selling options:

Coin Dealers: Local numismatic shops can provide immediate offers.

Online Auctions (eBay, Heritage Auctions, Stack’s Bowers): For rare varieties and high-grade coins.

Coin Shows: Selling to collectors in person may get competitive offers.

Grading & Certification: If your coin is in exceptional condition or has an error, getting it graded by PCGS, NGC or ANACS can increase its value.

4. Where is a mint mark on a 1956 penny located?

The mint mark (if present) is located below the date on the obverse (front) of the coin, just under the "1956."

No mint mark = Philadelphia Mint

"D" mint mark = Denver Mint

5. Does it contain any precious metal?

No, it does not contain any precious metal. It is composed of 95% copper and 5% tin and zinc. However, due to its high copper content, it has a base metal value higher than face value, especially when copper prices rise.

Sources:

1. https://www.coinstudy.com/1956-penny-value.html

2. https://www.coleccionistasdemonedas.com/en/valuable-coins-to-collect/