Is Your 1956 Penny Worth Anything? A Guide to Identifying Valuable Coins
Have you ever found a 1956 penny in your change and wondered if it's worth more than its face value? While most 1956 pennies are quite common, there are certain varieties that can be quite valuable to collectors. In this guide, we'll explore the factors that determine a 1956 penny's worth and help you determine if your penny might be a hidden treasure.
Understanding the 1956 Lincoln Wheat Penny
The 1956 penny, also known as the Lincoln Wheat penny, features Abraham Lincoln's profile on the obverse (heads) and a wheat design on the reverse (tails). It was minted during a time when the United States was facing a major shortage of copper, leading to the use of a copper-nickel alloy for the penny's composition. This shift in material can affect the coin's appearance and ultimately its value.
Factors Affecting the Value of a 1956 Penny
Several factors contribute to a 1956 penny's worth. These factors include:
1. Condition: The condition of a coin is the most critical factor in determining its value. A coin in pristine, uncirculated condition will fetch a much higher price than one that has been heavily worn and damaged. The grading system for coins, such as the Sheldon Scale or the American Numismatic Association (ANA) grading standards, is used to assess a coin's condition.
2. Mintmark: The mintmark is a small letter or symbol found on the reverse of some coins that indicates the location where the coin was minted. For 1956 pennies, the possible mintmarks are "D" (Denver) and "S" (San Francisco). Pennies minted in San Francisco are generally scarcer and more valuable than those minted in Denver.
3. Die Varieties: Die varieties refer to variations in the dies used to strike coins. These variations can be subtle, such as a small difference in the design, or more significant, such as a double-strike or an off-center strike. Die varieties can significantly increase the value of a 1956 penny.
4. Errors: Coins with minting errors, such as double strikes, off-center strikes, or missing features, are highly sought after by collectors and can be incredibly valuable.
Common 1956 Penny Varieties
Here are some of the more common 1956 penny varieties that collectors seek out:
1. Doubled Die Obverse: This variety features a double image of Lincoln's profile, often caused by a misaligned die.
2. Doubled Die Reverse: This variety shows a doubled wheat design, with the doubled image being most prominent on the wheat stalks.
3. Off-Center Strike: In an off-center strike, the coin is not struck perfectly in the center of the die, resulting in a partial or missing image.
4. Broad Strike: This variety occurs when the coin is struck with excessive pressure, causing the design to be spread out.
How to Determine the Value of Your 1956 Penny
If you believe you might have a valuable 1956 penny, the best way to determine its worth is to have it professionally graded by a reputable coin grading service. These services utilize experienced graders and advanced technology to accurately assess the coin's condition and identify any potential die varieties or errors.
Tips for Identifying Valuable 1956 Pennies:
- Examine the coin carefully: Look for any doubled images, off-center strikes, or unusual features.
- Check for a mintmark: Look for a small "D" or "S" on the reverse.
- Compare your coin to online resources: Websites like eBay, CoinTrackers, and the American Numismatic Association (ANA) offer resources for identifying and valuing coins.
Conclusion
While most 1956 pennies are worth only their face value, certain varieties and coins in exceptional condition can be highly valuable. By understanding the factors that affect a 1956 penny's worth and using the resources available, you can determine whether your penny might be a hidden treasure. Remember, the most valuable coins are those that are well-preserved and exhibit unique characteristics.