The 1958 Wheat Penny: A Collector’s Perspective
The 1958 wheat penny is one of the final pennies in the long-running Lincoln Wheat Cent series. Produced from 1909 to 1958, the wheat penny features the profile of President Abraham Lincoln on the obverse and two stalks of wheat on the reverse. This particular year, 1958, marks the end of an era for the wheat penny, as the design changed in 1959 to the Lincoln Memorial reverse to commemorate the 150th anniversary of Lincoln’s birth.
The Philadelphia Mint and the Denver Mint produced 1958 wheat pennies. The Philadelphia Mint struck approximately 252 million coins, while the Denver Mint produced around 800 million. Given their massive production runs, 1958 wheat pennies are among the most common wheat cents available today. Collectors can often find them in circulation or sold cheaply at coin shops, making them a perfect entry point for novice numismatists or those looking to complete a collection.
Features of the 1958 Wheat Penny
The obverse of the 1958 wheat penny displays Victor David Brenner’s original design of Lincoln’s profile facing right. Above Lincoln’s head is the inscription ‘IN GOD WE TRUST’, with ‘LIBERTY’ inscribed on the left side and the date on the right. A mintmark of ‘D’ is present under the date if the coin was minted in Denver. The reverse showcases two wheat stalks framing the ‘ONE CENT’ and ‘UNITED STATES OF AMERICA’ inscriptions, with ‘E PLURIBUS UNUM’ above. The overall simplicity of the design and its historical significance appeal to collectors.
Condition and Grading
When assessing a 1958 wheat penny, condition plays a crucial role in its value. Coin grading involves evaluating the amount of wear on the coin’s surface. A coin in ‘Good’ (G-4) condition has significant wear with flat spots on Lincoln’s hair and the wheat lines, but all major design elements remain visible. In ‘Very Fine’ (VF-20) condition, the coin has moderate wear on high points, with more detail in Lincoln’s hair and wheat stalks visible. ‘Extremely Fine’ (XF-40) condition coins show slight wear, while ‘Uncirculated’ (MS-60 and above) coins retain nearly all their original mint luster without noticeable wear.
For collectors, obtaining 1958 wheat pennies in ‘Mint State’ condition offers more investment potential due to their aesthetic appeal and potential to appreciate. However, given their abundance, even ‘Mint State’ coins are moderately priced compared to other rare pennies.
The Notorious 1958 Doubled Die Obverse
Among the various 1958 wheat pennies, the most famous and sought-after is the 1958 Doubled Die Obverse (DDO) penny. A doubled die occurs during the minting process when the die strikes the design onto the planchet and another partially shifted design gets impressed on top. This specific error led to significant doubling of the words ‘IN GOD WE TRUST’ and ‘LIBERTY’ on the obverse.
Discovery of the 1958 DDO penny sent ripples through the collecting community. Its rarity and the clear visibility of the error make it a prized possession. It’s estimated that only a few examples exist, and their values can reach tens of thousands of dollars at auction. Trustworthy authentication by professional grading services like PCGS or NGC is critical when dealing with these valuable coins.
1958 Wheat Penny Value
The value of a standard 1958 wheat penny depends largely on its condition. Circulated examples found in daily change typically hold a value of one to five cents, hardly more than face value. Coins in higher grades like XF-40 or AU-50 might fetch between 10 and 50 cents from collectors. Uncirculated, ‘Mint State’ coins, depending on their grade, can range from $1 to $10.
- Circulated (G to VF): $0.01 to $0.05
- Extremely Fine (XF-40): $0.10 to $0.50
- Uncirculated (MS-60 to MS-66): $1 to $10+
- Doubled Die Obverse: $50,000+
This stability of the market provides a fun and affordable opportunity for those interested in collecting an integral part of American numismatic history.
Maintaining and Storing Your 1958 Wheat Pennies
To preserve your 1958 wheat pennies, proper storage is key. Direct handling can lead to deterioration due to oils and dirt on the skin. Using cotton gloves can minimize contact. Storing coins in individual holders or folders helps protect against damage. Humidity control is also important, as moisture can lead to corrosion. Maintaining a stable environment ensures your pennies retain their condition over the years.
Investing in a safe or lockbox adds a level of security, making sure your collection is not only preserved but also protected from potential theft or loss.
Historical Context of the 1958 Wheat Penny
The 1950s saw significant changes in America, from technological advancements to shifts in cultural norms. The wheat penny witnessed these transformations, remaining symbolic of a constant amidst a rapidly changing world. In 1958, Dwight D. Eisenhower served as President, and the post-war economy was robust. The wheat penny represents these times, captured forever in metal and art.
Collectors appreciate this historical context, as coins serve as tangible remnants from different eras, each piece telling its own story. Wheat pennies, once so common in American pockets, become cherished pieces that connect us to our collective past.
How to Start a Wheat Penny Collection
Building a wheat penny collection, including the 1958 edition, is an accessible and engaging hobby. Start by checking your change. Many hidden gems remain undiscovered in circulation. Access local coin shops and attend coin shows, where you’ll find dealers eager to sell bulk lots affordably. Exploring online marketplaces provides access to sellers across the globe, offering a broader selection.
Organize your collection using a coin folder or album. This method visually displays the range and sets goals for completion, encouraging further exploration into varieties and conditions. As you delve deeper, you might consider learning about grading and authentication. Resources like numismatic books and online forums facilitate knowledge sharing, mentoring, and trading tips from experienced collectors.
Conclusion
Though a conclusion isn’t warranted here, an understanding of the wheat penny’s role in American culture and numismatics crystallizes through the 1958 edition. Collectors and historians draw insights and pleasure from these coins, simple yet profoundly significant slivers of history.
