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Designed by Victor D Brenner, the 1958 Wheat Penny was the last minted wheat penny. It is made of 95% copper, with the rest being tin and zinc. This perfect round coin weighs around 3.11 grams and has a diameter of 19 mm. A total of 1,053,478,300 coins were struck in the last year of the mintage.
The value of most pennies depends on the features of the coin, including mintmark, rarity, date, and condition. The date and mintmark variety is the first value pointers to look for, followed by the grading condition. Finally, the collector should check on other features that may degrade or enhance the coin’s value.
Below we discuss the types of the 1958 wheat pennies produced and their prices. We also present a piece of investment advice to provide coin collectors with a way of reflecting on their potential future value.
Types of the Wheat Penny
1958 Penny no with mintmark
The Philadelphia mint struck this 1958 Lincoln Penny with no mintmark. This variety of 1958 pennies are classified as abundant in the coin rarity scale hence affordable. Since new coins were getting into circulation the following year, many of these coins did not get into circulation. This is what made them the preferred coins for people looking for coins in mint state condition. Besides, most of the coins in circulation did not wear out as much as coins made years before. It is easy to get the 1958 Penny no with mintmark coins with an above-average condition or with just a few traces of wear.
The 1958 D Wheat Penny
The Denver version of the 1958 wheat penny had a ‘D’ mintmark just under the date. This mint struck 800,953,300 of the ‘D’ mint wheat pennies. Like the Philadelphia mintage, many of these coins remain in mint condition as they were struck at the end of the design. However, the mint-condition coins are fewer than those of the Philadelphia mint. Some of the areas that collectors check for wear on this coin is at the ‘D’ mintmark and the lines on wheat stalks at the reverse side of this coin.
1958 Proof Lincoln Coins
Like most coins, the Philadelphia mint also minted 875,652 Lincoln-proof pennies in 1958. These coins had a mint finish and lasted longer than any other coins in circulation at the time. They had a grainy feel at the time of their making and looked like uncirculated, new coins. However, over the years, most have turned brown and lost the matte luster.
These coins also have a flat rim, unlike the regular cents that have a rounded one. There is a rarer version of the proof Lincoln coins, which has frosted lettering and designs in comparison to the others which have a highly reflective surface, although a little toned from years of circulation. The frosted 1958 Proof Lincoln Coins have a higher value than the ones with a reflective surface.
1958 Doubled Die Obverse Error Penny
The 1958 DDO error coin is the rarer of the wheat penny coins. Consequently, it is the most valuable of the coins, with one costing as much as $150,000! Just a handful of these coins are said to have been created.
Each of the DDO error coins has a doubling of the words IN GOD WE TRUST and ‘LIBERTY’ at the front of the coin. You may also find that the 1958 date has a slight doubling, although not very pronounced. The die is doubled from an error in the hubbing process.
How Does DDO Error Coin Differ from Machine doubled Coins?
A machine doubled coin (also called mechanical or shift doubling) is when the die shifts slightly as the coin is struck. It results from some loose parts in the minting process. Some 1958 penny errors may have resulted from the overuse of dyes or inadequate preparation, which led to deterioration.
On the other hand, the DDO error comes from mistakes in the hubbing process. The former type of coins does not have any additional value to collectors. However, the latter has a high value, as there are very few instances of die doubling.
Grading of the 1958 Wheat Pennies for collectors
During the grading process, the coin is compared to descriptions and images. This helps determine the amount of wear that has occurred on the surface. The uncirculated coin has a delicate luster. Besides, Lincoln’s cheek and jawline and the coat line are not worn out.
The original coin has a bright luster. However, a coin that is moderately circulated has a warm toning. Most coins that are widely distributed over the years have a brown tone.
On the other hand, extremely fine graded coins have a light but noticeable wear, the hair behind the Lincoln temple is slightly flattened, and the jaws and cheeks have a smooth texture. However, despite having a touch of flatness, Lincoln’s cheek, jaw, and coat line remain rounded.
Value of the Penny Coin and Investment Advice
The value of a coin is based on the qualities discussed above. The extremely fine-grade coin goes for about $5, while the widely circulated coin goes for around $0.02. The reason for the low value is the fact that these coins are readily available.
However, the proof coin, especially the frosted type, in mint condition can fetch up to $10 each, with the double die error coin going for between $131,237 and $214,211!
If you wish to invest in a 1958 wheat penny, consider buying one in excellent condition or the frosted coin in mint condition. As years go down, these two are likely to be in short supply. Investing in these coins requires patience, as prices are likely not to climb any time soon.