Why are 1956 wheat pennies so valuable? (Price Chart, Error List, History & Varieties)

There were more than 1.4 billion in 1956 by the US Mint, which are abundant and commonly available. Due to the larger number these pennies are low cost and also in high grades. Just rare and high-quality red toning is high value. 3 common types of 1956 pennies are from D and P mint and the third one is proof. Here we will discuss their values in detail.  Let’s get started with Why are 1956 wheat pennies so valuable?

1956 Penny History 

The 1956 wheat penny was made in 1909 to celebrate the birthday of US President Lincoln. Victor David Brenner designer of these coins made a front side of a coin and added a photo of Lincoln and at the back side, 2 wheat stalks were added to show the US agricultural heritage. A total of 1,519,615,484 pennies were made out of 420,745,000 P mint, 669,384  1956 proof penny, and 1,098,201,100 with D mint made. At the 150th birthday of Lincoln, there were some changes made to the design. In the new design, the photo of the Lincoln Memorial is on the reverse, replacing wheat stalks. 

Why are 1956 wheat pennies so valuable

1956 (P) No Mint Mark Wheat Penny Value

These pennies come with different values brown pennies are less valuable than red-colored which are high value. 1956 pennies are in MS 63 to MS 67. The value of brow pennies is $0.25 to $45 and for this color high value was given in 2004 about $1,610. Red-brown pennies have a value of $0.35 to $55 based on grades and sold off 820 dollars in action. The prices of red pennis are in the range of $0.55 to $900. In action 2022 this penny was sold for $57,600 in MS 67+ grade.

  • 1956 MS 63 to MS 67= $0.25 to $45 Auction Recorded value is 1610 dollars.
  • Brown Penny = $0.35 to $55 and the auction value is 820 dollars
  • Red-brown= $0.55 to $900
  • Red MS 67+ = $57,600

Features 

  • It is part of the Lincoln penny made in 1956.
  • it does not have a mint mark.
  • A total of 420,745,000 coins was made with a face value of 0.01 dollars and have value of 0.01 to seven dollars or higher.
  • Its weight is 3.11 grams and the edge is plain.
  • Its design was made by Victor D. Brenner and has a composition of 95% copper; 5% tin and zinc.
  • Its diameter is 19.05 mm and its thickness is 1.52 mm.

1956 (P) Proof Wheat Penny Value

There were 669,384 proofs pennies were made by P MInt in 1956.

  • 1956 Brown value for PR 60 – PR 67=  $0.60 – $18
  • 1956 Red-Brown value for PR 60 – PR 67= $0.75 – $24
  • 1956 Red $1 – $40.

For red color pennies with PR68 ranked prices are $65 to $85. The high PR 69 rank has a value of $250 to $300. In 2022 for this type of coin, the price was $4,995.

  • Red coin, cameo Value =$15 (PR 65) to $750 (PR 69)
DCAM cents =
  • $125 to $150 (PR 64)
  • $200 to $240 (PR 65)
  • $300 to $345 (PR 66)
  • $600 to $690 (PR 67)
PR 68:
  • $3,800
  • High-value coin for this grade sold for $16,100 (sold in 2003)

What is the 1956 D Penny Value

The 1,098,201,100  pennies with the D mint mark were made in 1956.

  • MS 67 RD= $7,475
  • Red-brown-toned coins = $0.35 to $55
  • MS 67=  $200 to $300
  • 1956 Penny=  $1,000
  • 1956 MS 67+ red penny (D) = $18,000

1956-D Above D Shadow Wheat Penny Value

Many phases pass the coins to creation such as master hub, working hub, master die, and working dies. In this process, an error can be caused that makes different types of pennies. The error occurs when many coins are made with similar errors die and have the same error. The D Above D Shadow Penny is an error of this type and has a value of a coin of about a hundred dollars.

1956 Penny Features

1956 Penny Obverse

On the front side of this penny is a photo of Abraham Lincoln’s US president. The photo is facing toward the right with the VDB of the designer’s initial mentioned on the president’s shoulder and the Mint mark and the coin date is the lower part of the coin.

Reverse Of The 1956 Penny

The back side of this coin has two wheat ears. With that, there is  One Cent and the United States of America,  E Pluribus Unum rare on the back side of the coin also. This side of also made by Victor Brenner, the designer.

Some more features of coins are:

  • it is made with 95 percent copper and five percent zinc and tin.
  • its dia is about 19.05mm, with smooth and unneeded edges. Weight is 3.11 grams. its color combination can be red (the best grade), BN for brown, or RB for reddish-brown.

1956 Penny Errors List

1956 Penny Obverse Struck Thru Capped Die Error

it is strike through error since the mint does not remove the die cap before striking the coin and its value can be about 145 dollars.

Re-Punched Mint Mark

It is a type of error that comes from double-mint mark striking. it can be due to the misalignment of 2nd punch. 1956 D/D pennies can have a value of $15 to $370 and high prices for red-toned pennies. Some coins have sold for  $1,000 at auctions.

D Mint Mark Above Shadow D

In this type of error, there is a standard D mint mark placed over the shadow of D mint. It has a value of a hundred dollars.

DDO/DDR

it is a common type of error that can exist on any side of coins. Most coins have a value of$100 to $325, based on the doubled image part’s size and visibility. In an auction, the prices of these coins are $995 for the red DDR penny and $1,187 for the red DDO penny

Double Denomination Error

In this error, pennies were made on the wrong planchet such as Honduras 1c planchet, Elliptical planchet, and  Dime (10c) planchet. These errored coins are of high value. The dime planchet coins have a value of $1,500 to $1,700. The weight of these coins is less than the  Lincoln coins, 0.084657 ounces (2.4 g), and also have cut-off inscriptions.

Honduras Centavo planchet pennies were are less weight just 1.5 grams weight. it does not have a larger part of the external edge. The high price coins of this type were sold for $2,070. elliptical planchet made the eye-shaped coins and it was sold for $290 in 2021.

Are 1956 Pennies Valuable?

  • MS 67+ penny (red) = sold for $57,600 on December 18, 2022
  • D MS 67+ penny (red) =$18,000 Recorded in, 2022
  • PR 68 penny (DCAM) = $16,100  sold in 2003
  • PR 69 penny (red) =$4,995 in 2022
  • PR 68 penny (CAM) =$1,840 sold in 2006
  • D MS 67 penny (red, D/D RPM) = $1,620  2021
  • MS 62 penny (brown) = $1,610 2004
  • D MS 67 penny (red, D/D RPM) = $1,293 2014
  • PR 68 penny (red, DDO) = $1,187 2023
  • PR 68 penny (red, DDR) = $995 2022
  • D AU 58 penny (brown) =$900 2023
  • MS 67 penny (red-brown) = $820  2023
  • D PCGS Genuine penny = $897  2020
  • D MS 67 penny (red-brown) =$660  2023
  • D MS 65 penny (red, RPM) = $369  2012
  • MS 67+ penny (red) = $57,600 2022

What Is The 1956 Penny No Mint Mark Price?

The cost of 1956 pennies is based on their colors. Red-toned has a value of about $0.55 to $900, and red-brown and brown-less values can have a value of up to $55.

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2 thoughts on “Why are 1956 wheat pennies so valuable? (Price Chart, Error List, History & Varieties)”

  1. Hi I have a 1956 d penny and the reverse has epluribusunum along with 2 wheat ears. It is worn but everything is still readable and I guess it would be considered brown in color.
    Can you tell me if it has any value? Thank you

    Reply
  2. How can I find out if a coin is valuable? Ex; 1979 quarter, reverse has a hyphen between quarter and dollar (quarter-dollar). I have never seen this before. Thank you for this opportunity. I love your site!!!

    Reply

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