Finding out the value of your old coins can be exciting! A 1956 penny might not be a fortune, but its worth depends on several factors beyond just the year. Let's dive into what determines the value of a 1956 penny and how you can determine its worth.
Understanding the Value of a 1956 Penny
The 1956 penny, like all Wheat pennies (1909-1958), is made of 95% copper and 5% zinc. Unlike later pennies, it doesn't contain any other metals. This composition is a key factor in its value. However, face value is only the starting point. Several factors significantly impact a coin's worth:
Condition (Grade):
This is arguably the most important factor. A coin in pristine, uncirculated condition (like the day it was minted) is worth considerably more than a heavily circulated, worn-down penny. Collectors grade coins based on various scales, with higher grades commanding higher prices. Key things to look for include:
- Wear and Tear: Scratches, dents, and significant wear reduce value.
- Luster: A bright, shiny surface indicates better condition.
- Details: Sharpness of features like Lincoln's face and the wheat stalks on the reverse.
Mint Mark:
While 1956 pennies didn't have mint marks (the small letter indicating the mint), this is important to consider when dealing with other Wheat pennies and other coin types. The mint mark can influence a coin's rarity and value.
Rarity:
While 1956 pennies aren't considered exceptionally rare, the overall number minted does impact value, though less significantly for this particular year compared to condition. Extremely rare coins are highly sought after.
Errors:
Errors in minting, such as off-center strikes or doubled dies, can dramatically increase a coin's value. These are much rarer and highly collectible. Examine your penny carefully for any irregularities.
How to Determine the Value of Your 1956 Penny
To find out how much your specific 1956 penny is worth, you'll need to:
- Assess the Condition: Carefully examine the coin for wear, luster, and detail. Use a coin grading guide or enlist the help of an experienced coin collector or numismatist. Online resources with images and descriptions can be helpful.
- Check for Errors: Look for any unusual features in the coin's design or minting. Again, online resources specializing in coin errors can help.
- Consult Price Guides: Many online resources and books provide price guides for coins. These often provide estimated values based on grade. Remember, these are estimates, and actual sale prices can vary.
- Consider Professional Appraisal: For potentially high-value coins, consider seeking a professional appraisal from a reputable numismatist or coin dealer. They can provide a more accurate assessment.
Beyond the Value: The Historical Significance
Even if your 1956 penny isn't worth a fortune, it holds a piece of history. It reflects a specific time in American history and can be a fascinating artifact, regardless of its monetary value. Remember that its historical significance is independent of its current market price!
In short: While a 1956 wheat penny's face value remains at one cent, its collectible worth hinges heavily on its condition. Thorough inspection and consultation of pricing guides are key to determining its actual value.
