The Lincoln penny was produced for many years, and is still being produced to this day. With that being said, there are a number of different types of Lincoln pennies that have been produced over the years. The 1958 Lincoln is especially valuable because it was the last year the Wheat Penny design was used. Being that these coins are no longer being produced, it goes without saying that they are only going to increase in value.
As for the design of the coin, the obverse side is dominated in the center by the profile of Abraham Lincoln. Immediately to the right of Lincoln’s image is a raised inscription marking the 1958 year of minting. Opposite the year marking is one that reads the words “Liberty.” Arching overtop of the obverse is the phrase “In God We Trust.”
On the reverse side of the coin you will find two raised inscriptions in the center. One of the raised inscriptions reads “United States of America,” while the “One Cent” face value marking joins it. On the outer edges on the left and right hand side of the reverse are depictions of stalks of wheat, which is why the coin is called the “Wheat Penny.” Arching overtop of the reverse is the Latin phrase “E Pluribus Unum.”
Grading the 1958 Lincoln Penny
When it comes to collectors, the only types of Lincoln pennies that they are interested in are those that have been graded. The reason for this is due to the simple fact that graded Lincolns have official values and have had their condition officially and professionally assessed. Below, we will introduce you to the different coin grades as well as what they will mean for the appearance of a 1958 Lincoln.
Uncirculated: If you own an Uncirculated 1958 Lincoln, you are in possession of an absolutely flawless coin that has never seen the open market. Due to its being preserved throughout the whole of its life, these coins will be in pristine condition. Even under close inspection, you will not be able to find even one flaw or blemish.
Extremely Fine: A coin that is determined to be of Extremely Fine grade is one that has never spent any time in circulation, but will have been damaged to some degree. In most cases, the damage on the face of these coins is small and hardly noticeable. Despite a flaw or two, these coins will be in excellent condition.
Fine: Fine is the grade given to coins that have been circulated, however not too heavily damaged. There will be signs of wear and tear on the surfaces of these coins, but that wear will not be so severe that it has compromised the raised imagery and lettering of the coin. In all, these pieces will still be in decent shape.
Good: Good is the worst grade a coin can receive and is typically indicative of a coin that has been heavily damaged. From deep scratching and chipping, to the wearing away of surface imagery and lettering, these coins will have definitely seen their better days.
Pricing the 1958 Lincoln Penny
In order to determine the nominal value of a 1958 Lincoln penny, you must take into consideration a few different factors. For one, because condition means everything to collectors, the coin’s grade will mean a lot. Secondly, because there were up to three different types of Lincolns minted annually, the exact type will also play into the value. Below is a chart aimed at giving you a better idea as to what these coins are worth.
Lincoln Pennies
| DATE | GOOD | FINE | EXTREMELY FINE | UNCIRCULATED |
|---|---|---|---|---|
| 1958 Lincoln Penny | N/A | N/A | $0.12 | $0.15 |
| 1958 Lincoln Penny (D) | N/A | N/A | $0.12 | $0.15 | Source: Red Book |
All Market Updates are provided as a third party analysis and do not necessarily reflect the explicit views of JM Bullion Inc. and should not be construed as financial advice.
