Sometimes old coins and notes can be worth a lot of money and many people are keen to collect them. But how do you know which coins and notes are worth collecting? And how do you know the value of an old coin such as the 1957 wheat penny?
In this article, we explore the details of the wheat penny from 1957 including the total mintage, design, history, and errors that make them potentially much more valuable than their face value. So continue reading to find out if 1957 wheat pennies are worth collecting.
1957 Wheat Penny Details
- Category: Wheat Penny
- Mints: Philadelphia, San Francisco, and Denver
- Total mintage: 1,335,129,952
- Obverse designer: Victor D Brenner
- Reverse designer: Victor D Brenner
- Edge: Smooth
- Diameter: 19.05 millimeters (0.75 inches)
- Thickness: 1.55 millimeters (0.061 inches)
- Weight: 3.11 grams (0.11 ounces)
- Composition: 95% copper, 5% tin and zinc
- Melt Value: $0.0265
Description
The 1957 wheat penny is the penultimate one-cent coin in the wheat penny series. They were discontinued in 1958. The 1957 wheat pennies were minted in Philadelphia and Denver and produced in large quantities, which means they are not considered particularly rare.
On the obverse, the side more commonly called heads, is a portrait of Abraham Lincoln, which is why these coins are sometimes called Lincoln pennies. The portrait faces to the right and the inscription ”In God We Trust” is above Lincoln’s head. The year 1957 and the word ”Liberty” are on the sides of the portrait.
On the reverse, the side commonly called tails, are two durum wheat ears, which is where the coin gets its nickname. The wheat ears flank the words ”United States of America” above and ”E Pluribus Unum” below the design. The Latin phrase means ”out of many, one”. The words ”One Cent” are in the center of the coin.
1957 Wheat Penny Value
1957 Wheat Penny Value Chart |
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| Mint Mark | Fine | Extremely Fine | Uncirculated | Proof |
| 1957 No Mint Mark Wheat Penny Value | $0.06 | $0.14 | $1.16 | $11 |
| 1957 D Wheat Penny Value | $0.11 | $0.14 | $1.16 | N/A |
| 1957 Proof Wheat Penny Value | – | – | – | $6.50 |
1957 No Mint Mark Wheat Penny Value
- Type: Wheat Penny
- Edge: Smooth
- Mint mark: None
- Place of minting: Philadelphia
- Year of minting: 1957
- Face value: $0.01 USD
- Price: $0.06 – $11
- Quantity produced: 282,540,000
- Designer: Victor David Brenner
You can tell the difference between the Philadelphia and Denver 1957 wheat pennies because there is no mint mark on the Philadelphia penny under the date. Because there were over 282 million Philadephia 1957 pennies, the coins that have been in circulation are not worth much more than their face value.
However, the no-mint mark 1957 wheat pennies can be worth more if they are in uncirculated condition. This is known as mint state and referred to with the letter combination MS when grading coins.
A 1957 no-mint mark red MS63 graded wheat penny is worth approximately $7, while an MS65 penny will be worth around $25 and MS66 $140. The higher the grade, the higher the value will be. For example, because there are only four 1957 wheat pennies graded at MS67+ graded, they are valued at $14,000 each.
1957 D Wheat Penny Value
- Type: Wheat Penny
- Edge: Smooth
- Mint mark: None
- Place of minting: Denver
- Year of minting: 1957
- Face value: $0.01 USD
- Price: $0.11 – $1.16
- Quantity produced: 1,051,342,000
- Designer: Victor David Brenner
The 1957 D wheat penny is even more common than the Philadelphia no-mint mark wheat penny, with over a billion pennies having been struck at the Denver Mint. Because they were produced in such a huge quantity, unless they have an interesting error or are in mint condition, they are not worth much over their face value and even MS-graded coins are not worth fortunes.
A 1957 D wheat penny with an MS66 grading sold for over $100 in April 2022 at an auction and MS67-graded 1957 D pennies are valued at around $275. There are twelve 1957 D pennies that have been graded at MS67+ and valued at $4250 each.
1957 Proof Wheat Penny Value
- Type: Wheat Penny
- Edge: Smooth
- Mint mark: None
- Place of minting: Philadelphia
- Year of minting: 1957
- Face value: $0.01 USD
- Price: From $6,50 upwards
- Quantity produced: 1,247,952
- Designer: Victor David Brenner
In addition to the 1957 no mint mark pennies, the Philadelphia Mint also struck close to 1.25 million 1957 proof pennies. The proofs were made using highly polished planchets and special dies. The proof pennies were aimed at coin collectors and come in four categories, which are proofs, red proofs, cameos, and deep cameos.
The standard 1957-proof pennies are not worth that much, even when found in higher grades. Red proofs are worth more. For example, PR65 is worth $27, and MS69 is valued between $100 and $150.
Cameo proofs have a contrast between frosting and reflective fields on the high parts of the design. In deep cameo coins, the contrast is stronger. Both types of cameos are valued higher than proofs or red proofs. A PR68 cameo proof is valued at about $700. Because there are only two deep cameo 1956 pennies graded at PR68, they are valued at $32,500 each.
History
The 1957 wheat penny is one of the coins in the series known as Lincoln pennies because they feature a portrait of Abraham Lincoln on the obverse. The series is one of the longest-running in the world with the first coins in the series released in 1909 and the last ones in 1958.
The wheat penny is a historically important coin in the American history of coins as it was the first time a real person’s portrait was used on a US coin. The portrait of Lincoln was used to mark 100 years since his birth. Before the wheat penny, coins had depicted Liberty on the obverse side in various poses.
Wheat pennies have been made from 95% copper every year except in 1943 when copper was required for the war effort. Therefore, steel coated in zinc was used instead of copper for coins struck in 1943. This released enough copper to make approximately 1.25 million shells.
The last wheat pennies were struck in 1958 and in 1959 a new design was used to mark 150 years since Lincoln’s birth. Instead of his portrait, the new design featured the Lincoln Memorial in Washington DC.
Also Read: Top 20 Most Valuable Old Pennies Worth Money (Penny Collection)
1957 Wheat Penny Grading
The 1957 wheat pennies are graded in the same manner as all other coins using a scale from 1-70 known as Sheldon Scale. The higher end of the scale is reserved for mint condition coins, while the lower end grade means the coin is in poor condition.
In addition, you will often see an RD, BN, or RB letter combination in connection with wheat pennies. Because the wheat pennies are 95% copper, it means they change color over time. When new, they are red and as the metal gets exposed to air, it browns.
Coins graded RD have at least 95% of red across the surface area on both sides of the coins. These are generally more valuable than BN or RB coins. The letters BN mean the coins are 95% brown across the total surface and these coins are usually the cheapest of the three color gradings. Finally, coins graded with RB sit in the middle for value and their color is anywhere between the above extremes. This video from PCGS goes into more detail about color grading.
While the value of regular 1957 wheat pennies depends on the grade and color, some coins do not fit the normal guidelines, for example, those with errors. Wheat penny errors, as described below, can significantly increase the value of the 1957 pennies.
1957 Wheat Penny Errors
1. 1957 Wheat Penny Double Die Error
When coins are being produced, the die is struck multiple times to create the design details. Sometimes, it can move during the process and create a double image. It is then transferred onto the coins when the die is struck. Double die errors can occur both on the obverse and reverse of the coin. Some examples of double die errors on the 1957 wheat pennies include:
- Doubling on the letters in “Liberty” – the value of these coins ranges from $2.50 to $13.
- Thicker numbers on the date with distortion on the letters of “Liberty” – 1957 wheat pennies with this double die error are generally worth between $4 and $15.
2. 1957 Wheat Penny Off-Center Error
This error refers to a mint error where the coin blank was not properly aligned in the coin press and as a result, the design is not in the center and parts of it may be missing or cut off. These errors vary in severity and while some are barely noticeable, others may render the coin almost unrecognizable. The more severe the error, the more valuable the coin is likely to be.
An example of an off-center error on a 1957 wheat penny is when the coin was struck 10% off-center. The coin was graded MS65 BN and sold at an auction for $240.
3. 1957 Wheat Penny Lamination Error
Sometimes, coins such as the 1957 wheat penny may have lamination errors. These occur when the planchet’s surface flakes or cracks. This can be caused, for example, by a problem with the roller machines or by impurities in the metal.
An example of this error on a 1957 D wheat penny is when the lamination error affected part of Lincoln’s ear and hair. The coin has been graded MS64 BN and it fetched $110 at an auction.
4. 1957 Wheat Penny Repunched Mintmark Error
A repunched mintmark error means that the mintmark on the coin is stamped more than once, sometimes in a slightly different position than where it should be. There are various causes for this error including the mintmark punch being misaligned or a press machinery problem.
Some of the 1957 D wheat pennies are known to have this error. On these coins, you can see the first D, like a ghost, underneath the second D. An MS65 graded 1957 wheat penny with a repunched D sold for close to $100 at an auction.
5. 1957 Wheat Penny Planchet Error
This is one of the rarest Mint errors and therefore likely to add more to the value of a coin. This happens when coins are struck on an incorrect planchet. This happened with the 1957 penny when it was struck using a planchet that was intended for a dime. Graded at MS62, the penny with a planchet error sold for over $1000 at an auction.
1957 Wheat Penny FAQs
How much is a 1957 wheat penny worth?
Because the 1957 wheat pennies were struck in such large quantities, over 1.3 billion in total, most non-error, non-proof coins are not worth much more than their face value. Even uncirculated no mint mark and D 1957 wheat pennies are generally worth just over $1.
However, there are some 1957 wheat pennies that can be worth a lot more than their face value. These are coins with errors that occurred during the production process. The more severe the error, the more the coin is likely to be worth.
What makes a 1957 penny rare?
Among the rarest 1957 pennies are those that were struck using the wrong planchet. A planchet meant for a dime was accidentally used on some 1957 pennies. Highly graded 1957 pennies are also rare. For example, there are only four 1957 no-mint mark pennies graded at MS67+.
What is the error on a 1957 wheat penny?
There are several different errors that have occurred on the 1957 wheat pennies. These range from double die errors which are relatively common to errors created using a wrong planchet. While many errors will increase the value of the coin, some may only increase it a little. Generally, the more significant the error is, the more the 1957 wheat penny will be worth.
Is my 1957 proof wheat worth getting graded. Thankyou