1958 Penny: Imagine this: you’re digging through an old jar of coins or checking the change from your morning coffee, and there it is — a humble 1958 penny. It’s small, it’s copper, and it might just be worth over $1 million. Sound too good to be true? Not if it’s one of the rarest Lincoln cents in existence.
In this article, we break down the story of the 1958 Doubled Die Obverse (DDO) penny, explain what makes it so valuable, and guide you on how to check if you own one of these numismatic treasures. Whether you’re a casual coin collector, a history enthusiast, or someone who’s never paid much attention to spare change, this guide is for you. You’ll learn the origins of the coin, the minting error that makes it so rare, where to sell it, and even how to avoid scams in the process.
1958 Penny
| Feature | Details |
|---|---|
| Coin Type | 1958 Lincoln Wheat Penny |
| Mint Error | Doubled Die Obverse (DDO) |
| Value | Over $1.13 million at auction |
| Mint Location | Philadelphia (no mint mark) |
| Known Copies | Only 3 known examples exist |
| Sale Example | Sold for $1,136,250 in January 2023 |
| Official Resource | GreatCollections Auction |
Finding a 1958 Doubled Die Obverse penny is like stumbling upon buried treasure. While most 1958 pennies are worth only a few cents, this rare error coin has the potential to bring life-changing wealth. Only three confirmed examples exist, and one has already sold for over $1.1 million. Whether you’re a seasoned collector or a curious beginner, now is the perfect time to examine your change jars, old piggy banks, or inherited coin collections. Because sometimes, the most valuable treasures are hiding in plain sight.
What Makes the 1958 Penny So Valuable?
The 1958 penny is part of the legendary Lincoln Wheat cent series, which ran from 1909 to 1958. These coins featured the image of President Abraham Lincoln on the front and wheat stalks on the reverse. Most 1958 pennies are quite common and are usually worth only a few cents above face value. But an extremely rare error version, known as the 1958 Doubled Die Obverse, is what could transform this ordinary coin into a million-dollar asset.
Doubled Die Obverse Explained
A doubled die occurs during the coin production process when the die used to stamp the coin receives an additional impression that is slightly misaligned. This results in a doubling of certain design elements. In the case of the 1958 DDO penny, the doubling is very prominent and can be seen clearly with the naked eye in key areas such as:
- “IN GOD WE TRUST“
- “LIBERTY“
- The date “1958“
Unlike minor doubling seen on other coins, the doubling on the 1958 penny is sharp and dramatic, making it easily identifiable to collectors and appraisers alike.
Only 3 Known Examples Exist
According to the Professional Coin Grading Service (PCGS), only three genuine examples of this error coin have been officially certified and documented. This incredibly low number has made the 1958 DDO penny a holy grail for collectors. In fact, one of the three known coins sold at auction in January 2023 for a staggering $1,136,250, breaking records and setting a new benchmark for modern U.S. coinage.
How to Check If You Have the Rare 1958 Penny
If you’re ready to dive into your change jar or old coin collection, here are the exact steps you should follow to spot this valuable penny:
Step 1: Locate a 1958 Penny
Start by looking for a penny dated 1958. Make sure it does not have a mint mark under the date. The absence of a mint mark means it was minted in Philadelphia, which is the correct origin for the DDO error version.
Step 2: Look Closely for Doubling
Use a 10x magnifying glass or a coin loupe. Focus your inspection on the obverse side (the side with Lincoln’s portrait). Pay special attention to:
- The motto “IN GOD WE TRUST” at the top
- The word “LIBERTY” on the left
- The date “1958” on the right
Look for clear, bold doubling that appears as a shadow or duplicate impression behind the original text.
Step 3: Get Professional Authentication
If you believe you may have found the elusive coin, don’t risk damaging it. Instead:
- Place it in a soft plastic flip or protective holder.
- Avoid cleaning or scrubbing it.
- Send it to a certified grading agency like:
- PCGS
- NGC
Authentication is essential to confirm whether it is the rare DDO variety, and it will also provide a grade that directly influences the value.
How Much Are Regular 1958 Pennies Worth?
The majority of 1958 Lincoln Wheat cents are common and widely available. However, they can still be worth a bit more than face value to the right collector, especially if they are in uncirculated or mint state condition.
| Condition | 1958 No Mint Mark | 1958-D (Denver) |
| Circulated | $0.02 – $0.10 | $0.02 – $0.10 |
| Uncirculated (MS-60) | $0.20 – $1.50 | $0.15 – $1.00 |
| Brilliant Uncirculated (MS-65) | $3 – $12 | $2 – $10 |
Even though these values may not make you rich, high-grade coins with no wear can still be appealing to collectors building complete sets.
Why Rare Coins Can Fetch Big Bucks
So why do some pennies go from pocket change to life-changing payouts? It all comes down to a combination of factors:
- Scarcity: Only three 1958 DDO pennies are known. Rarity drives demand.
- Condition: Coins with minimal handling or wear (Mint State) command the highest prices.
- Historical Significance: Error coins represent unusual minting events.
- Collector Frenzy: Auction houses and collectors compete fiercely for rare finds.
Other High-Value U.S. Pennies
If you’re interested in rare coins, here are some other jaw-dropping examples:
- 1943 Bronze Lincoln Cent: Sold for $840,000
- 1969-S Doubled Die Penny: Upwards of $70,000
- 1972 Doubled Die Obverse: Worth several thousand depending on grade
Where to Sell a Rare Coin
If you believe you own a valuable 1958 DDO penny, or any rare coin, you should sell through trusted marketplaces. Here are a few of the most respected auction platforms:
- GreatCollections
- Heritage Auctions
- Stack’s Bowers Galleries
Make sure your coin is authenticated and graded beforehand. This not only boosts buyer confidence but ensures you get fair market value and avoid lowball offers.
Tips for Sellers:
- Compare past auction prices before setting expectations
- Avoid pawn shops, which often underpay
- Consult a numismatist or visit a coin show for more personalized guidance
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Frequently Asked Questions About 1958 Penny
Q1: How do I know if my 1958 penny is valuable?
Look for strong doubling on the inscriptions “IN GOD WE TRUST,” “LIBERTY,” and the date “1958.” Use a magnifier and send the coin for professional grading.
Q2: Are 1958-D pennies worth anything?
Generally, they are common and not valuable. But in uncirculated condition, they might fetch between $1 and $10.
Q3: Can I find a 1958 DDO penny in circulation today?
It’s extremely rare, but possible. Coins often stay hidden for decades in private jars, collections, or estates.
Q4: What should I do if I find a coin with doubling?
Avoid cleaning it. Store it safely and send it to PCGS or NGC for verification.
Q5: Is there a mobile app to identify valuable coins?
Yes. Popular apps include PCGS CoinFacts, Coinoscope, and CoinSnap. These apps can help with preliminary identification but always verify with a professional.
