1958 1C, RD MS66RD Certification #40192056, PCGS #2848

Charles Morgan

The 1958 Lincoln Cent

The year 1958 marked the conclusion of the Lincoln "Wheat" Cent’s historic fifty-year run. To honor the 150th anniversary of Abraham Lincoln’s birth in 1959, the U.S. Mint replaced the iconic wheat ears with Frank Gasparro's Lincoln Memorial design.

Victor David Brenner’s original design achieved a remarkable feat: it remained in circulation for fifty years, outlasting iconic contemporaries like the Buffalo Nickel, the Mercury Dime, the Walking Liberty Half Dollar, as well as the Peace Dollar. It even survived the celebrated gold designs of Augustus Saint-Gaudens and Bela Lyon Pratt. This longevity is a profound testament to Brenner’s work—especially considering he was never granted another opportunity to design a U.S. coin.

Mintage Figures and Economic Headwinds

The final year of production continued a stark geographical divide in mintage figures:

Philadelphia (P-Mint): Produced 252,525,000 coins—one of the lowest postwar totals for the denomination.

Denver (D-Mint): Dwarfed its eastern counterpart, churning out over 800 million pieces.

This discrepancy was driven by two primary factors. First, the Denver Mint had absorbed the production load of the recently mothballed San Francisco Mint. Second, the Western United States was experiencing double-digit economic growth, while the East faced a comparatively stagnant recovery.

The "Eisenhower Recession" and Foreign

Interests In his 2005 reference, The Complete Guide to Lincoln Cents, the late David Lange noted that Philadelphia’s lower output was also a byproduct of the "Eisenhower Recession." Triggered by aggressive Federal Reserve tightening and a slump in the automotive and housing sectors, this downturn cooled the domestic demand for circulating coins.

Furthermore, the Philadelphia Mint’s resources were diverted to international obligations. The 1959 Mint Director’s Report confirms that the U.S. was fulfilling significant coinage contracts for several foreign nations, including: Cuba, Ethiopia, The Philippines, and Venezuela.

Survival and Collectibility

Despite the lower Philadelphia mintage, the 1958 Lincoln Cent (#2848)  is far from scarce. The "coin roll craze" of the late 1950s, combined with the public’s desire to save the "last of a type," led to massive hoarding. Consequently, Mint State Red (RD) examples remain abundant, but so too are the number of collectors actively pursuing the series.

According to the PCGS Population Report, certified examples are concentrated in the PCGS MS64 to PCGS MS66 range. Superb Gems (PCGS MS67 and higher) are predictably scarce; furthermore, no two superb gems are truly alike in terms of eye appeal, surfaces, or die characteristics.

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