Welcome to Coin Talk. 11.5x is enough to see any major error on a coin. The photos you posted were clear enough for us to see what you were asking about. If you're seriously interested in taking top quality photos of coins, start a new thread asking how to do it. You should get enough help with a new post.
@Michael K I read the David W. Lange reference " The Complete Guide To Lincoln Cents". He states that the overdate, 1958/7," has largely been dis- credited". Some flaw in the die. My mistake on this, I apologize.
I think the last overdate was in the 1940's. The Dime 1942 over a 1941 is famous and highly sought after by collectors. And then there's the war nickel, 1943 over a 1942. I can't think of any others since then.
They are not definite that the 1958 over 7 is a true over date. I'm not really seeing it. And wouldn't they have to use a reworked die to get this over date effect? http://www.lincolncentresource.com/FAQ/1958overdate.html
Welcome to CT Jake. As stated by other members here, it is most likely a die chip. In regards to getting decent photos without spending a lot of money, I use an inexpensive USB microscope. I paid less than $35 for it.