How Much Is a 1944 Penny Worth Today?
Mar 9th 2023
How Much Is a 1944 Penny Worth Today?
Nothing is more popular with coin collectors than the Lincoln wheat cent. The accessibility of the one-cent coin makes it a great place to start a coin collection. However, some wheat pennies are more valuable than others due to their composition, striking errors, or historical events.
1944 was a key date because it marked the year the U.S. Mint no longer had to make steel pennies to conserve copper in response to World War II. Americans were happy to see the return of copper due to the unpopularity of the 1943 penny coin made of zinc and steel.
Although so many copper cents were produced in 1944, they hold numismatic value to people who care about their historical significance. Some of these rare coins in good condition can be worth several thousand dollars.
What Are Steel Pennies?
A steel penny is a U.S.one cent coin. They were produced during the time period of World War II when metal needed to be conserved to create ammunition.
In December of 1942, Congress approved the production of zinc-coated steel as a substitute for copper pennies. Producing steel pennies saved enough copper to manufacture 1.25 million shells for American artillery during the war.
The new composition caused the coins to be magnetic and 13 percent lighter. Problems began to arise as people started to mistake them for dimes. They also used to get picked up by magnets inside vending machines.
After many complaints, the U.S. Mint used salvaged brass shell casings mixed with pure copper to produce an alloy similar to the 1941 and 1942 compositions. This unique mixture was used for one-cent coins produced from 1944 through 1946, after which they resumed the original prewar composition.
Who Designed the 1944 Steel Pennies?
The design of the 1944 steel penny was created by Victor David Brenner (1871-1924). Originally from Lithuania, he immigrated to the United States in 1890 to the New York City area.
Brenner was an American sculptor, engraver, and medalist who is mostly known for creating the Lincoln coin design. After living in the states for several years, he became known as a premier medalist, and his work eventually caught the eye of President Theodore Roosevelt.
Roosevelt was impressed with a bas-relief that Brenner made of Abraham Lincoln, someone he deeply admired. President Roosevelt ordered the production of the Lincoln penny to commemorate Lincoln’s 100th birthday in 1909 and wanted the design to be based on Brenner’s work.
The portrait of Lincoln on the coin’s obverse is the longest-running design in United States Mint history as well as one of the most reproduced pieces of art in the world. The coin’s reverse features two ears of durum wheat with ONE CENT and UNITED STATES OF AMERICA in the center.
Were 1944 Steel Pennies Created by Mistake?
Yes, 1944 steel wheat pennies are considered an error coin because the composition was supposed to return to copper that year. The steel planchets that were used in 1944 were more than likely left over from 1943.
A planchet is a prepared coin blank. It’s a round piece of metal that’s crafted to be transformed during the coining process, in which the obverse and reverse dies forcefully press in design elements.
The 1944 steel pennies are not the only type of penny error coins you can find. There are also Lincoln cents that were mistakenly struck on dime planchets or planchets that were meant for foreign coins.
The U.S. Mint has struck a wide assortment of coinage for other nations. Most of the alloys used for foreign coins are noticeably different from U.S. coins; they’re pretty exciting to come across. Wrong-denomination coins can be quite valuable as well.
Where Were 1944 Steel Pennies Minted?
1944 Steel Lincoln cents have been discovered from all three of the Mints producing steel cents at the time — Philadelphia, San Francisco, and Denver Mint branches.
There are probably somewhere between 25 and 35 Philadelphia Mintsteel cents from 1944 that exist. Numismatic experts estimate there are seven to nine 1944 steel cents from the Denver branch, and there are only two known examples of 1944 San Francisco Mintsteel pennies.
How Many Steel Pennies Were Minted?
In 1943, over a billion steel pennies were minted, so they weren’t super rare… unlike the 1944 variety.
Altogether, less than 50 steel pennies were likely minted in 1944 from all three Mint branches. Error coins are more valuable because it’s not often the U.S. Mint makes mistakes.
Why Were Steel Pennies Minted?
Steel pennies were a temporary solution to a global problem during World War II. The Federal Government decided it was necessary to conserve as much copper as possible so it could be used to create ammunition for the U.S. Military.
The zinc-coated steel pennies did not fare well in circulation, and most Americans disliked them. In 1944, the U.S. Mint returned to making copper pennies, and several error pennies were struck during these transitions.
Why Are 1944 Steel Pennies Called Wartime Cents?
1944 steel pennies are often referred to as “wartime cents'' because of when and why they were produced. The entire existence of steel wheat cents is attributed to the American response to a global conflict. Had World War II never happened, we would likely never have had steel pennies.
1944 Steel Penny Values
1944 steel pennies are very valuable to coin collectors because they’re some of the rarestLincoln wheat penny coins ever minted. One of these coins in average condition can still break records for such a hefty price tag.
According to numismatists, a 1944 steel penny is worth $75,000 to $110,000 USD on average, depending on the condition and the vendor. One of these rare error pennies in pristine, uncirculated condition could sell for as much as $200,000 USD.
How Does Coin Grading Work?
A 1944 steel wheat penny is very old and should be handled with great care. Unfortunately, there are a lot of counterfeit collectibles on the market: It’s always best for coin collectors to obtain coins that have been professionally graded.
The following is a list of different coin grades you might see for a 1944 Lincoln penny:
- Uncirculated: An uncirculated coin has never been used as legal tender. It’s been well preserved from the day it was minted to avoid any damage. It’s possible the color has faded to some extent, but it’s still in mint state.
- Extremely Fine: An extremely fine coin is in mostly perfect condition, but it may have a flaw or two or minor wear. The flaw could be as small as a single scratch, but even one tiny flaw is enough to detract from the coin’s grade.
- Fine: A 1944 penny that is graded as Fine would have circulated for an extended period of time but avoided being heavily damaged. The major features would all be well-preserved, but there may be light scratching and moderate wear.
- Good: A wheat penny graded as Good usually indicates it has been heavily damaged, as it’s the worst grade a coin can receive. The raised lettering or imagery is likely worn away almost entirely. Despite being in poor condition, these can still be valuable coins worth money if they are rare.
A professional coin grading company such as NGC or PCGS will assess the coin’s content and appearance for authenticity and how well-preserved it is.
How Can You Tell If Your 1944 Penny Is Real?
Counterfeit coins can be really hard to spot, as scammers have gotten better and better over the years. To an untrained eye, they look basically identical to the real thing. However, there are a couple of easy tests you can do on your own to see if a 1944 penny is real or not.
The magnet test is the quickest and easiest place to start. If your silver penny sticks to the magnet, it is a steel penny. If not, it’s copper.
You can also check the weight to confirm if it’s steel or copper. A copper penny will weigh 3.11 grams, and a steel penny will weigh 2.7 grams.
Always do your due diligence and use a trusted coin dealer before spending a large sum of cash on a rare Lincoln wheat penny.
How Rare Are 1944 Steel Pennies?
A 1944 steel penny is an extremely rare wheat penny worth money. If you’re lucky enough to acquire one in your coin collection, you should feel privileged.
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Source:
1944 STEEL 1C MS | NGC Coin Explorer
The Steel Penny | American Numismatic Association
Why Are 1943 Copper and 1944 Steel Lincoln Cent Errors So Valuable? | CoinWeek