Are you someone who is interested in getting historical items into your collection? Well, if you are in the habit of collecting antique coins, then you know that these items can cost you a lot. You may know what a penny is. However, here we are talking about a 1944 penny. Many 1944 pennies, also called 1944 wheat pennies, don’t have much value. But there is an extremely rare type, the 1944 steel wheat penny, which can be worth a lot, to be precise, up to $1 million in some cases.
These coins are called “wheat pennies” because they show two wheat stalks on the reverse (tails) side. On the obverse (heads) side, they feature a portrait of the 16th U.S. President, Abraham Lincoln. Therefore, if you wish to know all about the cost of such a penny, then this article is the perfect stop for you.
The 1944 Wheat Penny
The 1944 Lincoln Wheat Penny, designed by Victor David Brenner, marked the return to using copper in Lincoln cents after the unpopular zinc and steel 1943 penny. Unlike the copper, tin, and zinc blend used in pennies from 1909 to 1942, the 1944 wheat penny contained only copper and zinc. Tin was omitted from the composition due to limited availability between 1944 and 1946.
In 1944, the US Mint produced over 2.1 billion pennies, setting a record at the time. This makes the 1944 Lincoln Cent one of the most common wheat pennies, second only to the 1960 Lincoln Memorial cents.
A Dig Into The History
The 1944 wheat penny was the government’s response to criticism of the 1943 one-cent coins. People disliked the zinc-coated steel composition and dime-like design of the 1943 coins. In 1943, copper was in high demand for the war effort, leading to a change in penny composition to a steel core with a zinc coating. These 1943 Lincoln steel cents were often mistaken for nickels and prone to rusting from contact with sweaty hands, making them unpopular. These factors prompted the return to copper pennies in 1944.
The copper pennies were easily recognizable, made of 95% copper and 5% zinc. They lacked tin, which technically made them brass rather than bronze. Despite this, they were preferable to the previous year’s zinc-coated steel Lincoln cents, as the War Production Board had denied the US copper for coin production.
Know If It’s Genuine
It’s important to check certain features to confirm the authenticity of a 1944 Lincoln Cent. At first, look at the portrait of Abraham Lincoln’s profile on the front. The year 1944 is stamped on the right side, with a mint mark “D” (Denver mint) or “S” (San Francisco mint) below. Those from the Philadelphia Mint have no mint mark. On the left side is the word LIBERTY, and on top is the motto, IN GOD WE TRUST. On the back, there are three inscriptions. In the middle is the denomination ONE CENT, above the name of the country, the United States of America. Around the outer rim, at the top, is the Latin inscription E PLURIBUS UNUM.
The Price Factor
The actual selling price of your 1944 penny will depend on its condition. Coin collectors may pay a good amount for coins in very good condition, even if they’re not particularly rare. Uncirculated coins, with minimal wear if stored properly, are usually the most valuable. An interesting fact about 1944 wheat pennies is that some were made from recycled ammunition casings, earning them the nickname “shell case pennies.” The price of different versions of the penny is as shown below:
- Philadelphia Mint (no mint mark): $0.20 – $0.90
- Denver Mint (D mint mark): $0.20 – $1.20
- San Francisco Mint (S mint mark): $0.30 – $5
- Steel Penny: $10,000 – $1,000,000
The Steel Penny: The Costliest Buy
We already know that most of the 1944 wheat pennies are not very valuable, except for the 1944 steel wheat pennies. These are extremely rare and can fetch you over $1 million if uncirculated. These steel wheat pennies are made of zinc-coated steel. Interestingly, steel pennies are the only regular-issue US coins that are attracted to a magnet. This caused issues with vending machines, as their magnets intended to pick up counterfeit coins, or “slugs,” would also pick up legitimate steel pennies.
Originally, the 1944 steel wheat pennies also had copper, but the US government made a version using only zinc-coated steel due to the military demand for copper during World War II. This version was short-lived due to rust issues and resemblance to dimes. The extremely high value of the 1944 steel wheat pennies is due to their rarity. Most estimates suggest only 20 to 40 were minted, though some say around 70.
According to the USA Coin Book, around 40 steel pennies were minted in 1944: 30 in Philadelphia (no mint mark), 7 in Denver (D mark), and 2 in San Francisco (S mark). Those from Denver and San Francisco are even rarer and more valuable than those from Philadelphia. Despite their rarity, some consider these steel coins to be errors. However, they are official coins produced with permission from the US Congress.
Errors Fetch You More
Aside from the highly sought-after steel wheat pennies, the only 1944 wheat pennies that can be worth a significant amount of money are those with a rare error. Here is a quick list of errors that can make a 1944 penny worth more than usual:
- Double die error: 1944 wheat pennies with this error can sell for $5 or more. The most common places where a double die error can be found are the 1944 year mark, the word “LIBERTY,” and Abraham Lincoln’s eyes.
- Missing dot error: Some 1944 wheat pennies are missing the dot on the “E pluribus unum” motto.
- Clipped planchet error: Some 1944 wheat pennies are clipped alongside the edge due to an error in the minting process. Pennies with this error can sell for up to $100 if they are otherwise in good condition.
- Wrong mint mark error: Some 1944 wheat pennies have the San Francisco Mint’s S mint mark struck over the Denver Mint’s D mint mark or vice versa. Coins with this error are the most valuable among all 1944 wheat pennies with common errors.
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