Most 1944 pennies, also known as 1944 wheat pennies, are not worth much. However, there is an extremely rare variety, called the 1944 steel wheat penny, which is worth a fortune — up to $1 million in some cases.
The reason why these coins are called “wheat pennies” is because they feature two stalks of wheat on the reverse (tails) side. On the obverse (heads) side, they feature a portrait of 16th U.S. President Abraham Lincoln.
In this article, we are going to examine the history and characteristics of 1944 wheat pennies to try and answer why they are so highly sought after by collectors.
Key highlights:
- Most 1944 wheat pennies are not highly valuable, but the rare 1944 steel wheat pennies can fetch up to $1 million.
- Wheat pennies, minted from 1909 to 1958, were the first US coins to feature a real historical figure, Abraham Lincoln.
- The 1944 steel wheat penny is unique as the only regular-issue US coin that can be attracted to a magnet.
- Only 20 to 40 1944 steel wheat pennies were minted, making them extremely rare and valuable.
- Other valuable 1944 wheat pennies include those with rare errors, like double die or wrong mint mark errors.
A (very) brief history of wheat pennies
Wheat pennies were designed by Victor David Brenner and were minted between 1909 and 1958. The wheat penny was the first US coin to feature the likeness of a real historical figure. In the past, the idea had been criticized by George Washington as being too monarchical.
Initially, a new penny coin to be minted starting in 1908 was meant to be designed by sculptor Augustus Saint-Gaudens, but he passed away in 1907 before submitting a finalized design for the penny.
Some variants of the wheat penny are called VDB pennies since they include Victor David Brenner’s initials. Wheat pennies were minted in Philadelphia, Denver, and San Francisco.
According to the 2020 version of A Guide Book of United States Coins, also known as the "Red Book,” more than 24 billion wheat pennies were minted in total. The variant with the highest mintage was the 1944 wheat penny minted by the Philadelphia Mint, of which 1.435 billion coins were minted.
How much is a 1944 penny worth?
Here’s a quick breakdown of what different versions of 1944 pennies are worth.
| 1944 Wheat Penny Value | |
|---|---|
| Version | Price range |
| 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 actual price you’ll be able to sell your 1944 penny for will depend on its condition. Coin collectors can be willing to pay a decent chunk of change even for relatively unremarkable coins, provided they are in very good condition. Of course, uncirculated coins, which have next to no wear if stored properly, are usually worth the most.
An interesting fact about 1944 wheat pennies is that some of them were made out of copper sourced from recycled ammunition casings. These coins are sometimes referred to as shell case pennies.
1944 steel penny — a penny worth up to $1 million
Most 1944 wheat pennies are not highly valuable, except for the 1944 steel wheat pennies, which are extremely rare and can fetch up to $1 million and above if uncirculated. These steel wheat pennies are made out of zinc-coated steel.
Interestingly enough, steel pennies are the only regular-issue US coins that can be attracted to a magnet. This actually caused an issue when using vending machines, which had a magnet designed to pick up counterfeit coins, also known as “slugs.” These magnets would also pick up legitimate steel pennies, which obviously wasn’t intended.
Originally, the 1944 steel wheat pennies also included copper, but the U.S. government decided to make a version using only zinc-coated steel due to military demand for copper during World War 2. This version of the 1944 wheat penny was very short-lived as it had issues with rust and didn’t look distinct enough from a dime.
The reason for the extremely high value of the 1944 steel wheat pennies is that only a very small amount was ever minted. According to most estimates, only between 20 to 40 1944 steel wheat pennies were minted. Even according to more generous estimates, only about 70 such coins were minted.
According to USA Coin Book, which estimates that there were 40 steel pennies minted in 1944, 30 of them were minted in Philadelphia, 7 were minted in Denver (D mark), and 2 were minted in San Francisco (S mark). The steel pennies minted in Philadelphia have no mint mark, and steel pennies minted in Denver and San Francisco are worth more since they are even rarer than the ones minted in Philadelphia.
Because of their rarity, some coin dealers and collectors consider these steel coins as errors. However, it’s important to note that steel wheat pennies are official coins produced with permission from the U.S. Congress.
1944 pennies with errors
Besides 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’s 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 above. 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.
FAQs
How much is a 1944 wheat penny worth?
The worth of a 1944 penny can vary significantly depending on the version.
A regular 1944 wheat penny minted in Philadelphia is only worth between $0.20 and $0.90, depending on the condition. 1944 wheat pennies minted in Denver or San Francisco (you can recognize them by a “D” or “S” mint mark, respectively) can be worth slightly more.
The most valuable version of the 1944 by far are the 1944 steel wheat pennies, but they are extremely rare.
How much is a 1944 steel penny worth?
1944 steel pennies are extremely valuable, although the price they sell for depends on their condition. A 1944 steel penny in excellent condition can be worth hundreds of thousands of dollars or even up to $1 million.
How much is a 1944 copper penny worth?
A 1944 copper penny is worth about $0.20 or up to $1 if it’s in good condition. 1944 copper pennies can be worth more if they were minted in San Francisco (“S” mint mark) or Denver (“D” mint mark). 1944 copper pennies minted in Philadelphia have no mint mark.
The bottom line
If you have a 1944 penny and are wondering whether it might be worth a lot, the answer is most likely no. The most valuable version of 1944 pennies, which is the 1944 steel wheat penny, was made in an extremely limited quantity — most estimates suggest only about 40 such coins were ever minted.
However, if you have a 1944 wheat penny in a nice condition that was minted in either Denver in San Francisco, you might be able to get a few dollars for it. Since you now know the interesting history of the 1944 penny, it might not even be worth selling, and you might instead want to keep it as an interesting collectible with a story to tell.
If you’re interested in learning more about coins and precious metals, make sure to check out our article exploring the value of a gold bar, or if you are more interested in the second most popular precious metal, the value of a silver bar.
