Hi Readers! The Wheat Penny, released in the year 1944, is probably the most iconic and intriguing coin in the history of the US. Although it might not sound like a rare commodity, there are varieties that are incredibly precious. This blog discusses the history, varieties, price, and the uncommon mistakes of the 1944 Wheat Penny. It will also give insights on how to find high-value coins and what collectors should look at by collectors.
Background of Wheat Penny: Minting After WWII
Between 1909 and 1958, the U.S. Mint minted the Lincoln 1944 Wheat Penny. The Mint changed back to 95 copper and 5 tin/zinc pennies in 1944, a brief switch in 1943 to steel because of the war. More than 2 billion 1944 Wheat Pennies were made in three different mints: Philadelphia (no mint mark), Denver (“D” mint mark), and San Francisco (“S” mint mark).
The majority of 1944 Wheat Pennies that are circulated are 6-15 cents. These pennies are worth between 2 and 15 dollars in uncirculated or in mint condition. MS66 or above grades can get anything between 26 dollars and more than 50 dollars. Even though they are readily available, but well-minted ones are more valuable, than graded 1by credible authorities, such as PCGS or NGC.
1944 Steel Wheat Penny: Types
Of the three major mint marks, Philadelphia (no mint mark) coins are generally 6-10 cents (in circulated form) and about $2-5 (uncirculated). Denver coins are of comparable circulated values that may earn up to $500 when they are in rare error versions of top grades. San Francisco series can also sell a bit higher in their circulated grades of 10 to 15 cents, and again can bring over $500 when in pristine condition.
Some 1944 Wheat Pennies are very valuable since a rare and precious error was made. The best known is the 1944 Steel Penny. Even though the Mint had already returned to using copper in 1944, some remaining 1943 steel planchets were accidentally struck. There are fewer than 30 examples of the rare coins believed to exist. A 1944 steel penny graded MS64 by PCGS was sold at $180,000, and a San Francisco mint steel with grade MS66 was sold at an astonishing price of 408,000. In circulated grade, a 1944 Wheat Penny is worth between 10000 and 40000 dollars or more.
Odd and Precious Mistakes
1944 Steel Wheat penny
Rare errors include accidental strikes on 1943 steel planchets leftovers and a total count of fewer than 30 coins such coins
These are some of the most valuable wheat pennies that were ever made.
The results of the auction are:
The price of a PCGS MS64 was sold in 2021 for $180,000.
In 2021, a 1944-S steel penny graded MS66 sold at auction for $408,000.
Other sales: 48,500, steel MS64 as much as 140,000
Even circulated steel copies sell at 10-40,000+.
Your change pocket money, the odd 1944 Wheat Penny that is steel, leads you to mid-twentieth-century mint goof and may be worth more than your car.
Ways to Identify Good Varieties
- Fit a magnet: pennies made of steel adhere.
- Check magnified to see repunched mint mark, die doubling, or planchet flaws.
- Color: The steel pennies have a silvery-gray color, whereas copper pennies are brown or red.
- Hold valuable coins to be expert graded-they increase greatly in value as they are certified.
- Follow the recent auction results on PCGS and NGC to know the current price.
Highlights, Record Auctions
- 1944 steel has sold (this year 2021) MS64 at 180,000 (Heritage, 2021)
- 1944-S steel MS66: 408,000 (Heritage, 2021)
- The 1944 steel was circulated: 10,100 – 412,080 graded.
Why 1944 Steel Pennies Exist
They were accidental mistakes. 1943 steel planchets retained in the mint equipment subsequently were accidentally struck when the Mint resumed copper production. In this case, there are more options to collect and sell these pennies. These are
There remains a clear value of the circulated copper wheat pennies that has a historical approach. In case of the pennies that are highly valued must be graded with a good price before selling. For selling these coins, dealers must have go for appraisal and sale. For buying and selling of these pennies, there must be certification by PCGS or NGC (both are trusted partners)
Copper supplies will not attach to magnets, whereas steel will. Next, use a magnifier to look through the coin to find changes in the mint marks, in order to see whether there is a repunched mint mark or doublings in the letters. The steel pennies show up silver gray, whereas the copper coins come out red or brown. Should you feel that your coin is perhaps rare, then it would be a good idea to have it certified. Authenticated coins mean more in the market and offer security to buyers. To know current values, it would also be helpful to track new prices of auctions.
Rare and Valuable Errors
One of the auction record highlights was a 1944 steel penny graded MS64 going over its auction estimate of $115,000 to realize $180,000 and a 1944-S steel penny in MS66 that smoked its auction estimate of $260,000 and ended up with a final price of $408,000. These coins are really rare since they have not been created to be. This is owing to leftover steel planchets accidentally encountered when restarting the Mint using copper instead of steel. These are some of the costly expenses of wheat pennies.
By any chance, you happen to have a 1944 wheat penny, even a common one; it is good to have it. Although most of them are not rare ,they contain some old history and may be of interest to new collectors.
Some Tips to Check 1944 Wheat Penny
You should have your coin checked by a professional, especially when it is an error coin that is rare or in near mint condition. Then you should sell such coins at credible coin percentages or auction houses; this way you will earn the fair market value. Value and confidence can be put on their certification by leading organizations such as PCGS or NGC.
Final Note
To sum up, 1944 Wheat Penny is a combination of quotes and miracles. Although most are only a few cents, rare errors (particularly steel pennies) can command more than $100,000. The point is that it is necessary to study your coins. A magnet would only be a test, or maybe a magnifying glass covers a rare treasure. Therefore, you shouldn’t just set aside that fat penny in your change container; instead, you need to check it out. It may be worth millions of dollars.
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