1944 Steel Penny Value Guide

The 1944 Steel Penny Value

1944 steel pennies range in value. However, all versions and grades are very valuable, especially when you compare their values against those of regular 1944 copper pennies. Even a lower-grade About-Uncirculated coin is worth tens of thousands of dollars.

Mint-State grades bring in far more for all versions, with some approaching half a million.

However, the rarity of a 1944 steel penny also means many grades have no current values. This is due to the lack of publicly known examples or insufficient information. As a result, we’ve listed those grades as N/A.

Additionally, all values are conservative estimates based on research. Please note all values are subject to change due to the market or circumstances unaccounted for during research and publication. We always recommend doing further research or consulting with a professional.

Melt Value

We strongly recommend against melting down a 1944 steel penny, as these are very valuable and rare coins.

Additionally, the melt value of a 1944 steel penny is approximately negligible anyway, although the melt value will fluctuate with the market.

Circulation Strike Value Chart

	Coin Names And Coin Values
Grade Names	1944 Steel Penny	1944-D Steel Penny	1944-S Steel Penny
Good – G	N/A	N/A	N/A
Very Good – VG	N/A	N/A	N/A
Fine – F	N/A	N/A	N/A
Very Fine – VF	N/A	N/A	N/A
Extra Fine – XF	N/A	N/A	N/A
About Uncirculated – AU	$36,000-$43,000	$35,000-$47,000 (53-55)	N/A
Mint State – MS	$48,000-$180,000 (61-64)	$53,000-$87,000 (61-63)	$487,000 (66)

What Makes A 1944 Steel Penny Valuable?

1944 steel pennies are highly valuable coins. This is due to their extreme rarity, grading, and the fact that they’re error coins.

Let’s start with grading.

Grading

As with any coin, grading adds to the value of a 1944 steel penny. Even the lowest known grades for these pennies bring in tens of thousands of dollars. This value increases significantly in the Mint-State grades.

It is worth noting that grading information doesn’t exist yet for many of the 1944 steel penny’s grades due to its extreme rarity. However, even grades outside of About Uncirculated and Mint State would likely be valuable.

Rarity

The Mint minted 1944 steel pennies approximately 25 to 30 times across all of its versions. The true amount is unknown.^1-6

The rarity of 1944 steel pennies significantly adds to their value. 

For reference, the Mint minted over 2 billion 1944 copper pennies. As a result, even the highest grades of the rarest versions fall short of the known values of a 1944 steel penny.^7-12 

Mint Marks

The U.S. Mint accidentally minted 1944 steel pennies at their Philadelphia, Denver, and San Francisco locations. 

Philadelphia coins have no mint mark, Denver coins have a “D” mint mark beneath the year on the obverse side, and San Francisco coins have an “S” in the same spot.^1-6 

Of the three, the San Francisco coins are the most valuable, the Denver coins are the next most valuable, and the Philadelphia coins after that.

Strike Types

The 1944 steel penny only has a circulation-strike type.^13-14 This does not make the penny valuable, but it’s quite valuable without a proof-strike or special-strike version because it is an error coin.

Design Variations

The 1944 steel penny has no design variations.

Special Designations

The 1944 steel penny has no special designations. 

Error Coins 

The 1944 steel penny is an error coin itself, significantly adding to its value. 

No known additional error coins exist for the 1944 steel penny. 

Die Varieties

No known die varieties exist for the 1944 steel penny.

However, please note that two die varieties exist for 1944 copper pennies: the 1944-D/S and 1944-D/D varieties. You can identify these by looking at the “D” mint mark. You have one of those varieties if you see a faint “D” or “S” beneath it.^15-19 

We mention this because, while it is improbable these varieties exist for 1944 steel pennies, it never hurts to check in case they do. Finding one of these would significantly add to the value of your 1944 steel penny, just like those varieties do for 1944 copper pennies.

Composition

The 1944 steel penny’s steel composition doesn’t add to its value in the sense that the amount of steel in this penny is not all that valuable.

However, the fact the 1944 steel penny is made from steel makes it very valuable since 1944 steel pennies were supposed to be made from copper.

How Do You Know If You Have A Valuable 1944 Steel Penny?

The best way to know if you have a valuable 1944 steel penny (or any coin) and to get that value out of it is to have it professionally certified.

All 1944 steel pennies are valuable, as only approximately 25 to 30 are known to exist.

However, some are more valuable than others, depending on their grade and minting location.

Let’s start with grading.

Grading

All grades are valuable for 1944 steel pennies. However, the fewer imperfections and mistakes your 1944 steel penny has, the more valuable it is.

We always recommend handling any coins with care. Wear soft cotton gloves and hold the coins between your thumb and index finger.

Do not polish or clean your coins.

We’re mentioning this now because these steps (and others) preserve the value of a coin. These steps are especially important to take with extremely rare and valuable coins like 1944 steel pennies.

Mint Marks

Philadelphia versions of the 1944 steel penny have no mint mark beneath the year on the coin’s obverse side (the front).

Denver versions have a “D” beneath the year. 

San Francisco versions have an “S” beneath the year.

Strike Types

The only strike type for a 1944 steel penny is a circulation strike. There are no known proof- or special-strike versions for this coin. 

Design Variations

The 1944 steel penny has no design variations.

Special Designations

The 1944 steel penny has no special designations.

Error Coins

The 1944 steel penny has no error coins. It’s an error coin itself, making it very valuable.

Die Varieties

No known die varieties exist for the 1944 steel penny.

However, we again recommend checking for signs of an “S” or “D” mint mark beneath a 1944-D steel penny. These varieties are unlikely to exist for 1944 steel pennies as they do for 1944 copper pennies but double-checking is still a good idea, just in case.

How Do You Know If You Have A Legitimate 1944 Steel Penny?

Counterfeit coins exist. This is especially true for valuable coins like the 1944 steel penny.

So, it can be challenging to determine if you have a legitimate 1944 steel penny or if the one you’re considering buying is legitimate. 

The good news is there are several steps you can take to ensure you have a legitimate coin.

Let’s start with only buying from reputable sites.

Only Buy From Reputable Sites

Check our “Where To Buy” section below for examples of reputable sites. Of course, those aren’t the only reputable coin-selling sites on the internet, but they’re an excellent place to start. 

Regardless, here are some things you can look for to determine if a site is reputable or not:

• Review their credentials
• Check how long they’ve been in business
• See what users are saying (ideally somewhere else than on the site)

Only Buy From Reputable Sellers

Part of what makes a site reputable is how consistently and thoroughly it ensures the credibility of sellers and their products. 

This doesn’t mean you should take this for granted, though. Even reputable sites can make mistakes or get fooled.

In other words, checking a seller’s previous auctions and feedback is worthwhile.

See If The Coin Is Magnetic

Steel is magnetic. Copper is not. 

So, if your 1944 steel penny responds to a magnet, that’s a good sign.

Weigh Your Coin

Steel pennies weigh 2.70 grams (0.0952397 ounces), while copper pennies weigh 3.11 grams (0.109702 ounces).

So, a steel penny weighing the proper amount is another good sign.

Check The Date

Some people may try to turn a 1943 steel penny into a 1944 steel penny by altering the “3” into a “4.” 

So, looking for signs of tampering around the penny’s date is worthwhile. 

Check For Certification Or Involve A Professional

Any 1944 steel penny (or any coin) should have a certification from a professional. If it doesn’t, ask the seller to get one, then double-check the certification.

Trust Yourself

You know what feels right and what doesn’t. If a coin feels off somehow or the price seems too good to be true, you can always walk away.

Additional Information About The 1944 Steel Penny

History

The 1944 steel penny exists because of the 1943 steel penny. 

The 1943 steel penny exists because the U.S. needed copper during World War II. To continue minting pennies, they turned to zinc-coated steel, resulting in the 1943 steel penny.

However, the steel pennies had several issues. These included problems with moisture and people mistaking the pennies for dimes. 

Ultimately, the 1943 steel pennies, although historically unique and interesting (this was the only time the U.S. made a steel coin, after all), proved to be frustrating and unpopular.

As a result, the Mint switched to pennies made from copper and brass shell casings in 1944.

This should have meant the end of producing steel pennies. 

But error coins (called transitional error coins) occur anytime the U.S. Mint switches what they make coins from. These coins are made from what the previous coins were made from, such as the 1944 steel penny being made from the steel 1943 pennies were made from.

So, although the true number is unknown, the Mint did produce approximately 25 to 30 1944 steel pennies. 

^{Sources: 4,20}

The Coin’s Obverse Side

The 1944 steel penny’s obverse side showcases Abraham Lincoln’s profile as the coin’s centerpiece. The words “In God We Trust” follow the coin’s rim above Lincoln. “Liberty” sits to Lincoln’s left by his collar, and “1944” sits to his right.

The Denver version of the 1944 steel penny has a “D” underneath the year.

The San Francisco version has an “S” underneath the year.

^{Sources: 1-6}

The Coin’s Reverse Side

“One Cent” and “United States Of America” fill the reverse side of the 1944 steel penny. Two pieces of wheat curve around those words. “E Pluribus Unum” curve around the rim at the top. They mean “Out of many, one,” which is the motto of the United States Of America.

^{Sources: 1-4}

Has The United States Made Any Other Coins From Steel?

No, the United States has not made any other coins from steel.

Sources

1944 Steel Penny Value Guide Sources