1945 Wheat Penny Value Guide

The 1945 Wheat Penny Value

1945 wheat pennies remain identical or nearly identical in value across all 3 minting locations, even when shifting from brown to red-brown and red pennies.

Nearly all grades provide minimal to no increases in value, except the highest mint-state grades for red pennies, which see significant jumps.

An N/A for a value below indicates no publicly known examples of that version of the 1945 wheat penny with that grade, or no value information (or not enough) exists for it yet.

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

The 1945 wheat penny’s melt value is approximately negligible. The melt value will fluctuate with the market.

Circulation Strike Value Chart – Brown Coins (BN)

	Coin Names And Coin Values
Grade Names	1945 Brown Wheat Penny	1945-D Brown Wheat Penny	1945-S Brown Wheat Penny
Good – G BN	$0.11	$0.11	$0.12
Very Good – VG BN	$0.11	$0.11	$0.12
Fine – F BN	$0.12	$0.12	$0.13
Very Fine – VF BN	$0.12	$0.12	$0.13
Extra Fine – XF BN	$0.13	$0.13	$0.14
About Uncirculated – AU BN	$0.15-$0.28	$0.15-$0.28	$0.16-$0.24
Mint State – MS BN	$0.37-$37 (67)	$0.37-$35 (67)	$0.42-$37 (67)

Circulation Strike Value Chart – Red-Brown Coins (RB)

	Coin Names And Coin Values
Grade Names	1945 Red-Brown Wheat Penny	1945-D Red-Brown Wheat Penny	1945-S Red-Brown Wheat Penny
MS 60 RB	N/A	N/A	N/A
MS 61 RB	N/A	N/A	N/A
MS 62 RB	N/A	N/A	N/A
MS 63 RB	$2	$2	$2
MS 64 RB	$2	$2	$3
MS 65 RB	$8	$8	$8
MS 66 RB	$16	$16	$18
MS 67 RB	$53	$50	$49
MS 68 RB	N/A	N/A	N/A
MS 69 RB	N/A	N/A	N/A
MS 70 RB	N/A	N/A	N/A

Circulation Strike Value Chart – Red Coins (RD)

	Coin Names And Coin Values
Grade Names	1945 Red Wheat Penny	1945-D Red Wheat Penny	1945-S Red Wheat Penny
MS 60 RD	$1	$3	$2
MS 61 RD	$2	$4	$3
MS 62 RD	$3	$6	$5
MS 63 RD	$5	$8	$6
MS 64 RD	$11	$12	$10
MS 65 RD	$20	$19	$19
MS 66 RD	$38	$32	$32
MS 67 RD	$280	$170	$100
MS 68 RD	$4,500	$17,000	$10,000
MS 69 RD	N/A	N/A	N/A
MS 70 RD	N/A	N/A	N/A

What Makes A 1945 Wheat Penny Valuable?

Factors playing a part in a 1945 wheat penny’s value include grading (especially mid-to-late mint-state grades), the rarity of some versions, minting location in some cases, special designations, and whether or not they’re error coins or die varieties. 

Let’s start with grading.

Grading

Grading plays an important factor in a 1945 wheat penny’s value. 

However, you won’t see grading playing a factor until late-mint-state grades for brown pennies, mid-mint-state grades for red-brown pennies, and the same for red pennies.

The fact is that 1945 wheat pennies are incredibly numerous (as you’ll see in the “Rarity” section below), so many examples exist of all versions of the coin. This becomes less and less true as you get into those mid-to-late mint-state grades, and even more so for red-brown and red pennies. 

This is why an MS 68 RD 1945 wheat penny has a value up to $17,000, for example.

Rarity

The Mint minted 1945 wheat pennies approximately 1,448,553,000 times across all of its versions. Please see the following list for the breakdown for each version:

• 1945: 1,040,515,000 minted in Philadelphia^1,4
• 1945-D: 226,268,000 minted in Denver^2,7
• 1945-S: 181,770,000 minted in San Francisco^3,5

The 1945 penny’s high minting amount does not contribute to its overall value. 

Mint Marks

The U.S. Mint minted 1945 wheat pennies in Philadelphia, Denver, and San Francisco.

All three are essentially identical in value, with rare exceptions.

Strike Types

1945 wheat pennies only have circulation-strike coins.^16,17 This means Mints produced them with less care than proof-strike coins. 

However, as with any circulation-strike coin, some still end up with nice details and few imperfections. This increases their grade and value.

Design Variations

The 1945 wheat penny has no design variations.

Special Designations

1945 wheat pennies have three special designations, all based on the coin’s color.

The first is red, which is the most valuable.

The second is red-brown, which is the next most valuable.

The last is brown, which is the least valuable.

Error Coins 

1945 wheat pennies benefit from a variety of errors that increase their value.

These errors include but are not limited to the following types:¹⁸ 

• Die break errors
• Broadstrike errors
• Wrong-planchet errors
• Struck off-center errors
• Clipped planchet errors

Of all these error types, wrong-planchet errors are the most valuable. They add hundreds or even thousands of dollars in value to a 1945 wheat penny.

The remaining errors add tens or hundreds of dollars in value, typically falling somewhere between $30 and $150.

Die Varieties

The 1945 penny has 2 die varieties.^19-21 These include the:

• Doubled-die obverse variety
• S/S (repunched “S”) variety

These can both add value to the coin. They both add a comparable value, equating to tens of or a hundred or so dollars.

Composition

The 1945 wheat penny is 95% copper and 5% zinc. This does not add to the coin’s value. However, melt values do fluctuate with the market.

How Do You Know If You Have A Valuable 1945 Wheat Penny?

The best way to know if you have a valuable 1945 wheat penny (or any coin) and to get that value out of it is to have it professionally certified.

However, you can look for many elements to get you started in determining what coin you have.

Let’s start with grading.

Grading

Every grade has specific qualifications your 1945 wheat penny (or any coin) must meet. 

This is especially important with circulation-strike coins, which all 1945 wheat pennies are, because many are less likely to qualify for the higher grades.

To qualify for those higher grades, a coin must show no signs of wear, few imperfections such as scratches, and have a good luster (shine).

Mint Marks

Look on the obverse side of your 1945 wheat penny for the mint mark. Specifically, look under the year.

No mint mark means Philadelphia minted the coin.

A “D” mint mark means Denver minted the coin.

An “S” mint mark means San Francisco minted the coin.

Strike Types

Since there’s only one, you won’t have to look for anything specific to determine a 1945 penny’s strike type.

What this means is you’re free to turn your attention to looking for other things. Specifically, you can look for the signs of a higher grade or special designation, as mentioned above and below.

Design Variations

The 1945 wheat penny has no design variations.

Special Designations

Determining your 1945 wheat penny’s special designation can be challenging. This is because you have to determine how much of the original red color is remaining. Coin-grading bodies have slightly different metrics for this, but there are some general rules you can follow.

Red pennies have nearly all of their original red color remaining.

Red-brown pennies have most or some of their original red color remaining.

Brown pennies have almost none or none of their original red color remaining.

Error Coins

Identifying an error coin usually comes down to identifying something unusual with your coin. That said, some errors are more difficult to identify than others. Some errors are also difficult to distinguish from others, as some are very similar.

Still, every error coin has some identifiers you can look for to start determining if you have one (although we still recommend working with a professional to officially determine what kind of coin you have). 

To start, die break error coins result when the die striking them breaks. When pressing the planchet (the plain metal disk that becomes the coin), the break fails to press that part of the coin’s design into the planchet. Instead, the metal fills the break, resulting in a raised strip of metal on the coin. 

Die breaks can be minor or major, depending on their size. They can also sometimes grow from die cracks, which are thin lines that resemble cracks in the coin.

Next, broadstrike error coins result when the die strikes the planchet without a collar. A collar limits the size of the coin to what you’d expect. Without one, when struck, the coin will be larger than normal. 

Look for that larger-than-normal size when determining if you have a broadstrike error coin.

Wrong-planchet errors result when the Mint strikes a coin’s design into a planchet intended for a different coin.

In the case of 1945 wheat pennies, some were struck on planchets intended for other kinds of pennies or even other denominations. 

Determining these types of errors is relatively easy because the color, size, weight, or sometimes all three will be off. 

Struck off-center errors result when the die strikes the coin’s design into the planchet off-center in one direction or another. This can result in an incomplete design.

You can identify clipped planchet errors by looking to see if part of your 1945 wheat penny is missing. It will quite literally look like someone clipped off a part of it (or multiple parts of it).

Die Varieties

The first die variety to look for is the doubled-die obverse (DDO) variety. Specifically, doubled-die obverse varieties indicate the front of a coin features at least some doubling. Doubling refers to an element being duplicated.

For example, if letters are doubled, the outline of a second letter would appear to their side. 

In the 1945 wheat penny’s case, you’re looking for evidence of doubling on the word “Liberty” and the date.

You may need some form of magnification, such as a loupe, to identify if your 1945 wheat penny is a doubled-die obverse variety. Sometimes, the doubling is hard to see otherwise. 

The second variety is the S/S (repunched “S”) variety. This only exists for the San Francisco 1945 wheat pennies.

Specifically, you’re looking for evidence of a second mint mark. The first will appear as normal, but there’ll be the faint outline of a second version offset from the first. 

In other words, you’re looking for a second “S.”

Additional Information About The 1945 Wheat Penny

History

1945 wheat pennies are a continuation of the Lincoln wheat cent series, which began in 1909 and ended in 1958. The Lincoln Memorial series would replace it. 

In terms of historical interest, 1945 wheat pennies are notable for one reason: their composition.

Wheat pennies previous to 1944 (and after 1946) featured a 95% copper and 5% tin and zinc composition. However, from 1944 to 1946, the Mint made wheat pennies from 95% copper and 5% zinc. This means those coins were technically brass.

In the grand scheme of things, this is a minor difference, but some collectors swear there is a difference between the pennies from these years and others. 

^{Sources: 1,16-17,22}

The Coin’s Obverse Side

The 1945 wheat penny’s obverse side features President Abraham Lincoln’s profile facing right. His profile fills much of this side of the coin, as it does for other Lincoln pennies. 

To Lincoln’s left is the word “Liberty,” just behind his collar. To his right is “1945,” a little lower than “Liberty.”

Philadelphia coins won’t have a mint mark, but Denver and San Francisco ones will. Their mint marks will be below the year. “D” represents Denver, and “S” represents San Francisco.

The words “In God We Trust” curve around the top of the coin’s rim above Lincoln’s head. 

The rest of this side of the coin is smooth.

^{Sources: 1-7}

The Coin’s Reverse Side

The 1945 wheat penny’s reverse side features the words “One Cent” in the upper center of the coin. They are oversized compared to the other words. The words “United States Of America” rest below them, filling the lower center of the coin. 

Two strips of wheat curve around them, following the curve of the coin’s rim. 

The words “E Pluribus Unum” also follow the curve of the coin’s rim, specifically the upper portion. These words mean “Out of many, one.” They are the motto of the United States.

^{Sources: 1-4}

What Are Shell Case Cents?

Shell case cents refer to pennies made from brass shell casings.^1,16,17,22 No definitive explanation exists for these, or even how many exist. What is definitive is that they do exist, the shell casings came from the military, and they make 1944-1946 wheat pennies more interesting. 

Sources

1945 Wheat Penny Value Guide Sources