1944 Steel Penny Value: What Is Your Coin Worth?

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Numismatics and precious metals expert Max Hockley explains why these old coins are so rare (and valuable)

Co-authored by Max Hockley and Elaine Heredia, BA

Last Updated: March 11, 2026 Fact Checked

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1944 Steel Penny Value

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Factors That Determine Value

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Rarity

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Verifying If It's Real

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1944 Steel vs. Copper Penny

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Buying & Selling

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Video

1944 steel pennies are among the rarest coins in US currency. If you find a real one, you can usually sell it for a pretty big chunk of change! But just how much are these coins worth? In this article, we explore the potential value of a 1944 steel penny and compare it to a 1944 copper penny. wikiHow also exclusively interviewed a numismatics expert to learn the factors that drive up a coin's value, plus find out why 1944 steel pennies are so rare. Let's go!

What is the value of a 1944 steel penny?

Numismatics and precious metals expert Max Hockley says 1944 steel pennies are extremely rare. They often sell for up to $500,000+. The most valuable 1944 steel pennies are in pristine condition, uncirculated, and minted in Denver. Even circulated 1944 steel pennies in poor condition can go for as much as $25,000.

Section 1 of 6:

How much is a 1944 steel penny worth?

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A 1944 steel penny can be worth as much as $500,000 in pristine condition. According to Hockley, steel pennies minted in 1944 are extremely rare—no more than 50 of them have been discovered! As such, even if you found one in poor condition, it would still be worth a lot of money.^{[1]
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Expert Source

Max Hockley
Numismatics and Precious Metals Expert

Expert Interview} The most valuable 1944 steel pennies feature a "D" mint mark for Denver, where they were minted. But those minted in Philadelphia and featuring a "P" mint mark are also valued for thousands of dollars! Below is a breakdown of how much 1944 steel pennies are worth based on the mint where they were struck, whether they were circulated, and their condition:^{[2]
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- 1944-D Steel Penny
  - Circulated: $30,000-$90,000
  - Uncirculated: $100,000-$150,000
  - Mint State (MS-60): $175,000-$225,000
  - Mint State (MS-63): $250,000-$300,000
  - Gem (MS-65+): $350,000-$500,000 (or more)
- 1944-P Steel Penny
  - Circulated: $25,000-$75,000
  - Uncirculated: $85,000-$125,000
  - Mint State (MS-60): $150,000-$200,000
  - Mint State (MS-63): $200,000-$250,000
  - Gem (MS-65+): $300,000-$500,000 (or more)
Meet the wikiHow Expert

Max Hockley is a numismatics and precious metals expert with over 15 years of experience collecting coins. He has a successful YouTube channel about numismatics and finance with over 238K subscribers.

Section 2 of 6:

Factors Determining the 1944 Steel Penny Value

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Condition "With coin collecting, condition is king," says Hockley. "Even a common date penny can be worth a small fortune if it is in pristine condition."^{[3]
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Expert Source

Max Hockley
Numismatics and Precious Metals Expert

Expert Interview} You can send your coins to a coin grading service like NGC or PCGS. They'll assess and rate its condition, which may help you if you decide to insure or sell it in the future. The highest rating a 1944 steel penny can receive is gem state (MS-65 or greater), which means it has few or no imperfections due to age or use.^{[4]
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- Because 1944 steel pennies are so rare, even the ones in poor condition can sell for up to $90,000!
Hockley says another important factor in a penny's value is its mint mark.^{[5]
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Max Hockley
Numismatics and Precious Metals Expert

Expert Interview} 1944 steel pennies minted in Denver are worth slightly more than the ones minted in Philadelphia. One of these rare coins with a "D" mint mark is typically valued at $25,000-$50,000 more than 1944 steel pennies with an "P" mint mark.^{[6]
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Circulated vs. uncirculated When a coin is circulated, that means it's been used in public cash transactions. The more a coin is circulated, the more it will wear down and devalue. If it's uncirculated, meaning it's never been used for purchases, it maintains its original condition and is worth more.^{[7]
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- For example, a circulated 1944-D steel penny is worth at least $30,000. But uncirculated, its minimum value can jump as high as $100,000!^{[8]
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Section 3 of 6:

Why is the 1944 steel penny rare?

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In 1943, Hockley explains, the US needed copper for World War II. To conserve this precious metal, the government decided to mint the 1943 wheat pennies out of steel instead. In 1944, they switched back to copper, but a few pennies were struck on steel planchets by mistake.^{[9]
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Max Hockley
Numismatics and Precious Metals Expert

Expert Interview} So few of these 1944 steel pennies were minted that they're now considered one of the rarest (and most valuable) coins in US currency!

Section 4 of 6:

How to Tell If a 1944 Steel Penny Is Real

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Some counterfeit 1944 steel pennies are made of copper or bronze and clad in nickel, silver, or pewter to mimic steel's silvery sheen.^{[10]
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Research source} A good test for authenticity is to run a strong magnet over the penny's surface. Steel is magnetic, so if the penny sticks to the magnet, there's a good chance it's real and not just coated to look like steel!^{[11]
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Another way to tell if your steel penny is real is to weigh it on a coin scale. If it weighs 2.7-2.8 g, it's likely a real steel penny.^{[12]
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Research source} If it weighs 3.1-3.2 g, it's probably a bronze coin clad to look like steel. In other words, it's a counterfeit!^{[13]
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You can sometimes tell if a 1944 steel penny is fake by examining the tiny details on the obverse (face) side, reverse side, and edges. Find close-up photos of a 1944 steel penny on the internet, then compare the lettering, spacing, reeded edges, the portrait of Abraham Lincoln, and the sheaves of wheat with your penny. Use a magnifying glass to look for blurred lines, missing or misaligned numbers and letters, incorrect mint marks, and rough texture. These are all signs that your penny is a counterfeit.^{[14]
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Send it to a coin grading service. If you're not a numismatics expert (i.e., a coin enthusiast), then you may want to send your 1944 steel penny to a coin grading service. Prestigious companies like NGC and PCGS can assess your coin, grade it, and tell you if it's authentic. Even if you're confident you have a real steel penny from 1944, getting it graded is a must if you want to sell it.
- PCGS charges a $300 fee to grade rare coins, plus 1% of the final value.^{[15]
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- NGC charges $350, plus 1% of the coin's fair market value.^{[16]
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Section 5 of 6:

1944 Steel Penny vs. 1944 Copper Penny Value

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While a 1944 steel penny will typically get you thousands of dollars at auction, copper pennies from the same year are worth only 5-10 cents, says Hockley.^{[17]
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Max Hockley
Numismatics and Precious Metals Expert

Expert Interview} That's because these pennies are far less rare. If you find one in uncirculated, gem condition, it might be worth up to $400-$600, depending on where it was minted.^{[18]
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A standard wheat penny from 1944 may not be worth much, but if you find one with a mint mark error, that's where the real money is! When the 1944 copper pennies were being minted, some of the dies from the Denver mint were repurposed at the San Francisco mint, and vice versa. This resulted in some pennies being released with a mint mark error, where a "D" was superimposed over the "S," or an "S" was superimposed over the "D." In gem condition, a 1944 copper penny with a mint mark error is worth up to $1,500 or more!^{[19]
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Section 6 of 6:

Where to Buy & Sell a 1944 Steel Penny

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Auction houses Auction houses like Heritage Auctions and GreatCollections are good places to buy (or find a buyer for) a rare 1944 steel penny. Coins submitted to auction houses are graded and authenticated before they go up for bid, so you know you're bidding on the real deal!
- To get the ball rolling on selling your 1944 steel penny at Heritage Auctions, fill out this inquiry form.
- To auction it off through GreatCollections, print and fill out this consignment form, then mail it in with your coin. Be sure to insure the package! That way, if it gets lost in the mail system, you'll get the value you insured the coin for back.
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eBay eBay is an online marketplace where you can auction off items you want to sell, as well as bid on any you want to own. Keep in mind that anyone can sell anything on this website, even fake coins! With that in mind, buy from highly rated, well-reviewed sellers only. You should also always ask for a certificate of authenticity from a coin grading service.
- Similarly, if you're selling an old coin like a 1944 steel penny, get it graded first. Include photos of the certificate of authenticity and the grading information on the listing.