If you are a coin enthusiast, you are probably familiar with the bronze 1944 Lincoln pennies. However, the highly coveted steel versions are rare and have an interesting history. So, what makes the 1944 steel penny special? This guide will delve into the unique aspects of these coins, from their creation during World War II to their current value.
History of 1944 Steel Lincoln Cent
The steel penny was made during World War II to conserve bronze, the metal generally used for making pennies. What makes the 1944 “steelies” unique is their scarcity and the fact that they are now worth several hundred thousand dollars—or even millions. While around 40 mintages of these coins have been reported, experts believe there are more. These coins were minted in San Francisco, Denver, and Philadelphia, with the 1944-S being the rarest off-metal strikings.
The 1944 Lincoln Cent followed the experimental 1943 Lincoln Steel Cent, which was the first U.S. cent not struck in copper. The 1943 zinc-plated steel cents were produced from February to December 31. For the 1944 issue, the Acting Secretary of the Treasury filed notice on December 15, 1943, to revert to bronze cents. Three days later, President Franklin D. Roosevelt signed the necessary authorizations into law.
The 1944 Lincoln cent had an astronomically high mintage, being the first U.S. cent with over one billion coins struck. Production of the 95% copper, and 5% zinc coin commenced on January 1, 1944. While some shell casing material was utilized, numismatic researcher David W. Lange argues that the mintage was too high for all coins to be struck from reclaimed war materials.
Specifications
Year of Issue: 1944
Denomination: One Cent (USD)
Mint Mark: None (Philadelphia), D (Denver), S (San Francisco)
Mintage: 1,435,400,000 (Philadelphia)
Alloy: 95% Copper, 5% Zinc
Weight: 3.11 g
Diameter: 19.00 mm
Edge: Plain
Design
Obverse Side
The obverse side shows Abraham Lincoln’s face. Above his head is the inscription “IN GOD WE TRUST.” To the left of Lincoln is the word “LIBERTY,” and to the right is the minting year, 1944, along with the mint mark if applicable (D for Denver, S for San Francisco, or no mint mark for Philadelphia).
Reverse Side
The reverse side shows the face value “ONE CENT” flanked by two wheat sheaves. It also has the nation’s name, “UNITED STATES OF AMERICA,” and the motto “E PLURIBUS UNUM” at the top, meaning “Out of many, one” in Latin.
Rarity and Condition
During WWII, millions of steel coins were produced in a single year in the U.S. However, only about 40 steel pennies were minted in 1944, making them extremely rare. The 1944 steel pennies were struck using leftover steel blanks from 1943 during normal bronze cent production in 1944. As a result, these off-metal strikings are much rarer and more valuable than the 1943 steel pennies.
Errors
Some known errors for the 1944 steel penny include:
Double Denomination Planchet Struck Error: This occurs when a planchet intended for one denomination is struck with a different denomination’s design.
Double Die Obverse Error: Features doubled images on the obverse side because of a misaligned die.
Off-Center Strike Error: This happens when the coin is not struck in the center, resulting in part of the design being missing.
Strike-Through Reverse Error: This occurs when a foreign object is struck into the coin during minting, leaving an impression on the reverse side.
Value of 1944 Steel Lincoln Cent
The value of a 1944 Steel Penny can vary extremely depending on its condition. Circulated examples can range from $7,200 to $12,000 (VF20 grade) or $18,750 to $31,250 (AU53 grade). Uncirculated coins can bring between $45,000 and $75,000 (AU55 grade) and may even reach up to $500,000 (MS66 grade).
Also Read – 1931 S Lincoln Cent: A Guide for Coin Enthusiasts
Conclusion
The 1944 steel penny is a captivating and rare piece of numismatic history. Minted during a time of material conservation during World War II, these coins were a result of using leftover steel blanks from the previous year’s production. With only about 40 known to exist, the 1944 steel penny is highly coveted by collectors and can fetch substantial prices at auction. Whether you are a seasoned collector or a newcomer to the hobby, the 1944 steel penny represents a unique and valuable addition to any collection.