1944 Steel Penny Value, Best Grades, Mint Types

The 1944 Steel Penny is one of the most expensive coins in existence.  And in our opinion, one of the best in terms of an ultra-low-cost investment.

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Most probably created by accident, this off-metal error coin relates to WWII. Copper was traditionally used and was required for several military-related purposes as the U.S. battled Axis powers in multiple theatres.

The Buffalo Nickels is the king of kings in natural beauty and is one of the prettiest U.S. coins ever struck. It would help if you considered picking up these coins at a crack in quantities of 50 or more.

Top Rare Coin Investments

  • 1909 Lincoln Cent: MS64 to MS66
  • 1921 Peace Dollar: MS64 to M66 
  • 1878 CC Morgan Silver Dollar: MS61, MS62, MS63, MS64, MS65 

BONUS: To assist our loyal readers in obtaining maximum return on investment (ROI) when investing in rare coins, we will provide the optimal coin grades when recommending an asset (i.e., MS61, MS64).

Without further ado, let’s dissect the 1944 Steel Penny, including typical values, the history of the coin, and exactly why it’s worth so much in the first place.

 

1944 Steel Penny

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It’s thought that up to two dozen copies of the 1944 steel penny exist, but how was it made in the first place?  Likely, a few steel planchets (a plain metal disc used to create a coin) were leftover from ’43, when steel could be used instead of cash.

Popular Investment: 1923 Peace Dollar

If you think you might have found an elusive 1944 steel penny, here’s what to do. 

First of all, get some scales ready! 

One thousand nine hundred forty-four steel pennies weigh 2.7 grams, compared to 3.11 grams found with the ordinary copper coin. Alternatively, you could use a magnet to check out the steel content contained within. If it sticks, you could be in luck.

Mint Types

There’s only one mint type for the 1944 Steel Penny. It’s thought that up to two dozen copies of the 1944 steel penny exist, but how was it made in the first place? Likely, a few steel planchets (a plain metal disc used to create a coin) were leftover from ‘43, when steel was briefly used for coins.

Popular Investment: 1923 Peace Dollar

If you think you might have found an elusive 1944 steel penny, here’s what to do. First of all, get some scales ready!

1944 steel pennies weigh 2.7 grams, compared to 3.11 grams found with the ordinary copper coin. 

Alternatively, you could use a magnet to check out the steel content contained within. If it sticks to the magnet, you could be in luck.

Mint Types

As it was produced in error, there’s only one mint type for the 1944 Steel Penny.

 

What does a 1944 Steel Penny look like?

A 1944 steel penny looks like an ordinary penny, besides the fact the color is NOT copper and looks much close to a dime. This instantly creates one of the most gorgeous, unique, and handsome rare coin in the galaxy.

If you do NOT already have 1944 in your coin investment portfolio, make a chance now!

Visit eBay’s rare coins and search “1994 Steel Penny”.

 

1944 Steel Penny Values

A coin in average condition has an estimated value of at least $77,000. A copy in certified mint state (MS+) condition could be worth $110,000 at auction. Their rarity is one reason they’re so expensive, but it’s also down to the coin’s composition.

PRO-TIP: The 100% best way to check the latest values of the 1944 Steel Penny is to visit the eBay Rare Coins page and search for recently sold 1944 Steel Pennies via the advanced search.

Zinc-coated steel is an unstable alloy, and many of the coins suffer from some form of damage or rusting.

Due to the vast sums they sell for, there’s a not-insignificant black market, with several fakes and forgeries being sold at any time.

We’d stick to graded options with clear provenance and be wary, especially if a deal seems too good to be true. 

 

Investment Outlook and History

1943 saw a switch to a zinc-coated steel composition to help save copper for World War II ammunition, although the coin confused many people, as it was regularly mistaken for a dime.

It was also susceptible to rust, which leads to issues with the overall condition in the present day. (The coin also didn’t work well with existing vending machines.)

Due to the above reasons, they switched to the Wheat Penny composition of 95 percent copper and 5 percent zinc.

Trending: Best 1945 Lincoln Wheat Penny

Even though the United States Mint switched pennies from a steel composition to copper in 1944, some steel planchets were left behind in the presses, presumably by accident. 

Thus, the 1944 Steel Penny was created.

Despite sometimes being called ‘silver pennies’, these 1944 coins have no silver content whatsoever.

 

1944 Steel Penny Auctions

The best place to purchase a 1944 Steel Penny is eBay or Heritage auctions.

eBay may have a more excellent selection, but Heritage typically has the higher value 1944 Steel Penny up at auction. PCGS.com is also a solid rare coin sales destination online.

 

How to ID a Fake 1944 Steel Penny

Sorry, if the penny fails to stick to a magnet, it’s a fake.

1944 fake steel penny

You can also tell it’s a fake by simply looking at it. The steel penny will be lighter in color (almost a silver type color) while the penny will be more bronze.

Have a rare coin but are unable to ID it?

Email ID@coinvalueinvestor.com, and we will attempt to ID the coin and provide an estimated value.

 

How Many 1944 Steel Pennies Were Made

More than two billion of these bad boys were made, but the exact amount is unknown. If you have insider information regarding the penny number count or would like to sell one, please email sales@coinvalueinvestor.com.

Do you have a 1944 Steel Penny or any rare coin but don’t know the value? Please email value@coinvalueinvestor.com to receive an estimated price. Please include 2 photos when making a value request.

 

Buyers Rating and Investment Outlook

Currently, the prices of rare coins and metals (aka hard assets) are at a fraction of their all-time highs.

What do the Wall Street wolves say? – Buy at the bottom, sell at the top.

Now is a superb opportunity to diversify your stock/ETF portfolio and aim for attractive returns with rare coins and precious metals.

1994 Steel Penny Investment Rating:  94 out of 100

The 1944 steel penny is a mistake, but it’s a wonderful one, and the reason for its existence in history is vital for the U.S. and the world itself. 

With limited copies and the majority being worth tens of thousands of dollars, it’s a great choice if you’re looking for a solid investment piece that will likely retain value in the long term.

Keep an eye out for fakes and forgeries, such as zinc-coated copper pennies, regularly mis-sold as the real deal.