What is a 1944 wheat penny?
A 1944 wheat penny is a collectible penny with two wheat stalks. The 1944 wheat penny is known for its iconic design, featuring two wheat stalks on its reverse side and a portrait of former U.S. President Abraham Lincoln on the observable side. It was designed by Victor David Brenner and minted from 1909 to 1958. There’s also a steel wheat penny, which is a steel wheat penny coated in zinc, as well as other variations. Over two billion wheat pennies were minted in 1944 across the three following mints: Philadelphia: The mints lack a mint mark underneath the ‘1944’ text and are the most common mint. Denver: These mints are marked with a small ‘D’ underneath the ‘1944’ text. They are the second most common mint. San Francisco: These mints are marked with a small ‘S’ underneath the ‘1944’ text. They are the rarest mint of the 1944 wheat penny. The steel wheat penny is the rarest, as it was mistakenly made with leftover steel planchets from World War 2.
What is the value of a 1944 wheat penny?
The value of a 1944 wheat penny ranges from a few cents to thousands of dollars. Depending on the mint, condition, and other factors, a 1944 wheat penny can be worth anywhere from $0.20 to thousands of dollars. Other versions of the penny, like ones with misprints or the steel wheat penny, are typically worth more than the standard mints. The price breakdown for each type of wheat penny is as follows: Philadelphia: In mint, uncirculated condition, Philadelphia-minted 1944 wheat pennies can be worth around $3 to $6 per penny. In well-circulated condition, they’re closer to $1. Denver: In mint, circulated condition, Denver-minted 1944 wheat pennies go for around $6.89. In well-circulated condition, they’re around $1-$2. If your penny has a ‘D’ over ‘S’ or ‘D’ over ‘D’ variation, it can be worth more, as these variations typically go anywhere from $5 to over $15,000. San Francisco: Mint, uncirculated San Francisco-minted pennies are worth around $12.95. In well-circulated condition, they’re typically worth around $1. Since it’s the most rare mint, this one is the most valuable. Steel: The steel wheat penny is the most valuable wheat penny. Starting price is typically around $38,500, with one selling for as high as $180,000 in June 2021. Some say it can go for up to $1 million. Rolled Thick Planchet: This thick penny is worth anywhere from $200 to $600 depending on the condition. This is because it’s significantly thicker than the regular 1944 wheat penny.
Factors That Influence the Value of a 1944 Wheat Penny
Mint The mint of your wheat penny is one of the biggest determining factors of its value. Each mint has a different price point, with the Philadelphia mint being the most common and the San Francisco mint being the rarest out of the regular 1944 wheat pennies. The steel penny is worth more than each mint, so if you’ve got your hands on one, don’t let it go unless it’s for the right price.
Condition The condition of a 1944 wheat penny plays a big role in determining its value. The more worn and circulated your 1944 wheat penny is, the less it will be worth. But, if your penny is well-taken care of and uncirculated, then it will be worth more. Uncirculated pennies are typically the most valued, followed by moderately circulated and frequently circulated pennies.
Demand The demand for 1944 wheat pennies fluctuates depending on the mint, misprints, and condition. If you have a rarer mint that has a higher demand, it will typically be worth more, especially if it has a misprint or is steel.
Historical Significance 1944 wheat pennies that were minted in June, July, and August typically have a higher value than pennies minted during other months, as they were minted during the Battle of Normandy. The Battle of Normandy was a pivotal battle during World War 2, as it led to the liberation of France and the downfall of Nazi Germany.
How to Determine the Value of a 1944 Wheat Penny
Check the mint. The mint serves as a sort of basis for determining value, as it gives you a general idea of how much your 1944 wheat penny will be worth. Remember, Philadelphia mints are the most common, so they will be worth the least. Denver mints are the second most common, so they’ll be worth a bit more. The San Francisco mints are the rarest out of the three standard mints, so they will be worth the most (aside from steel or misprinted pennies).
Determine the condition grade. Coin conditions are typically determined by six criteria: color, luster, attractiveness, preservation, strike, and occasionally where it was minted. Many companies and coin collectors use specific scales to determine the condition, like the Sheldon scale, which ranks coins on a 1 to 70 scale and categorizes them from poor to fine, and all the way to perfect mint state. Consult the Sheldon scale with your coin to determine its condition.
Look for defects and misprints. 1944 wheat pennies with defects and misprints are typically valued higher than standard 1944 wheat pennies. When determining the value of your 1944 wheat penny, look for double-printed ‘D’s or an ‘S’ printed over a ‘D’ on Denver mints. Check the weight on your penny, as well, as some 1944 wheat pennies are thicker than the standard variation, like the rolled thick planchet variation, which typically weighs over 4 grams.
Check how much that variation is currently going for. Different 1944 wheat pennies have different values, especially depending on the demand of specific variations. Steel wheat pennies will typically be in higher demand than Philadelphia-minted ones, for example. Before putting a price tag on your 1944 wheat penny, check how much it’s currently going for by consulting different coin collectors and connoisseurs.
How to Spot Fake 1944 Wheat Pennies
Look for a flat face. On fake coins, the face will typically be flatter than on real coins, which feature faces that protrude off of the coin. Fakes may be slightly raised, but they typically won’t have raised, or defined features. Check areas like the cheek or cutoff point of Lincoln’s suit and see if they protrude off the coin.
Compare the price of the listing to typical 1944 wheat penny prices. Before deciding to buy a specific listing, compare its cost to that of typically 1944 wheat prices to see if there are any major discrepancies. Depending on the dealer, you may be getting overcharged for a 1944 wheat penny that doesn’t have much value. Do your research on the value of the wheat penny you’re looking into to avoid buying a fake.
Inspect the quality and compare it to the grade. By getting familiar with the coin grading system, you can determine whether a seller is being truthful about the quality of a coin. Observe the condition and compare it to the grade that is listed by the seller to determine whether the coin is fake or not. For example, if a coin is said to be in Mint State (MS) but is extremely worn , chances are it’s fake.
If it’s said to be steel, test it with a magnet. Since the 1944 steel wheat pennies are, well, steel, then they are magnetic. If you suspect a 1944 steel wheat penny to be fake, test it with a magnet to determine whether it’s the real deal or not.
Final Takeaways
Depending on different factors, the 1944 wheat penny can be highly valuable. Depending on the mint, condition, and types of errors, the 1944 wheat penny can be valued up to hundreds of thousands of dollars. The steel 1944 wheat penny is typically the most valuable, while the Philadelphia-minted variation is often the least valuable. The Denver-minted variation can be worth a pretty penny if it has ‘D’ over an ‘S’ or double ‘D’ mint marks. Since this coin is so valuable, make sure to look out for fakes by inspecting the quality and comparing the price to that of other 1944 wheat pennies.
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