The 1945 Lincoln wheat penny is the last of the wartime pennies. By the time these coins were rolling off the presses, World War II was ending. Germany surrendered in May. Japan followed in August. The massive military machine that had reshaped American coinage was winding down.
But the Mint was still using recycled brass from spent shell casings, the same source material it had turned to in 1944 after the unpopular 1943 steel penny experiment. The shell case composition would continue through 1946 before the original bronze alloy returned in 1947.
The 1945 penny is common by every measure. Over 1 billion were struck. You can find them in almost any collection of old coins. But at the very top of the grading scale, where coins retained their full original Red copper luster for over 80 years, the 1945 wheat penny becomes genuinely scarce and surprisingly valuable.
Standard 1945 Wheat Penny Values by Mint Mark
| Mint Mark | Mintage | Circulated Value | Uncirculated (MS65 Red) |
|---|---|---|---|
| No mint mark (Philadelphia) | 1,040,515,000 | $0.03 to $0.10 | $10 to $20 |
| D (Denver) | 266,268,000 | $0.03 to $0.10 | $12 to $22 |
| S (San Francisco) | 181,770,000 | $0.03 to $0.15 | $15 to $30 |
Total mintage: 1,488,553,000 coins.
Philadelphia's production alone exceeded one billion, making the 1945 no mint mark penny one of the most abundant dates in the wheat penny series. San Francisco again had the lowest output, but at 181 million coins, it is still far from scarce in circulated grades.
The Premium for Red Specimens
The color designation is the single biggest factor in determining the value of an uncirculated 1945 penny. Here is how dramatically the color affects pricing for the San Francisco mint mark.
| Grade | Brown (BN) | Red Brown (RB) | Red (RD) |
|---|---|---|---|
| MS63 | $2 to $4 | $4 to $8 | $8 to $12 |
| MS65 | $5 to $10 | $8 to $15 | $15 to $30 |
| MS67 | $20 to $40 | $40 to $80 | $180 to $220 |
| MS68 | Extremely Rare | Extremely Rare | $5,000 to $20,400 |
At MS68 Red, the prices reflect genuine rarity. Very few 1945 pennies from any mint have been preserved in that condition for over 80 years. A 1945 penny graded MS68 Red by PCGS sold for $20,400 at auction, making it one of the most expensive regular issue wheat pennies ever sold.
Why Shell Case Cents Look Different
If you compare a 1945 penny side by side with a 1941 penny or a 1940 penny, you may notice a subtle difference in color. The shell case alloy (95% copper, 5% zinc) tends to develop a more brassy or yellowish tone over time compared to the warmer reddish brown of the true bronze alloy (95% copper, 5% tin and zinc).
This difference is because tin in the pre war bronze helped stabilize the copper's color during oxidation. Without tin, the shell case cents oxidize differently. Experienced collectors can sometimes identify shell case cents by eye just from their patina, especially in Red Brown or Brown grades.
1945 Wheat Penny Errors Worth Money
Lamination Errors. The shell case alloy was sourced from recycled military brass, which sometimes contained impurities. These impurities could cause the metal to separate in layers during the striking process. A 1945 S penny with a prominent lamination flaw can sell for $90 to $200.
Die Cracks and Die Breaks. With over a billion coins to produce, dies wore out quickly. Late state dies developed cracks that transferred raised lines onto the coins. Large die breaks near the rim (cuds) are particularly sought after and can bring $25 to $100.
Repunched Mint Mark. Both the D and S mint coins exist with repunched mint marks showing the letter stamped in slightly different positions. These varieties are worth $10 to $50 in circulated grades, more in uncirculated.
Off Center Strikes. Coins that were not properly aligned in the press show a shifted design. A 1945 penny struck 10% to 50% off center with the date visible sells for $20 to $150.
Broadstrikes and Clipped Planchets. Broadstrike errors (struck without the collar die) result in wider than normal coins and sell for $15 to $40. Clipped planchet errors, where part of the blank was cut away before striking, bring $10 to $30.
Doubled Die Varieties. Some 1945 cents show doubling on the obverse lettering or date. While not as dramatic as the 1941 DDO, confirmed doubled die 1945 pennies can bring $25 to $150 depending on the strength of the doubling.
Recent Auction Results
| Coin | Grade | Sale Price | Year |
|---|---|---|---|
| 1945 Lincoln Cent | PCGS MS68 Red | $20,400 | 2023 |
| 1945 S Lincoln Cent | PCGS MS68 Red | $6,000 | 2024 |
| 1945 D Lincoln Cent | PCGS MS68 Red | $5,040 | 2024 |
| 1945 S Lincoln Cent | PCGS MS67 Red | $204 | 2025 |
| 1945 Lincoln Cent | PCGS MS67+ Red | $360 | 2024 |
What to Do If You Find a 1945 Wheat Penny
Step 1: Check the mint mark. Look on the obverse below the date. No letter means Philadelphia. "D" means Denver. "S" means San Francisco.
Step 2: Assess the color. Is your coin still showing bright copper color (Red)? Or has it toned to brown? The color makes a massive difference in uncirculated grades. Even a slight trace of remaining original luster (Red Brown) is worth more than a fully toned coin.
Step 3: Look for errors. Use a magnifying glass to check for lamination flaws (peeling or bubbling on the surface), die cracks (raised lines), and doubled lettering on LIBERTY and IN GOD WE TRUST.
Step 4: Check the condition. Examine Lincoln's cheekbone and the hair detail above the ear. If there is no wear on these high points, the coin may be uncirculated. Also check the wheat ears on the reverse for full separation between the individual lines.
Step 5: Do not clean it. Shell case cents are especially sensitive to cleaning because the zinc in the alloy reacts differently to chemicals than true bronze. Cleaning can leave a distinctive artificial appearance that experienced collectors recognize immediately and that will reduce the coin's grade and value.
The End of Wartime Coinage
The 1945 penny marks the closing chapter of the most turbulent period in American coinage history. The story begins with the standard bronze cents of 1940 and 1941, continues through the final bronze issue of 1942, detours through the famous steel cents of 1943, and resolves with the shell case cents of 1944 and 1945.
Shell case production would continue into 1946, the last year of the wartime alloy, but the war was over. Copper supplies normalized. By 1947 the Mint returned to the original bronze formula. The wartime penny experiment was finished.
For collectors, the 1945 wheat penny is an affordable way to own a piece of wartime history. Common circulated examples cost pocket change. But if you find one in a roll or collection that still shines with full Red copper luster, you may be holding something considerably more valuable. At the very top grades, these "common" coins become anything but.
Sources
Written by
Thomas Whitfield
Numismatic writer and ANA member covering rare coin values and collecting strategies.
