What Is a 1944 Steel Penny?
A 1944 steel penny is one of the rarest and most valuable error coins in United States history. Fewer than 40 confirmed examples exist, and the ones that do sell for $75,000 to $408,000 at auction. If you suspect you have one, understanding exactly what makes this coin so extraordinary — and how to verify it — is the first step toward knowing what it is worth.
The error occurred during one of the most unusual periods in American coinage. In 1943, the U.S. Mint had replaced copper with zinc-coated steel to conserve metal for the war effort. When the Mint switched back to copper-based shell case blanks in 1944, a small number of steel planchets from the previous year were left behind in the press hoppers. Those leftover blanks were fed through the presses and struck with 1944-dated dies, creating a coin that was never supposed to exist.
The result is the reverse twin of the famous 1943 copper penny. In 1943, a few copper blanks slipped through when they should not have. In 1944, a few steel blanks slipped through when they should not have. Both are among the most sought-after coins in the hobby, but knowing which mint produced yours — and how to prove it is genuine — determines whether your coin is worth five figures or six.
1944 Steel Penny Value by Mint Mark
Not all 1944 steel pennies are valued equally. The mint mark on your coin — or the absence of one — plays the single biggest role in determining what it is worth. Here is how values break down across the three mints that produced this error.
| Variety | Known Examples | Value Range (2026) | Record Auction Sale |
|---|---|---|---|
| 1944 Steel Penny (Philadelphia, no mint mark) | 25 to 30 | $75,000 to $200,000 | $180,000 (MS64, 2021) |
| 1944-D Steel Penny (Denver) | ~7 | $100,000 to $300,000 | $115,000 (MS63, 2007) |
| 1944-S Steel Penny (San Francisco) | 2 | $200,000 to $500,000+ | $408,000 (VF25, 2021) |
Philadelphia produced the most examples, making it the most "attainable" of the three — though attainable is relative when every confirmed piece costs at least $75,000. Denver's seven known coins sit in a middle tier, while the San Francisco mint produced the fewest and most valuable. Understanding why each mint carries a different premium comes down to survival rates, and the next sections break down each variety in detail.
1944 Steel Penny Value — Philadelphia (No Mint Mark)
The Philadelphia mint produced the largest share of 1944 steel penny errors, with roughly 25 to 30 confirmed examples known to collectors and grading services. This makes it the most frequently encountered variety, though "frequent" is a generous word for a coin with fewer than 30 surviving pieces.
Values for the Philadelphia 1944 steel penny range from approximately $75,000 for lower-grade circulated examples to $200,000 for coins in mint state condition. The NGC Price Guide estimates values between $35,000 and $43,000 for well-worn pieces, but open market results consistently exceed these estimates. A PCGS MS64 example sold for $180,000 in 2021, and another MS64 brought $108,000 at a separate auction the same year.
| Grade | Estimated Value (2026) |
|---|---|
| Good to Very Good (G4–VG8) | $35,000 to $50,000 |
| Fine to Very Fine (F12–VF35) | $50,000 to $85,000 |
| Extremely Fine to About Uncirculated (EF40–AU58) | $85,000 to $140,000 |
| Mint State (MS60–MS64) | $120,000 to $200,000 |
Even at the lower end of the grading scale, a Philadelphia 1944 steel penny commands prices most collectors will never pay for any single coin. But compared to the Denver and San Francisco varieties covered below, the Philadelphia piece offers the best chance of acquisition — if one ever comes to market.
1944-D Steel Penny Value — Denver Mint
The 1944-D steel penny is significantly rarer than the Philadelphia version. Only about 7 confirmed examples are known to exist, making each one a landmark numismatic piece that rarely appears at auction.
Values for the 1944-D steel penny start around $100,000 and climb sharply with grade. The highest-documented sale was $115,000 for an MS63 example from the Simpson Collection in 2007. Two other MS63 pieces sold in 2013, one for $82,250 and another for $79,313. At the MS62 grade level, one achieved $54,050 in 2016 and another brought $52,800 in 2018.
| Grade | Estimated Value (2026) |
|---|---|
| Good to Very Fine (G4–VF35) | $50,000 to $80,000 |
| Extremely Fine to About Uncirculated (EF40–AU58) | $80,000 to $120,000 |
| Mint State (MS60–MS63) | $120,000 to $300,000 |
Because so few examples exist, auctions for the 1944-D steel penny are major events in the numismatic world. Each sale resets the price benchmark. Collectors who want a Denver mint steel cent typically wait years for one to become available. For those who want the rarest variety of all, the San Francisco mint holds that distinction.
1944-S Steel Penny Value — San Francisco Mint
The 1944-S steel penny is the rarest of all three varieties and one of the most valuable Lincoln cents ever produced. Only 2 confirmed examples are known to exist, placing it alongside the 1943 copper penny as one of the great rarities in American coinage.
The record sale for a 1944-S steel penny is $408,000, achieved at a Heritage Auctions sale in 2021 for a VF25 graded piece. The previous record was $373,750, set in 2008. PCGS currently estimates $475,000 for an MS60 example, and specimens grading MS66 could command $500,000 or more if one ever surfaces at auction.
| Grade | Estimated Value (2026) |
|---|---|
| Very Fine (VF25–VF35) | $350,000 to $425,000 |
| Extremely Fine to About Uncirculated (EF40–AU58) | $425,000 to $500,000 |
| Mint State (MS60+) | $475,000 to $800,000+ |
With only 2 known examples, pricing the 1944-S steel penny is more an exercise in estimating what a determined collector would pay than a true market analysis. Each time one appears at auction, it becomes a headline event. The scarcity also means authentication is critical, because the financial incentive to create counterfeits at this value level is enormous.
How to Identify a Genuine 1944 Steel Penny
Given that a confirmed 1944 steel penny is worth six figures, knowing how to separate a real one from a fake is essential. Counterfeits and altered coins far outnumber genuine specimens, so every test matters.
The magnet test. This is the fastest and most reliable first check. A genuine 1944 steel penny will stick firmly to a magnet because the coin's core is steel coated in zinc. A normal 1944 copper penny will not react to a magnet at all. If your 1944 penny sticks to a magnet, proceed to the next tests immediately.
Check the weight. A genuine 1944 steel penny weighs 2.70 grams, the same as a 1943 steel cent. A standard 1944 shell case (copper) penny weighs 3.11 grams. A digital scale accurate to 0.01 grams is essential for this test. If the weight matches 2.70 grams and the coin passes the magnet test, you have strong preliminary evidence.
Examine the color. A real 1944 steel penny has a silvery-gray appearance, identical to a 1943 steel cent. It may show areas of rust or corrosion since the zinc coating was thin and degraded over time. A copper penny that has been plated in zinc or nickel to mimic a steel penny will often look too bright, too uniform, or will show copper color at the edges where plating has worn through.
Check the mint mark. Look below the date on the obverse (front) of the coin. No letter means Philadelphia. A "D" means Denver. An "S" means San Francisco. The mint mark is critical because it determines which rarity tier your coin falls into.
Get professional authentication. If your coin passes the magnet, weight, and visual tests, do not attempt to sell it, clean it, or handle it without gloves. Submit it directly to PCGS or NGC for professional grading and authentication. The authentication fee is trivial compared to the coin's potential value, and no serious buyer will purchase an unslabbed 1944 steel penny.
The prevalence of counterfeits makes professional grading non-negotiable, and it also protects you when navigating the auction process covered in the next section.
Auction Results for 1944 Steel Pennies
Auction records provide the most reliable benchmark for 1944 steel penny values because so few examples trade privately. Here are the most significant documented sales.
| Coin | Grade | Sale Price | Year | Auction House |
|---|---|---|---|---|
| 1944-S Steel Penny | PCGS VF25 | $408,000 | 2021 | Heritage Auctions |
| 1944-S Steel Penny | NGC MS66 | $373,750 | 2008 | Heritage Auctions |
| 1944 Steel Penny (Philadelphia) | PCGS MS64 | $180,000 | 2021 | Heritage Auctions |
| 1944-D Steel Penny | NGC MS63 | $115,000 | 2007 | Heritage Auctions |
| 1944 Steel Penny (Philadelphia) | PCGS MS64 | $108,000 | 2021 | Heritage Auctions |
| 1944-D Steel Penny | NGC MS63 | $82,250 | 2013 | Stack's Bowers |
| 1944-D Steel Penny | NGC MS63 | $79,313 | 2013 | Heritage Auctions |
| 1944-D Steel Penny | PCGS MS62 | $54,050 | 2016 | Heritage Auctions |
The trend across these results shows steady price appreciation, particularly for the San Francisco variety. The 2021 sales cycle marked a high-water point for several varieties, and the current 2025–2026 market continues to show strength for rare error coins. Heritage Auctions has handled the majority of significant 1944 steel penny sales, though Stack's Bowers and Legend Rare Coin Auctions have also facilitated important transactions.
Why the 1944 Steel Penny Is So Valuable
The value of a 1944 steel penny comes from the intersection of three factors that rarely converge in numismatics: extreme rarity, a compelling historical backstory, and broad collector demand.
Extreme rarity. With only 25 to 40 total confirmed examples, the 1944 steel penny is scarcer than most coins that sell for millions. The 1943 copper penny, which routinely sells for $100,000 to $1.7 million, has a similar estimated population. Both coins exist because of the same transitional accident at the Mint — they are mirror-image errors from consecutive years.
A story collectors can understand. The 1944 steel penny does not require specialized numismatic knowledge to appreciate. The story is instantly compelling: the Mint was supposed to use copper, a few steel blanks got mixed in by accident, and fewer than 40 of those mistakes survived. That simplicity gives the coin crossover appeal with non-collectors, which drives demand beyond the traditional numismatic market.
Lincoln cent popularity. The Lincoln penny is the most widely collected coin series in the United States. Millions of people have Lincoln cent albums with an empty slot for the 1944 steel variety. Most will never fill it, but the aspiration keeps demand — and prices — elevated.
These three forces combine to create a coin that holds its value even in soft markets. And for collectors who cannot afford a six-figure error coin, there is a related variety from the same year that offers a similar story at a fraction of the price.
The 1944-D/S Overmintmark — An Affordable Alternative
Not every valuable 1944 penny error requires a six-figure budget. The 1944-D over S overmintmark (cataloged as FS-511) is one of the most popular varieties in the Lincoln cent series and sells for a fraction of the steel penny's price.
This error occurred when a die originally prepared for the San Francisco Mint — bearing an "S" mint mark — was shipped to Denver, where a "D" was punched over the original "S." Under magnification, remnants of the underlying S are clearly visible beneath the D.
| Grade | Value Range (2026) |
|---|---|
| Circulated (G4–VF35) | $50 to $150 |
| About Uncirculated (AU50–AU58) | $150 to $500 |
| Mint State (MS63–MS65 Red) | $500 to $3,000 |
| High Grade (MS66 Red and above) | $3,000 to $30,000+ |
An MS66 RD example was listed on eBay in 2025 for nearly $29,000, and a Legend Rare Coin Auctions sale brought $49,937 for a top-tier specimen. For collectors priced out of the steel penny market, the D/S overmintmark offers a genuine 1944 error with documented provenance and a story worth telling.
What to Do If You Think You Have a 1944 Steel Penny
Finding a genuine 1944 steel penny would be a life-changing numismatic discovery. Here is the exact process to follow if you believe you have one.
Step 1: Do not clean the coin. This is the most important rule. Cleaning a genuine 1944 steel penny can reduce its value by tens of thousands of dollars. Do not use chemicals, polish, abrasives, or even water. Handle the coin by its edges only, ideally while wearing cotton or nitrile gloves.
Step 2: Perform the magnet test at home. Place a standard refrigerator magnet near the coin. If it sticks, you have a steel cent. If it does not stick, the coin is copper and is not a steel penny error — though it could still be a valuable 1944 wheat penny depending on its condition and mint mark.
Step 3: Weigh the coin. Use a digital scale that reads to at least 0.01 grams. A genuine steel penny weighs 2.70 grams. If your coin is magnetic and weighs 2.70 grams, you have very strong preliminary evidence.
Step 4: Submit to PCGS or NGC. Do not rely on local coin shops or online opinions for authentication. Submit the coin directly to PCGS or NGC for professional grading. The cost is minimal compared to the coin's potential value. Request the fastest turnaround tier available given the financial stakes.
Step 5: Contact a major auction house. Once your coin is authenticated and slabbed, reach out to Heritage Auctions, Stack's Bowers, or Legend Rare Coin Auctions. These firms have the collector networks and marketing infrastructure to maximize the sale price of a six-figure rarity.
The 1944 steel penny sits at the intersection of extreme rarity, wartime history, and broad collector demand. Whether you are searching for one, verifying a potential discovery, or simply understanding what makes it valuable, the coin remains one of the most compelling error stories in American numismatics.
Sources
Written by
Thomas Whitfield
Numismatic writer and ANA member covering rare coin values and collecting strategies.
