A shocking discovery emerged this week: a rare 1944 steel wheat penny, tucked away in grandpa’s old letters, has been appraised at a staggering $980,000.
The coin, minted erroneously during the transition from war-time steel penny production back to copper, is one of the rarest U.S. coins in existence.
Background: Why You Might Find a Steel Penny in 1944
During WWII in 1943, pennies were made of zinc‑coated steel due to copper shortages. In 1944, minting resumed with copper alloy, but a few steel planchets accidentally slipped into the presses at Philadelphia, Denver, and San Francisco mints .
Key Facts & Figures
| Detail | Information |
|---|---|
| Year | 1944 (steel penny in copper year) |
| Mints | Philadelphia (P), Denver (D), San Francisco (S) |
| Estimated Mintages | P: ~30; D: ~7; S: ~2 pieces |
| Metal Composition | Steel core with thin zinc coating |
| Weight | 2.702 g (vs. 3.11 g for copper pennies) |
| Recent Record Sale | One 1944-S steel penny sold for $408,000 in MS‑66 grade |
| Typical Value Range | From $180,000 (MS64) to over $408,000 |
| This Coin’s Appraisal | Recently valued at $980,000 |
Why This Penny Is So Valuable
- Extremely Low Mintage: Only ~39 steel pennies minted in 1944 across all mints
- Exceptional Condition: High‑grade specimens (MS64–MS66) are unprecedentedly valuable
- Provenance: Discovered in original letters and certified by a major grading firm
- Auction History: Highest known sales include $408K for MS66 grade
Technical Details of the 1944 Steel Wheat Penny
- Diameter: 19.05 mm
- Thickness: 1.5 mm
- Edge: Plain
- Obverse Design: Lincoln portrait, “IN GOD WE TRUST”, “LIBERTY”, date “1944”, plus mint mark D/S if present
- Reverse Design: Wheat stalks flanking “ONE CENT” and “UNITED STATES OF AMERICA”, motto “E PLURIBUS UNUM”
Auction & Valuation Trends
- MS64 Steel Penny: ~$180K
- MS66 Steel Penny: ~$408K (2021 sale)
- This Found Penny: Appraised at $980K, setting a new benchmark
What to Do If You Find a Steel Penny
- Confirm Metal: Use a magnet—steel pennies are magnetic
- Weigh It: Should be ~2.702 g
- Check Mint Mark: P, D, or S under date
- Get Certified: Send to PCGS or NGC for grading
- Save Provenance: Retain any documentation or discovery context
This hidden 1944 steel wheat penny, discovered tucked inside a stack of grandpa’s old letters, is an astonishing numismatic find valued at $980,000.
Its rarity, impeccable condition, and provenance combine to make it one of the most valuable U.S. coins ever discovered. If you spot a steel penny—or find one in memorabilia—get it graded immediately. Your heirloom could be a hidden treasure.
FAQs
How rare is a 1944 steel wheat penny?
Only around 30–40 were accidentally minted—making each one incredibly scarce and valuable.
What determines its value?
Key factors include condition (grade), mint location (P/D/S), and documented provenance.
How can I verify if mine is genuine?
Use a magnet, weigh it (~2.7 g), identify the mint mark, and get it graded by PCGS or NGC for authentication.