1944 Lincoln Cent : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..

• The 1944 Lincoln Cent was the first U.S. cent with a mintage of over one billion coins.
• Legend states that they were struck on planchets made from spent brass cartridges during World War II.
• A handful of transitional off-metal errors exist, struck on zinc-plated steel planchets left over from 1943.

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The 1944 Lincoln Cent followed the experimental and largely derided 1943 Lincoln Steel Cent. The 1943 cent was a historic first for the United States Mint: the first one-cent coin not struck in copper. The zinc-plated steel cents entered production in February 1943 and wrapped up on December 31.

For the 1944 issue, the Acting Secretary of the Treasury filed notice of the Treasury Department’s intent to revert to bronze cents on a December 15, 1943, filing. Three days later, President Franklin D. Roosevelt signed the necessary authorizations into law.

The 1944 Lincoln Cent was struck in astronomically high numbers, and at the time it was struck, it was the first U.S. cent with a mintage of one billion coins or more. By the 1980s, the Mint routinely pumped out the same amount in two or three months.

Production of a 95% copper, 5% zinc coin commenced on January 1, 1944. The official story was that the cents were struck using spent brass cartridges from World War II. Numismatic researcher David W. Lange dismissed this idea in his Complete Guide to Lincoln Cents (2nd Ed., 2005), saying that the 1944 Lincoln Cent’s enormous 1,435,400,000 mintage was much too high for all of the coins to be struck from reclaimed war material. Lange acknowledges, however, that shell casing material was utilized to strike some 1944 cents.

How Much Is the 1944 Lincoln Cent in Copper Worth?

The 1944 Lincoln Cent struck in copper is not a rare coin. It saw heavy circulation after its release and only disappeared from circulation due to attrition and the fact that the general public withdrew Wheat Cents from circulation as they became less prevalent a decade or two into production of the Lincoln Memorial Cent. In circulated condition, the 1944 Lincoln Cent remains abundant in “unsearched roll” offerings and other bulk assortments of Wheat Cents.

A run-of-the-mill circulated example might sell on eBay for between 50¢ and $1. In Mint State Red, however, the value of the 1944 Lincoln Cent increases to about $12.50 in MS65RD and about $150 in MS67RD. Many uncertified uncirculated rolls in original Red likely survive, and current data does not reflect the true size of the surviving population. In the top grades, we expect some growth, but the majority of the uncertified Red coins (we estimate) would grade MS65RD or below – which puts these coins below the terminal point for coin certification.

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Market Data and Noteworthy Specimens

The PCGS population of MS67+RD coins stood at just five pieces with none finer when the first example Heritage Auctions offered appeared in September 2014. Since then, the population has increased to 109 (as of October 2024). We’ve also seen a corresponding decline in hammer prices from  $2,232 to about $300 today. With the explosion of MS67+RDs also came a small increase in the number of MS68RD coins.

As mentioned earlier, we do not think a full assessment of the remaining Mint State Red 1944 cents has yet occurred. As collectors sort and submit these coins, we will see continued market declines for these Superb Gem examples.

Also worth noting is that, of the major auction firms, GreatCollections most frequently offers this date in high grade.

Top Population: PCGS MS68RD (4, 10/2025), NGC MS68RD (4, 10/2025), and CAC MS68RD (1:0 stickered:graded, 10/2025).

• PCGS MS68RD CAC #48300232: As PCGS MS68RD #25674724. “The Jerald L. Martin Collection,” Heritage Auctions, January 10, 2019, Lot 4105 – $11,400. Jerald L. Martin Collection on label. As PCGS MS68RD CAC #48300232. “The Whispering Pines Collection,” Heritage, January 16, 2025, Lot 4635 – $10,800. Earned CAC approval after reholdering. Whispering Pines on label. Secure Shield holder.
• NGC MS68RD #2076759-003: Stack’s Bowers, March 1, 2019, Lot 7056 – $1,560; GreatCollections, October 22, 2023, Lot 1443664 – View.
• PCGS MS68RD #43877354: GreatCollections, May 1, 2022, Lot 955521 – View.

• PCGS MS67+RD CAC #49554351: GreatCollections, November 3, 2024, Lot 1685623 – View. Secure Shield holder.
• PCGS MS67+RD CAC #50486943: GreatCollections, October 20, 2024, Lot 1670417 – View. Secure Shield holder.
• PCGS MS67+RD #43661839: GreatCollections, September 29, 2024, Lot 1665979 – View.
• PCGS MS67+RD CAC #35046118: GreatCollections, September 29, 2024, Lot 1644820 – View.
• PCGS MS67+RD #47803777: GreatCollections, August 4, 2024, Lot 1622725 – View. Secure Shield holder.
• PCGS MS67+RD CAC #46252620: GreatCollections, April 14, 2024, Lot 1562582 – View. Secure Shield holder; GreatCollections, June 16, 2024, Lot 1594795 – View. Secure Shield holder.
• PCGS MS67+RD CAC #25629110: GreatCollections, April 7, 2024, Lot 1415266 – View.
• PCGS MS67+RD CAC #37758301: Stack’s Bowers, August 10, 2020, Lot 4560 – $336.
• PCGS MS67+RD #25207737: Heritage Auctions, June 4, 2015, Lot 3213 – $1,057.50.
• PCGS MS67+RD #25276583: Heritage Auctions, September 5, 2014, Lot 3719 – $2,232.50.

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Coin Specifications

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1944 Lincoln Cent Struck on Steel

Possibly 25 to 30 examples exist. The 1944 Steel Cent was discovered by collector Richard Fenton in 1945.

According to David Lange, one example of the 1943 Copper and 1944 Steel Cent was given as a gift to Chief Engraver John R. Sinnock, who later gave them to a “female acquaintance.”

In late 1987, collector Rick Ortega of Jacksonville, Florida, discovered one in an unsearched bag of 1943 steel cents that he purchased from dealer Don Kittsmiller, operator of Duval Coins. Kittsmiller thought the coin was a likely counterfeit, but recommended that Ortega submit the coin to ANACS for authentication.

Collector John Whitney Walter owned at least three examples. The PCGS MS64 population has doubled since 2013.

Top Population: PCGS MS64 (4, 4/2025), NGC AU58 (1, 4/2025), and CAC MS64 (1:0 stickered:graded, 4/2025).

*Note: The CAC census report claims one coin stickered at MS65. No MS65 coin is reported in either NGC or PCGS data.

• PCGS MS64 #48300231: As PCGS MS64 #05571105. Heritage Auctions, June 17, 2021, Lot 3043 – $180,000. As PCGS MS64 #48300231. “The Whispering Pines Collection,” Heritage, January 16, 2025, Lot 4636 – $168,000. Whispering Pines on label. Secure Shield holder.
• PCGS MS64 #25513957: Heritage Auctions, May 9, 2024, Lot 4406 – $108,000. Secure Shield holder.
• PCGS MS64 #18523968: Heritage Auctions, January 2016, Lot 5270; “The Bob R. Simpson Collection, Part VI,” Heritage Auctions, August 18, 2021, Lot 3001 – $108,000. Simpson on insert.
• PCGS MS64 CAC #26441690: Stack’s Bowers, August 14, 2013, Lot 4411 – $158,625.
• PCGS MS63 #689344-010: “The John Whitney Walter Collection,” Stack’s Bowers, August 15, 2018, Lot 1404 – $48,000.
• PCGS MS62 #34859787: Stack’s Bowers, March 22, 2018, Lot 2190 – $45.600.
• PCGS MS61 #31671190: “The Bob R. Simpson Collection,” Heritage Auctions, January 7, 2016, Lot 5268 – $30,550. Simpson novelty insert. Notable deep hit behind Lincoln’s head. Dark spot below B of LIBERTY.

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Coin Specifications

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