Most 1944 pennies were made of copper and are very common, worth just a few cents. However, an extremely rare version was mistakenly struck on a steel planchet leftover from 1943.
The U.S. Mint intended to return to copper in 1944, but a few leftover steel blanks from 1943 were accidentally used, creating the rare 1944 Steel Wheat Penny.
Experts estimate that fewer than 30 authentic 1944 steel cents exist today, making them one of the rarest error coins in American history.
In 2021, a 1944-S Steel Lincoln Cent (minted in San Francisco) graded MS66 by PCGS sold at auction for an incredible $408,000, setting a record.
A true 1944 steel cent will stick to a magnet and have a silver-gray color instead of the usual copper-red. Be careful, though — many fake versions are simply plated copper coins.
Higher-grade examples (especially Mint State with sharp details) are worth exponentially more. Even lower-grade 1944 steel cents can sell for tens of thousands.
Due to high demand and frequent counterfeiting, owning a 1944 steel penny requires professional authentication and grading by companies like PCGS or NGC to confirm it's genuine.