1945 Penny Value Guide

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Many collectors begin their journey in coin collecting with Lincoln's Wheat cents, also called "Wheaties," which are a popular and affordable starting point in numismatics.

Known as one of the most iconic pieces in U.S. coinage history, the Lincoln cent, precisely the wheat cent variety, has captured the interest of collectors worldwide. Its value can vary significantly depending on its condition.

The most valuable Wheat Pennies list

For instance, 1945 Lincoln wheat pennies in uncirculated condition, graded MS67, can be worth as much as $6,000. However, with a total mintage of over 1 billion coins, they are far more common in circulated conditions and typically value around $10. Like many other widely minted coins, their worth increases dramatically when preserved in pristine, uncirculated states.

Further in this article, I will explore the key factors that may influence the value of the 1945 Lincoln Cent.

Key Takeaways:

• The Lincoln Cent was Designed by Victor David Brenner in 1909, featuring the bust of President Lincoln on the obverse and wheat stalks on the reverse;
• The coin was minted at three U.S. Mint facilities: Philadelphia, San Francisco, and Denver. Philadelphia had the highest mintage, but the most valuable coins come from Denver, where uncirculated examples are rarer;
• The 1945 wheat penny is made with a unique alloy of 95% copper and 5% zinc;
• Since pennies are relatively common, their value mainly relies on mint marks and condition, assessed by grade and their coloration;
• In circulated condition, all 1945 pennies in Philadelphia, Denver, and San Francisco are valued at about $1;
• In uncirculated red condition, a Philadelphia coin averages $500 but can reach as high as $20,000. Denver-minted red examples can fetch up to $16,000, while San Francisco examples can command up to $7,500.

Historical Context and 1945 Penny values

The 1945 Lincoln penny was minted during a pivotal year marking the end of World War II. In fact, some of the 1945 wheat pennies were actually produced using recycled metal from military shell casings.

Read all about the 1944 Wheat Penny value.

Designed by Victor David Brenner in 1909, the 1945 Wheat Penny features the portrait of Abraham Lincoln on the obverse design and wheat stalks on the reverse side. This coin is arguably one of the most recognizable coins ever produced by the US Mint.

The coin is composed of 95% copper and 5% zinc, common for most years of Lincoln Wheat Penny coins.

The Lincoln Pennies Wheat design symbolizes productivity, renewal, and prosperity, with its materials reflecting wartime resource management. Its historical context and enduring design make it a significant piece of U.S. coinage history with a value that far surpasses its face value.

Factors Affecting 1945 Penny Value

Mint Varieties and Their Impact on 1945 Penny Value

The 1945 Wheat Lincoln Penny with the Wheat Reverse design was minted in different quantities at three different facilities from the United States Mint: Philadelphia (no mint mark), Denver (D mint mark), and San Francisco (S mint mark).

While the San Francisco Mint had the lowest mintage at 181,770,000 compared to Denver’s 266,268,000 and Philadelphia Mint at 1,040,515,000, survival rates in uncirculated condition tell a different story. San Francisco pennies are more common in grades MS60 to MS68, making them less scarce despite their low production number.

Pennies from Denver Mint, however, are harder among the three varieties to find in pristine condition, contributing to their higher value. For instance, a Denver penny in MS68 is worth $16,000, while a San Francisco coin in the same grade and similar population can sell at $7,500.

(Their prices might vary during auctions due to bidding dynamics. )

This scarcity in high-grade examples makes Denver mint struck pennies the most valuable of the three mints, even though they were produced in higher numbers than San Francisco's.

Here's a list of the most valuable pennies ever sold.

Condition of the Penny and Its Effect on 1945 Lincoln Cents Value

Coin grading is the most reliable method for assessing a coin's condition, especially when it comes to old coins. It involves a group of professionals, often from third-party grading companies like PCGS and NGC, who use a universally recognized numeric scale to evaluate and classify the coin's state of preservation.

Coin grading assigns a specific grade to a coin based on its condition, ranging from Poor (P-1) to Perfect Mint State (MS-70). And when it comes to Lincoln Cents, colors will also be part of the grading, as it will indicate the coin's condition.

This system ensures consistency and objectivity when assessing value.

Mint State Grade (MS60 to MS70): Coins in this uncirculated grade show no signs of circulation and retain their original luster. They are perfectly preserved, with no wear or loss of surface detail. An extremely fine grade within this range (MS67–MS70) indicates exceptional quality, with fewer imperfections visible even under magnification.

Circulated Condition (Grades 1 to 58): These coins display varying degrees of wear from use in circulation. Lower grades (1–20) indicate heavy wear with significant loss of detail (especially on Lincoln's shirt) ,while higher grades (50–58) exhibit only minor wear, often limited to the highest points of the design

Lincoln Wheat Pennies Colors

For copper coins, color is a key indicator of condition and plays a significant role in determining these Abraham Lincoln coin values.

Copper is a reactive metal that darkens over time due to exposure to air and environmental factors. Freshly minted, copper coins exhibit a bright red-orange hue, gradually turning brown as oxidation sets in.

Numismatists classify copper coins into three primary color categories:

Brown (BN): Coins with a predominantly deep brown color have undergone significant oxidation and often show more wear. As a result, they are typically less appealing to collectors.

For instance, a Denver 1945 penny in brown (BN) condition reached an auction record of $5,000 (PCGS Genuine) on December 22, 2020, via eBay.

Source: PCGS || 1945-D 1C, BN (Regular Strike)

Red and Brown (RB): These coins display a combination of red and brown tones, indicating partial oxidation. They occupy a middle ground in terms of collector appeal. While less valuable than RD coins, they are still sought after for their balance of originality and preservation.

Source: PCGS || 1945-D 1C, RB (Regular Strike)

Red (RD): Coins in this category retain their original reddish-orange color, which is the initial color of copper when its freshly mint, making them the most desirable and valuable.

For example, a Denver-minted 1945 Lincoln wheat penny-graded MS68RD set an auction record of $14,400 on January 14, 2019, at Heritage Auctions.

Source: PCGS || 1945-D 1C, RD (Regular Strike)

This classification system helps collectors and numismatists assess a coin’s condition and potential value. Coins with better-preserved color, particularly RD examples, are generally more desirable.

Understanding these grading categories allows collectors to make informed decisions when buying, selling, or preserving copper coins.

Error Coins

There are only a limited number of errors officially recognized by the NGC Variety Guide. Below, I have separated a few of the officially registered errors.

Complete list of the most valuable error pennies

1945 1C Double Die

Source: PCGS || 1945 1C DDO FS-101, RD (Regular Strike)

Doubled die (also known as hub doubling) is a term in numismatics that refers to the duplication of design elements on a working die. This occurs during the striking process due to a misalignment between the die and the hub.

In the example above, the double punching created a doubled image of the word "LIBERTY." Most collectors are willing to pay hundreds of dollars for error coins, as they are typically rare.

Not only the error itself but also the good condition of the coin will determine the coin's value. The coin shown is worth around $500 in uncirculated condition (MS65).

1945 S/S Repunched Mint Mark

Source: NGC|| 1945 S/S VP-002 Once Cent Mint State

A repunched mintmark variety occurs when the letter punch used to imprint the mintmark onto the working die creates two or more offset impressions.

In this instance, the mintmark was repunched east of its initial impression. On the open market, a similar coin has been sold for $19.95.

If you’d like to learn more about who appears on the penny coin, check out our article here.

Final Thoughts

In this article, I explored the key factors that influence the value of a 1945 penny. While this coin series is not rare and relatively accessible to collectors, its value can increase significantly based on its condition.

We call them "condition rarities". This means well-preserved examples, especially those in exceptional grades, command higher prices than a pocket change.

Additionally, for copper coins like this, the color and overall appearance are crucial in determining their worth.

Lastly, I highlighted how auctions can further drive up the price of such coins due to competitive bidding. For those looking to acquire a 1945 penny in circulating condition (but in red color), they are widely available at an affordable price, often around $1.