The 1945 Lincoln Wheat Penny, also called the Lincoln cent, holds a small face value of $0.01 but carries a much richer historical and collector’s value. Produced during an era of significant global events, this penny has become a notable item for coin enthusiasts and collectors alike. In this article, we’ll dive into the composition, varieties, and errors of the 1945 Lincoln Wheat Penny, and how much it’s worth today.
What is the 1945 Lincoln Wheat Penny Made Of?
The Lincoln Wheat Penny, first introduced in 1909, has a storied history. The 1945 penny was made with a composition of 95% copper and 5% tin and zinc. This formula was typical from 1909 to 1942 and from 1944 to 1982.
Notably, during the year 1943, the penny was made of steel due to copper shortages during World War II. Starting in 1982, the composition changed to 97.5% zinc and 2.5% copper, reflecting more cost-effective production techniques.
The 1945 penny weighs 3.11 grams and has a 19.05 mm diameter, both standard features for pennies minted before 1982. After that, the weight dropped to 2.5 grams due to the new zinc composition.
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The Historical Design of the Lincoln Wheat Penny
The design of the Lincoln Wheat Penny is as iconic as its history. On the obverse (front) of the coin, you can find the bust of President Abraham Lincoln. The design was created by Victor David Brenner and was introduced in 1909 to commemorate the 100th anniversary of Lincoln’s birth. The obverse also features the inscriptions “In God We Trust,” “Liberty,” and the year of minting, which in this case is 1945.
On the reverse (back), the coin is known for its two wheat stalks flanking the words “E Pluribus Unum,” “One Cent,” and “United States of America.” This design earned the penny its famous nickname, the “Wheat Penny.” The wheat reverse remained in use until 1959, when it was replaced by the Lincoln Memorial design.
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Varieties of the 1945 Lincoln Wheat Penny
The 1945 Wheat Penny was minted at three locations: Philadelphia, Denver, and San Francisco. This means there are three varieties of the 1945 penny:
- 1945-P (Philadelphia) Lincoln Wheat Penny
- Mint Mark: None
- Quantity Produced: 1,040,515,000
- Value Range: $0.50 to $10 or more
- 1945-D (Denver) Lincoln Wheat Penny
- Mint Mark: D
- Quantity Produced: 266,268,000
- Value Range: $0.50 to $11 or more
- 1945-S (San Francisco) Lincoln Wheat Penny
- Mint Mark: S
- Quantity Produced: 181,770,000
- Value Range: $0.50 to $22 or more
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Error Coins from 1945
Due to the massive production of nearly 1.5 billion coins in 1945, the minting equipment was heavily used, resulting in some error coins. These error coins are highly sought after by collectors and include:
- Doubled Die: Caused by the die striking the coin twice, resulting in a doubling of the design elements.
- Clipped Planchet: A defect where the coin appears as if a small portion has been “clipped” off the edge.
- Broadstrike: This occurs when the collar die malfunctions, causing the coin to spread out more than it should, resulting in a wider, flatter appearance.
- Lamination Flaw: A defect in the planchet material that causes parts of the coin’s surface to peel or flake.
These error coins can fetch a premium price depending on their rarity and condition.
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How Much Is the 1945 Wheat Penny Worth Today?
While the face value of the 1945 penny is just $0.01, its collector’s value can range significantly. In circulated condition, most 1945 pennies are worth between $0.50 and $2, depending on the grade and mint mark. In higher uncirculated grades, the value can increase dramatically:
- MS-66 (Mint State 66): $13 to $25
- MS-67: $73 to $228
- MS-68: Up to $14,400 for the 1945-D, one of the highest prices paid for a 1945 penny.
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Where to Buy or Sell the 1945 Lincoln Wheat Penny
If you’re looking to buy or sell a 1945 Wheat Penny, there are numerous options. Popular online marketplaces such as eBay, Amazon, and Etsy offer a wide range of listings.
For those who prefer in-person transactions, coin shops, antique stores, and pawnshops are great alternatives. You can also attend coin auctions for a chance to find rare and valuable specimens.