As a long-time coin collector and dealer specializing in 20th-century U.S. coinage, I‘ve always had a soft spot for the Lincoln wheat cent series. These iconic pennies, with their enduring portrait of our 16th president on the obverse and the simple-yet-elegant wheat ear reverse, were struck continuously from 1909 through 1958 and stand as one of the most popular collector coins around.
The 1945 wheat penny is a perennial favorite among both novice and advanced collectors. Struck in substantial numbers as the U.S. Mint ramped up coin production following the end of World War II, these cents are readily available and affordable in circulated condition yet challenging and valuable to collect in the higher uncirculated grades.
Whether you‘re just starting out with pennies or you‘re a die-hard wheat cent aficionado, this comprehensive guide will tell you everything you need to know about collecting the 1945 Lincoln cent. From mintages and conditions to errors and varieties, we‘ll cover all the factors that determine the 1945 penny‘s value and desirability in today‘s market.
The Post-War Penny Boom
To fully understand the 1945 penny, it helps to set the historical stage. The United States entered World War II in late 1941, and the war effort soon began to strain the nation‘s resources. Copper, a critical ingredient in shell casings and other military equipment, was needed for the war effort, so in 1943 the Mint switched to zinc-coated steel cents to conserve it. These emergency "steelies" proved unpopular with the public, so in 1944-1945 the Mint transitioned back to a modified bronze alloy made from spent shell casings.
The steel and "shell case" cents of 1943-1944 are an interesting collecting niche in their own right, but as the war ended in 1945 the Mint was able to resume normal bronze cent production. With the post-war economic boom just beginning, demand for coinage surged. The Mint responded by striking nearly 1.5 billion pennies across all three mints in 1945, a substantial increase over the war years.
Here‘s how that record-breaking mintage broke down by facility:
| Mint | Mintage | Mint Mark |
|---|---|---|
| Philadelphia | 991,655,000 | None |
| Denver | 266,268,000 | D |
| San Francisco | 181,770,000 | S |
The Philadelphia Mint, as usual, coined the lion‘s share, but Denver and San Francisco also contributed substantially to the 1945 penny population. While over a billion cents is a staggering number, some of these issues are scarcer than others today, especially in choice uncirculated condition.
Collecting the 1945 Penny
For new collectors just getting started with the Lincoln series, the 1945 penny is an ideal type coin. It‘s common enough that you won‘t have any trouble tracking down a nice circulated example for a few dollars, yet it also offers some real challenges and substantial values in the upper grades. Let‘s take a look at the key factors that determine a 1945 penny‘s desirability to collectors.
Condition
As with all collectible coins, condition is paramount when assessing a 1945 wheat penny. Coins are graded on the 70-point Sheldon Scale, which ranges from Poor (barely identifiable) to Perfect Uncirculated (MS70). Here are the most common grade ranges for 1945 cents:
- Good (G-4): Heavy wear with the date and design still visible but lacking detail.
- Fine (F-12): Moderate wear but most design elements still discernible. A typical, well-circulated coin.
- Very Fine (VF-20): Light to moderate wear on the high points but generally sharp overall.
- Extremely Fine (EF-40): Only the highest points show slight wear; nearly full details.
- About Uncirculated (AU-50/53/55/58): Virtually no wear but may show slight friction or loss of luster.
- Uncirculated (MS-60 to MS-70): No wear at all from circulation. Graded on luster, toning, marks, and overall eye appeal.
In general, uncirculated examples are the most desirable to collectors, and they command substantial premiums over circulated pennies. But as we‘ll see, the specific mint mark also has a big impact on value.
Mint Marks
In 1945, all three then-active U.S. Mints struck Lincoln cents: Philadelphia, Denver, and San Francisco. The Philadelphia cents have no mint mark, while the Denver coins are marked with a "D" and the San Francisco pieces with an "S".
As noted above, Philadelphia coined the highest number of pennies in 1945 by far, so cents with no mint mark are the most common. Denver struck the second-highest number, followed by San Francisco. This mintage difference means that the S-mint 1945 pennies are generally the scarcest and most valuable, especially in the higher uncirculated grades.
Here‘s a detailed breakdown of 1945 penny values by grade and mint mark (as of June 2023):
| Grade | 1945 (P) | 1945-D | 1945-S |
|---|---|---|---|
| G-4 | $0.15 | $0.15 | $0.15 |
| F-12 | $0.20 | $0.25 | $0.30 |
| VF-20 | $0.30 | $0.50 | $1.00 |
| EF-40 | $0.50 | $0.75 | $2.00 |
| AU-50 | $1.50 | $2.50 | $4.00 |
| MS-60 | $4.00 | $5.00 | $8.00 |
| MS-63 | $10 | $20 | $16 |
| MS-65 | $20 | $45 | $50 |
| MS-67 | $150 | $400 | $500 |
As you can see, values for the 1945-S jump significantly in higher circulated and uncirculated grades compared to the P- and D-mint coins. This is due to both the lower mintage and the higher average quality of coins saved from the San Francisco facility.
Record Prices
For most collectors, assembling a nice circulated set or an uncirculated 1945 penny collection by mint mark is a challenging yet attainable goal. But a select few 1945 pennies have sold for astronomical sums due to their extraordinary quality and eye appeal.
The current record-holder for the series is a phenomenal 1945-D graded MS68 Red by PCGS. This pristine, blazing red example displays nearly flawless surfaces and sold for an astonishing $15,863 USD in a 2007 auction. No other 1945 penny has come close to topping that price since.
A 1945 Philadelphia MS68 Red PCGS coin held the top spot for a few years after selling for $8,913 in 2016. That same year saw a 1945-S MS67+ Red PCGS realize an impressive $7,475. These prices underscore the immense demand for high-grade registry-quality Lincoln cents from this era.
While five-figure 1945 pennies are likely out of reach for most collectors, it‘s good to be aware of these super-grade examples and their effect on the overall market. Finding choice original red uncirculated 1945 cents remains a top objective for many wheat penny enthusiasts.
Error Varieties
No discussion of 1945 penny values would be complete without touching on the various error coins and die varieties that arose during this year‘s colossal mintage. While mint errors occurred regularly during this period, some are scarcer and more valuable than others. Here are a few of the top 1945 penny error varieties to look for:
1945 Double Die Obverse (DDO): This variety shows clear doubling on the obverse lettering, date, and wheat ears. A nice example can fetch $50 to $100 or more depending on the strength of the doubling.
1945-D/S Over Mint Mark (OMM): In a fascinating minting blunder, some Denver dies were overpunched with an S mint mark, creating a hybrid D/S impression. Values range from $100 to over $1,000 for gem uncirculated examples.
1945 Off-Center Strike: Pennies struck 5-10% or more off-center are relatively common from this period and provide an affordable error type for collectors. Values start around $50 for a 10% clip and can exceed $500 for a dramatic 50%+ off-center strike.
While mint errors are a collecting specialty all their own, having a few in your 1945 penny set can add character and value. Assembling a complete collection of 1945 errors is a fun challenge for the variety-focused collector.
Collectible Qualities Beyond Grade
While numeric grades are the universal language of coin collecting, several other factors can affect a 1945 penny‘s desirability and market value. Here are a few things savvy collectors look for:
Color and Luster
For uncirculated 1945 cents, blazing full red color and satiny luster are the benchmarks of quality. But some collectors prefer coins with softer red or partial red-brown patinas that convey a sense of originality. Luster ranges from a soft glow to a hard mirror-like flash, with most collectors favoring the former.
Toning
Toning refers to the interplay of color on a coin‘s surface caused by interaction with the environment over time. 1945 pennies can develop lovely rainbow toning with shades of red, gold, green, and blue if stored in certain paper envelopes or albums. Attractive toning can significantly boost a coin‘s eye appeal and value.
Striking Quality
The depth and clarity of a coin‘s design elements is a function of its striking quality. Some 1945 cents are weakly struck, with mushy details in Lincoln‘s hair and the wheat ears. Others are boldly impressed with razor-sharp features. All else being equal, a sharply struck penny will be more desirable than a softly struck one.
Planchet Quality
Planchets are the blank metal discs that a coin is struck on. Sometimes these planchets can have defects like laminations, clips, or cracks that occurred before striking. While technically mint errors, these planchet flaws are also collected as a distinct category and can add interest to a 1945 penny.
Eye Appeal
At the end of the day, a coin‘s aesthetic charm comes down to that elusive quality known as eye appeal. Do the color, luster, and striking quality come together in a way that‘s visually stunning? Eye appeal can make the difference between an average coin and an exceptional one, and it has a huge impact on 1945 penny values in today‘s market.
Tips for Collecting
Are you ready to start building your 1945 Lincoln penny collection? Here are some tips to keep in mind as you hunt for these classic American coins:
1. Buy the best you can afford. It‘s better to have a few high-quality coins than a large number of low-grade ones. Focus on eye appeal and strike when selecting uncirculated examples.
2. Collect by mint mark. Assembling a complete 1945 penny set by mint mark is a great way to learn about the series. The P and D mints are the most affordable, while the S-mint coins are the key to a high-end set.
3. Consider the entire series. The 1945 penny is just one entry in the sprawling Lincoln wheat cent series that ran from 1909 to 1958. Collecting other noteworthy issues like the 1909-S VDB, 1914-D, 1922 No D, and 1931-S can provide valuable context for your 1945 coins.
4. Focus on quality over quantity. It‘s tempting to amass a large hoard of circulated 1945 pennies, but discriminating collectors know that quality is king. Hold out for technically strong coins with good eye appeal, even if it means having fewer pieces overall.
5. Store your pennies properly. Wheat cents are prone to tarnishing and discoloration if not stored correctly. Use inert plastic flips or archival-quality albums to preserve your coins‘ color and surfaces over the long term.
Market Outlook
So what does the future hold for the 1945 Lincoln cent? As with all collectibles, the market is constantly evolving based on supply and demand. But there are some encouraging signs for long-term 1945 penny values.
For one thing, the overall Lincoln cent market remains robust, with high-grade registry sets and key dates commanding record prices in recent years. The 1945 penny may not be a key date per se, but it‘s an important entry in the series and one that many advanced collectors pursue in top grades.
There‘s also the matter of sheer Demographics. As Baby Boomers and Generation X continue to age, they‘re likely to have more disposable income to spend on nostalgic collectibles like wheat pennies. This could drive up demand and prices for high-quality 1945 cents in the coming decades.
Of course, the future is always uncertain, and collecting should ultimately be about passion rather than profit. But for those who appreciate the history and artistry of the Lincoln cent series, the 1945 penny is a fascinating and rewarding coin to pursue. With its combination of affordability, variety, and challenge, it offers something for collectors of all levels.
Final Thoughts
In the vast expanse of numismatic history, the humble 1945 wheat penny may seem like a minor footnote. But for those who take the time to study and appreciate this coin, it reveals a wealth of stories and collecting opportunities.
From the post-war penny boom to the remarkable quality of certain high-grade survivors, the 1945 cent embodies the enduring appeal of the Lincoln series. Whether you‘re drawn to the coin‘s historical significance, its striking beauty, or its sheer popularity with collectors, there‘s no denying the allure of a choice 1945 penny.
As you embark on your own collecting journey with these classic American coins, remember to take your time and savor the hunt. Cherrypick for quality, study the nuances of the series, and don‘t be afraid to hold out for coins that truly speak to you. With patience and persistence, you can assemble a 1945 penny set that will be the pride of your collection for years to come.
Happy collecting!
