1945 Penny Value: Shell Case Cents, 1945-D, 1945-S and Varieties

A circulated 1945 penny is worth about 5 to 10 cents as of October 2026, whether it has no mint mark, a D or an S. Red uncirculated coins sell for about $16 to $18 in PCGS MS65. The exceptions are the 1945 doubled die obverse, FS-101, which PCGS lists at about $40 in MS60 and $500 in red MS65, and the finest red coins, which have sold for $6,600 to $20,400 at Heritage.

The 1945 cent is one of the wartime "shell case" cents, made of 95 percent copper and 5 percent zinc from 1944 to 1946. That story is real, but it does not make the coin scarce: Philadelphia alone struck more than a billion. Here is how to check whether yours is one of the few that matter.

Quick answer

• A worn 1945, 1945-D or 1945-S penny is worth about 5 to 10 cents, as of October 2026.
• Red MS65 coins are about $16-18 in the PCGS price guide; MS67 red runs $85-260 depending on the mint.
• The 1945 doubled die obverse FS-101 lists at about $40 (MS60), $200 (MS64) and $500 (MS65 red) with PCGS.
• The 1945 doubled die reverses catalogued by CopperCoins are minor and list at about $2-15 even in gem.
• Top sales: a PCGS MS67+ red 1945 for $20,400 (2022), an MS68 red 1945-D for $14,400 (2019) and an MS68 red 1945-S for $6,600 (2025), all at Heritage.

How do you value a 1945 penny, step by step?

Read the mint mark, judge wear and color, then look for the few varieties that pay.

1. Confirm the wheat reverse. Two wheat stalks around ONE CENT on the back means a wheat cent. Every 1945 cent has this reverse.
2. Read the mint mark under the date. No letter is Philadelphia, 1,040,515,000 struck. D is Denver, 266,268,000. S is San Francisco, 181,770,000. These are the mintages listed by PCGS CoinFacts.
3. Judge wear. Look at Lincoln's cheekbone and jaw and at the lines in the wheat stalks. Worn high points mean a circulated coin worth a nickel or a dime.
4. Judge color. Uncirculated cents are graded red (RD), red-brown (RB) or brown (BN). Shell case cents often tone to a slightly brassy or olive brown; full, even orange-red is what earns the gem prices.
5. Look at the obverse for doubling. With a 10x loupe, check LIBERTY, IN GOD WE TRUST, the date and Lincoln's eye. PCGS lists one 1945 doubled die obverse, FS-101. CopperCoins also catalogs minor dies with a doubled eyelid, which list at a few dollars.
6. Look at the reverse for doubling. On a doubled die reverse, the extra thickness or spread shows on E PLURIBUS UNUM, the dots between words and the wheat stalks.
7. Check the mint mark for repunching. A second, offset D or S inside or beside the main letter is a repunched mint mark (RPM). They exist for 1945-D and 1945-S but most are worth a few dollars.
8. Price from sold results for the same mint, grade, color and variety.

What is a 1945 penny worth?

Prices as of October 2026. Circulated values are from the CopperCoins series price guide (August/September 2026 edition); red uncirculated values are from the PCGS price guide, with Heritage results for the top grades.

Notice the gap between MS67 and the next step up. The PCGS guide puts a red 1945 Philadelphia cent at about $260 in MS67 but about $6,250 in MS67+, because so few reach that level. The Denver and San Francisco coins are easier in top grades, which is why their MS67 values are lower even though their mintages were smaller.

What is a shell case penny?

It is a cent from 1944, 1945 or 1946, struck in 95 percent copper and 5 percent zinc after the 1943 steel experiment ended. In December 1943 the Treasury announced that the steel cent would be discontinued and that some of the metal for the new coins would come from melted small arms ammunition shells, according to the Lincoln cent history on Wikipedia, which cites Q. David Bowers. Numismatic writer Shane Anderson doubts that any shells were melted down except perhaps ceremonially, so treat the "made from shell casings" story as wartime publicity with some truth behind it rather than a fact you can see on the coin.

What matters for value is simple: you cannot tell a 1945 shell case cent from a prewar bronze cent by weight, and color alone is not a reliable guide. Both weigh 3.11 grams. The alloy change carries no premium, and no 1945 cent is worth more because of its metal. If you have a 1943 gray cent in the same jar, that one is steel and has its own story; see our 1943 steel penny guide.

Is there a 1945 doubled die penny?

Yes, PCGS lists one: the 1945 doubled die obverse, FS-101, graded in brown, red-brown and red. The PCGS price guide values a red example at about $40 in MS60, $100 in MS63, $200 in MS64 and $500 in MS65. Sales are thin. The PCGS auction record for a red coin is $395 for an MS64 on eBay in January 2019. Treat these as rough figures, and compare your coin with the PCGS plate photos before assuming you have it.

Beyond FS-101, the specialist catalogs list many minor 1945 doubled dies. CopperCoins catalogs 27 doubled die obverses for Philadelphia, 20 for Denver and 9 for San Francisco. Most show "extra thickness" on the lettering or a doubled eyelid and list at about $2 in F12 to $14-22 in gem uncirculated. Collectors of these varieties exist, but a minor die will not change your coin's value by more than a few dollars.

What about the 1945 doubled die reverse?

The 1945 doubled die reverses are real but minor. CopperCoins catalogs 16 doubled die reverses for 1945, all from Philadelphia, and none for Denver or San Francisco. One, cross-referenced as Wexler WDDR-025, shows extra thickness on all the reverse devices and lists at $3 in F12, $6 in EF40 and $15 in gem. Another shows light separation in the left wheat stalk and the first half of the motto and lists at $2 to $14. There is no FS-numbered 1945 doubled die reverse in the PCGS variety listings, and no 1945 reverse variety with a large premium.

So if you find thick, doubled-looking letters in E PLURIBUS UNUM on a 1945 cent, it may well be one of these listed dies. It is a nice find for a variety collector and worth a few dollars, not hundreds. Our guide to error coins worth money explains why hub doubling, the kind on these dies, differs from machine doubling.

What grade and color factors move a 1945 penny's price?

The brown figures are from the CopperCoins guide, which lists a brown MS65 1945 at $6 and a 1945-D at $7.80. For how these grades are judged, see the coin grading scale guide.

A worked example

Say you find a 1945-S in a roll of wheat cents. It has light wear on the cheek, a little brown toning, and under a loupe the S looks thick on its left side, with a faint extra curve. On the back, E PLURIBUS UNUM looks normal.

The coin is circulated, so its base value is about 5 to 10 cents. The extra curve on the S could be a repunched mint mark. CopperCoins lists the most visible 1945-S, RPM-001, as an S/S to the west, with a lightly spread extra left curve, at about $1 in F12 and $3 in AU50. So even if the match is confirmed, the coin is worth a dollar or two to a variety collector. Keep it in the wheat cent jar or sell it with a roll; it does not justify grading.

Common mistakes

• Thinking shell case cents are rare. More than 1.4 billion 1945 cents were struck across the three mints.
• Expecting a 1945 to be steel. Only 1943 cents were steel. A gray 1945 is almost always plated or altered.
• Calling machine doubling a doubled die. A flat shelf on one side of each letter is common and adds nothing.
• Pricing from the MS67+ column. Four- and five-figure prices are for a handful of coins in PCGS holders.
• Cleaning the coin. It removes the original color that sets uncirculated prices.
• Overpaying for a minor DDR. Listed 1945 reverse doubled dies are worth a few dollars.

How WorthPic reads 1945 penny photos

WorthPic runs on the newest and most capable AI model available, tuned for exactly this kind of identification. From photos of both sides it reads the date and the D or S, confirms the wheat reverse, judges wear and estimates color. It looks at the obverse lettering, the eye and the reverse motto for the raised second image of hub doubling and separates it from flat machine doubling where the photo allows, and it checks the mint mark for repunching. It then gives an honest value range in US dollars with a most likely figure, explains what drives it, and says which close-up would settle any doubt. It cannot judge an MS67 from a phone photo, and it cannot attribute a minor variety the way PCGS, NGC or a variety specialist can. It identifies and estimates. It does not authenticate, grade or appraise.

What to photograph

• Both sides straight on, in daylight without glare.
• The date and mint mark close up, with the letter in sharp focus.
• LIBERTY, IN GOD WE TRUST and Lincoln's eye close up.
• E PLURIBUS UNUM and the top of the wheat stalks close up.
• The cheek at a slight angle to show wear.

When to get it looked at in person

A worn 1945 needs no expert; dealers buy wheat cents by the roll or by the pound. If you think you have the FS-101 doubled die, compare it with the PCGS photos, then show it to a dealer who handles Lincoln varieties and send it to PCGS or NGC for attribution. For minor doubled dies and repunched mint marks, a variety specialist or a club such as CONECA can confirm the die, but grading fees will usually exceed the value. Only a spotless, fully red coin you believe can reach MS67 or better is worth grading for its condition alone. For the rest of the jar, see what pennies are worth money and our wheat penny value guide.

Sources

• PCGS CoinFacts: 1945, RD: mintage, red price guide by grade and the $20,400 MS67+ red record.
• PCGS CoinFacts: 1945-D, RD: Denver mintage, red price guide and the $14,400 MS68 red sale.
• PCGS CoinFacts: 1945-S, RD: San Francisco mintage, price guide and the $6,600 MS68 red sale.
• PCGS CoinFacts: 1945 DDO FS-101, RD: FS-101 price guide and auction record.
• CopperCoins: 1945 date guide: circulated and brown values from the August/September 2026 guide and the count of catalogued doubled dies and RPMs.
• Wikipedia: Lincoln cent: the December 1943 Treasury announcement, the copper-zinc alloy and doubts about melted shell casings.