Smart Buying Guide: How to Buy NEWP 1944 Henning Nickel Without Getting Ripped Off
February 19, 2026The Silver & Gold Content of NEWP 1944 Henning Nickel Explained
February 19, 2026
Introduction: The Thrill of the Hunt
You don’t always need a dealer to find this. Here is what to look for when searching through circulation or bulk lots. The 1944 Henning Nickel represents one of the most fascinating counterfeit stories in American numismatics, and discovering one in circulation today is the ultimate cherry picker’s dream.
Historical Significance: The Henning Counterfeit Operation
The Henning Nickel series represents one of the most sophisticated counterfeiting operations in American history. Francis LeRoy Henning, operating from his home in New Jersey during the 1950s, produced counterfeit nickels that were so convincing they circulated widely for years before detection. What makes these coins particularly interesting is that Henning made a critical error that ultimately led to his downfall – he failed to include the proper mint mark on his dies.
The 1944 Henning Nickel is particularly notable because it features the distinctive “looped R” reverse design, a diagnostic marker that helps collectors identify genuine Henning counterfeits. This particular variety shows a distinctive die crack and a hole in the letter “R” of “QUARTER,” making it a prime target for roll hunters and estate sale enthusiasts.
Identifying Key Markers: What to Look For
When searching through rolls, bulk lots, or estate sales, there are several critical markers to examine:
- The Looped R: The most distinctive feature is the “looped R” in “QUARTER” on the reverse. This characteristic loop in the right leg of the R is a dead giveaway for Henning counterfeits.
- Die Cracks: Genuine Henning nickels often show die cracks, particularly around the lettering and date areas. These cracks are consistent across known specimens.
- Edge Characteristics: Henning nickels show distinctive edge slide marks from the blank punching process. These marks are often undisturbed on uncirculated specimens and appear as parallel lines around the edge.
- Surface Texture: As one collector noted, these coins are “quite mushy and grainy” as struck, with a distinctive texture that differs from genuine U.S. Mint products.
- Missing Mint Mark: The most obvious error – the complete absence of a mint mark where one should be present (Philadelphia mint marks were not used on nickels until 1980, but Henning’s coins lack the stylistic elements of genuine pieces).
Die Varieties and Production Details
Research indicates there were at least 12 dies used across the Henning production run (6 obverse and 6 reverse dies). The 1944 date shows at least two distinct reverse dies – one with the looped R and one without. This variety adds another layer of complexity for collectors attempting to assemble a complete set.
The production process itself is fascinating. Henning used homemade dies and a modified press in his basement workshop. The coins were struck with relatively low pressure, resulting in the characteristic mushy detail mentioned by experienced collectors. The edge slide marks are particularly diagnostic, as they show the method used to create the coin blanks.
Grading and Condition Considerations
Grading Henning nickels presents unique challenges. As one experienced collector noted, “Considering they came off the dies with around VF detail, your grade is probably technically correct, but I have never seen an ICG graded example higher than Fine.” This observation highlights the inherent limitations of these counterfeit pieces.
However, mint-state examples do exist. One collector shared images of a true mint-state Henning with “full undisturbed mint luster over the entire surfaces.” The edge slide marks on this specimen were completely undisturbed, indicating it never entered circulation. Such specimens are exceptionally rare and command premium prices.
Most Henning nickels found in circulation today grade between Good and Very Fine, showing typical wear patterns. However, even well-circulated examples can be valuable due to their historical significance and rarity in the collector market.
Value Guide: What Are They Worth Today?
The market for Henning nickels has evolved significantly over the decades. As one collector reminisced, “They used to be under a hundred dollars. But then again, so did my grocery bill.” Today’s market tells a different story.
Current market values for 1944 Henning nickels typically range in the multiple hundreds of dollars, even for well-circulated examples. On platforms like eBay, there are typically 5-10 listed for sale at any given time, with sold listings indicating strong demand.
The premium varieties, such as the 1939 and 1953 Henning nickels, command even higher prices. These dates are considered “serious money” by experienced collectors, with values that can reach into the thousands for exceptional specimens.
Grading service encapsulation can add value and authenticity verification. While ICG (the grading service mentioned in the discussion) does grade these pieces, their grading standards reflect the inherent limitations of the counterfeit production process.
Where to Find Henning Nickels Today
Despite their age and the passage of time, Henning nickels continue to surface in unexpected places. One collector reported finding one “in circulation back in the ’50’s and just recently found one in a roll of war nickels.” This persistence in the marketplace makes them an exciting target for roll hunters.
The best hunting grounds include:
- Bank Rolls: Particularly rolls of war nickels (1942-1945) and early 1950s nickels, as these time periods overlap with when Henning nickels were actively circulating.
- Bulk Lots: Estate sales, storage unit auctions, and bulk coin purchases often contain hidden treasures, including counterfeit pieces that previous owners may have overlooked.
- Flea Markets and Antique Shops: Many dealers don’t recognize Henning nickels, making them prime candidates for misidentification and underpricing.
- Online Marketplaces: While less exciting than the hunt itself, online platforms occasionally list misidentified Henning nickels at bargain prices.
Authentication Tips for Cherry Pickers
When examining potential Henning nickels, use these authentication tips:
- Check for the looped R in “QUARTER” – this is your primary diagnostic marker.
- Examine the edge for characteristic slide marks from the blank punching process.
- Look for the distinctive mushy, grainy texture mentioned by experienced collectors.
- Verify the absence of a mint mark (though be aware this alone is not diagnostic, as genuine 1944 Philadelphia nickels also lack mint marks).
- Compare with known genuine specimens to understand the stylistic differences.
Remember that many Henning nickels have entered collections over the decades, so finding one in circulation today is increasingly rare. However, the possibility remains, making each roll search an exciting prospect.
Conclusion: The Enduring Appeal of Henning Nickels
The 1944 Henning Nickel represents more than just a counterfeit coin – it’s a piece of American criminal history, a testament to human ingenuity (and error), and a fascinating collectible that continues to captivate numismatists decades after its creation. Whether you’re a seasoned roll hunter or a curious collector, the possibility of discovering one of these pieces in circulation adds an element of treasure hunting to the hobby.
As the discussion shows, these coins continue to surface, sometimes in the most unexpected places. With values in the hundreds of dollars even for circulated examples, and the potential for much higher prices on premium specimens, the 1944 Henning Nickel remains one of the most exciting cherry picking opportunities in American numismatics. Happy hunting!
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