If it were a genuine 1944 steelie the value is incredibly high. USA Coin Book lists 30 of these pieces. IDK how you can be certain it was reprocessed just from a photo. Of course that is the most likely scenario. I would examine the coin with a loupe, under a bright light, especially the edge, any break at all that shows copper, and you know it's no good.
It's funny that another one of these popped up on the NGC forum yesterday too. Although it's hard to say for sure from images, I'd be 99.999% sure it's plated. Once the 1944 steel was discovered and got valuable, plating a regular coin was such an easy way to scam somebody.
Plating doesn't have to be magnetic. Only nickel, iron and cobalt are magnetic. Because US nickels are only 25% nickel they don't stick to a magnet. But those nickel Canadian coins FLY to the magnet.
And they can fly back home. I don't have to explain do I? Starts with a T and Ends in A. Two F's in there.
I'm sorry. IDK what I was thinking, I have been sick the last few days. Yes the steelies will stick to a magnet because of the iron content in the plating. But the easiest solution which was mentioned earlier, and is generally the 1st test you do on any coin, is to just weigh the coin. As copper cents weigh 3.1g and steelies weigh 2.7g.
