March 8, 1999
According to the American Numismatic Association, the 1943 copper–alloy cent is one of the most idealized and potentially one of the most sought–after items in American numismatics. Nearly all circulating pennies at that time were struck in zinc–coated steel because copper and nickel were needed for the Allied war effort.
Approximately 40 1943 copper–alloy cents are known to remain in existence. Coin experts speculate that they were struck by accident when copper–alloy 1–cent blanks remained in the press hopper when production began on the new steel pennies.
A 1943 copper cent was first offered for sale in 1958, bringing more than $40,000. A subsequent piece sold for $10,000 at an ANA convention in 1981. The highest amount paid for a 1943 copper cent was $82,500 in 1996.
Because of its collector value, the 1943 copper cent has been counterfeited by coating steel cents with copper or by altering the dates of 1945, 1948, and 1949 pennies.
The easiest way to determine if a 1943 cent is made of steel, and not copper, is to use a magnet. If it sticks to the magnet, it is not copper. If it does not stick, the coin might be of copper and should be authenticated by an expert.
To find out about coin experts in your area, you may call the American Numismatic Association at (719) 632–2646.
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FAQs
The Mint Mistake That Changed History
Why is a 1943 copper penny so valuable? ›
In 1943, the United States Mint switched from using copper to using steel for their pennies. The change was due to a shortage of copper during World War II. However, a small number of 1943 copper pennies were made by mistake — as a result, the 1943 copper penny is now one of the most valuable pennies in circulation.
What are the odds of finding a 1943 copper penny? ›
The 1943 copper penny is extremely rare - it is estimated that no more than 40 of them were minted, and at the last count 13 were known to exist.
How many 1943 copper pennies have been found? ›
It is estimated that there were 40 1943 copper pennies produced, and of those 40, there are 27 known surviving coins. Their rarity makes them one of the most coveted and sought-after items in American numismatics.
What makes a 1943 steel penny worth a lot of money? ›
What makes a 1943 steel penny rare? Unlike rare steel pennies minted in 1944, those issued in 1943 are pretty common, thanks to the high mintage in all three mints. Only several coins in the highest grade and those with collectible D/D error can be considered scarce and valuable.
What year of penny is 100% copper worth anything? ›
Old copper pennies minted before 1864 actually contain 88-100% copper. And newer coins from 1864-1982 contained a remarkable 95% copper purity. While some of these old coins are worth quite a bit of money, many are valued primarily for their copper content.
What to do if you find a 1943 penny? ›
Go get a magnet. If the coin sticks to the magnet, it's made of steel and worth about 10 cents. If the penny does not stick to the magnet, you've got one. Call off work tomorrow because you need to go get that penny appraised.
What was the error on the 1943 copper penny? ›
To the uninitiated, a 1943 copper penny is a popular Mint error wherein the United States Mint struck and released one cent coins that were struck on planchets not intended for cent production that year.
Does a 1943 copper penny stick to a magnet? ›
The easiest way to determine if a 1943 cent is made of steel, and not copper, is to use a magnet. If it sticks to the magnet, it is not copper. If it does not stick, the coin might be of copper and should be authenticated by an expert.
What does the rare 1943 penny look like? ›
Unfortunately, a regular 1943 steel penny is worth only a few cents. As the 1943 steel pennies circulated, the zinc coating started to turn dark gray and almost black. If it was in circulation long enough, the zinc coating completely wore off, and the steel underneath would start to show through.
"The million-dollar penny is known as a 'doubled die' and it is the finest of only three known 1958 U.S. cents that have severe doubling of letters in the motto IN GOD WE TRUST and the word LIBERTY on the front of the coin," explained Ian Russell, president of GreatCollections of Irvine, California (www. ...
How much is a 1943 penny worth today? ›
Most 1943 Lincoln pennies in worn grades (average condition) trade for around 10 cents to 25 cents apiece. Typical examples in uncirculated condition usually realize $1 to $5. Top-level specimens in grades of Mint State-67 or better can go for much more, sometimes hundreds or even thousands of dollars.
Are copper pennies worth keeping? ›
A: All U.S. pennies, regardless of their year of minting, are considered legal tender and can be used to pay for goods and services. However, pre-1982 pennies contain a higher copper content and may be worth more than their face value to collectors.
Is a 1943 penny that sticks to a magnet worth anything? ›
How do I know if I have the copper 1943 Wheat Penny? This is a very simple test. Go get a magnet. If the coin sticks to the magnet, it's made of steel and worth about 10 cents.
