Which 1943 Pennies Are Worth Money? The Steel Cent Rarity & More

The simple answer? The 1943 copper-alloy Lincoln penny is the 1943 penny that’s worth significant money. Due to a wartime error, a very small number of these pennies were struck on bronze planchets instead of the intended steel. These are extremely valuable. Additionally, certain steel 1943 pennies with specific errors or exceptional conditions can also command a premium.

Understanding the 1943 Penny: A Wartime Anomaly

The year 1943 holds a unique place in the history of the Lincoln cent. With World War II raging, copper was a strategic metal vital for producing ammunition and other war materials. To conserve this crucial resource, the U.S. Mint decided to switch the composition of the penny from the traditional bronze alloy (95% copper, 5% tin and zinc) to zinc-coated steel. This resulted in a silver-colored penny that stood out dramatically from its predecessors.

However, this changeover wasn’t without its hiccups. A few bronze planchets, remnants from the previous year’s production, were accidentally left in the coin presses. These planchets then got mixed in with the steel blanks and were struck with the 1943 dies, resulting in the extremely rare and valuable 1943 bronze (copper) pennies.

Identifying a Valuable 1943 Penny

The key to identifying a valuable 1943 penny lies in its composition and weight.

• The 1943 Bronze (Copper) Penny: The genuine bronze 1943 penny will be the color of a normal pre-1943 cent. It should also weigh around 3.11 grams. This is the most coveted variety.
• The 1943 Steel Penny: The standard 1943 steel penny is easily identified by its silver-gray color. Most of these are not particularly valuable, but examples in uncirculated condition can fetch a decent price from collectors.
• Beware of Fakes: Because of the high value of the 1943 bronze penny, many fakes exist. Often, these are simply steel pennies that have been copper-plated. A simple test with a magnet will help identify these fakes – the steel penny will stick to a magnet, while a genuine bronze penny will not.

Mint Marks and Rarity

While the presence of a mint mark (D for Denver, S for San Francisco) doesn’t drastically alter the value of a steel 1943 penny, it does influence the bronze variety. All three mints (Philadelphia, Denver, and San Francisco) produced bronze errors, with the Denver mint examples being the rarest and most valuable.

Condition is Key

As with all coins, condition plays a major role in determining value. A 1943 bronze penny in uncirculated condition, meaning it has never been used and retains its original luster, will be worth significantly more than a circulated example. The same holds true for steel pennies; the better the condition, the higher the potential value. When evaluating condition, look for signs of wear, scratches, and discoloration.

What to Do If You Find a Suspect Coin

If you believe you’ve found a 1943 copper penny, take the following steps:

1. Weigh the coin: A genuine bronze penny should weigh approximately 3.11 grams.
2. Perform the magnet test: A steel penny will stick to a magnet; a bronze penny will not.
3. Compare it to known genuine examples: Online resources and coin collecting books can provide images and descriptions of genuine 1943 bronze pennies.
4. Consult a professional: The best way to determine authenticity and value is to have the coin graded by a reputable grading service such as PCGS or NGC.

Frequently Asked Questions (FAQs)

Here are some frequently asked questions about 1943 pennies and their value:

FAQ 1: How many 1943 bronze pennies were made?

The exact number is unknown, but estimates suggest that only around 40 bronze pennies were produced at the Philadelphia Mint, less than 20 at the Denver Mint, and very few at the San Francisco Mint. This scarcity contributes significantly to their high value.

FAQ 2: What is the approximate value of a 1943 bronze penny?

The value varies greatly depending on the mint mark and condition, but a genuine 1943 bronze penny can easily fetch anywhere from $75,000 to over $1,000,000 at auction.

FAQ 3: Are all steel 1943 pennies worth money?

No. The vast majority of steel 1943 pennies are worth only a few cents to a dollar, primarily their intrinsic metal value. However, uncirculated examples or those with noticeable errors (like double dies or off-center strikes) can be worth more.

FAQ 4: What is the best way to store a valuable 1943 penny?

Store it in a protective coin holder designed for long-term preservation. Avoid touching the coin directly, as oils from your skin can damage its surface. Keep it in a cool, dry place away from direct sunlight.

FAQ 5: What does “uncirculated” condition mean?

“Uncirculated” refers to a coin that has never been used in circulation. It retains its original luster and shows no signs of wear or handling. These are also sometimes referred to as “mint state” coins.

FAQ 6: How can I tell if my steel penny is uncirculated?

Look for a bright, original luster. An uncirculated steel penny will have a reflective surface with no signs of wear on the high points of the design, such as Lincoln’s cheek and the wheat stalks on the reverse.

FAQ 7: What are some common errors found on 1943 steel pennies?

Common errors include double dies (where the design appears doubled), off-center strikes (where the design is not centered on the coin), and planchet errors (defects in the metal blank itself).

FAQ 8: Is it worth getting my 1943 penny graded?

If you believe you have a genuine 1943 bronze penny, or a steel penny in exceptional condition or with a significant error, it is definitely worth getting it graded by a reputable grading service. Grading authenticates the coin and assigns it a condition grade, which significantly impacts its value.

FAQ 9: Which grading services are reputable?

The two most respected coin grading services are PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation). Coins graded by these services generally command higher prices.

FAQ 10: What are “double dies” and how do they affect the value of a coin?

A double die occurs when the die used to strike the coin is improperly made, resulting in a doubling of some elements of the design. Double dies are a popular type of coin error and can significantly increase the value of a coin, especially if the doubling is prominent.

FAQ 11: How do I clean a 1943 penny?

Do not clean valuable coins! Cleaning can damage the coin’s surface and drastically reduce its value. It’s best to leave the coin in its current state and consult with a professional numismatist if you have concerns about its condition.

FAQ 12: Where can I sell my 1943 penny?

You can sell your 1943 penny through various channels, including:

• Coin dealers: Local coin shops can offer appraisals and purchase your coin.
• Auction houses: Reputable auction houses specializing in coins can help you reach a wider audience of collectors.
• Online marketplaces: Websites like eBay can be used to sell coins, but be cautious and do your research before selling online.
• Coin shows: Attending coin shows provides opportunities to meet with dealers and collectors in person.

By understanding the history, composition, and potential errors associated with the 1943 penny, you can increase your chances of identifying a valuable coin and making an informed decision about its disposition. Happy hunting!