Different in looks than a traditional copper penny, the 1943 steel penny's value and appearance make it notable to collectors and enthusiasts. The wartime history of this old penny is also fascinating to learn. Find out how to identify a steel penny from 1943 and how to figure out its value.
History of the 1943 Steel Wheat Penny
In 1943, the United States was in the middle of fighting World War II. Many resources were being diverted to the war effort - from food and fuel to metals like copper. Previous and subsequent pennies were made of copper, but the 1943 penny is different. Because ammunition and electrical wires had to be crafted from copper during the war, the US Mint decided to make the 1943 penny out of steel instead. The pennies were produced in all three US Mints: San Francisco, Philadelphia, and Denver. Each penny had a thin coating of zinc over a steel base, giving it a unique silver color.
In 1943, the US Mint produced 648,628,000 steel pennies, according to Coin Trackers. Soon after they were produced, people began to notice problems with these steel pennies. If the zinc coating came off, the steel began to rust, especially along the edges of the coins. In later years, the US Mint began to collect and destroy steel pennies, but many of these still exist today, making steel pennies quite common. The key is finding one in uncirculated condition. Uncirculated steel pennies are much rarer.
Identifying a 1943 steel penny is fairly easy. On one side, you'll see Lincoln's head and the date 1943, and on the other, you'll see the wheat design used in older pennies. Beside the unique silver color, steel pennies have another identifying feature. They're magnetic. Copper pennies are not magnetic; if you hold a magnet next to an ordinary copper penny, it won't stick. However, if you hold a magnet next to a steel penny, it sticks just like it does to your refrigerator.
How Much Is a 1943 Steel Penny Worth?
Because they are quite common, a 1943 penny in circulated condition is not worth much. According to USA Coin Book, a steel penny from 1943 in circulated condition is worth between 16 cents and 53 cents. However, Heritage Auctions sells 1943 steel pennies in pristine, uncirculated condition for more than $1,000.
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If you love rare pennies, the 1943 steel wheat penny is just one of many interesting examples. The same year, an accident resulted in some of the pennies being struck in copper or bronze. These 1943 pennies are even more valuable than their steel counterparts because of the mistake and are among the most valuable pennies. Regardless, 1943 was an important year for pennies and offers a fascinating glimpse at wartime history.
To accurately estimate the value of your 1943 steel penny, thoroughly examine the coin, taking into account its condition, mint marks and potential mint errors. Now look up your specific coin with as much detail as possible and see how much similar coins sell for.
To accurately estimate the value of your 1943 steel penny, thoroughly examine the coin, taking into account its condition, mint marks and potential mint errors. Now look up your specific coin with as much detail as possible and see how much similar coins sell for.
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.
The U.S. Mint used zinc-coated steel to conserve copper for war essentials like shell casings and wiring. How much is a 1943 steel penny worth? Most circulated 1943 steel pennies are worth 10 to 50 cents each.
The 1943 Lincoln, Steel cent should stick to a magnet and the red is a form of oxidization (rust) - the missing 4 is the result of a grease filled die (where the sunken area of the die is filled and prevents a design element from being fully struck).
Although they continued to circulate into the 1960s, the mint collected large numbers of the 1943 cents and destroyed them. The steel cent is the only regular-issue United States coin that can be picked up with a magnet.
The Mint intended for all 1943 cents to be struck in a zinc-plated steel composition. When new, these coins would have appeared silvery-white. Over the course of normal use, this silvery white color turns into a dull slate grey or charcoal.
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.
Pass a sizeable magnet, preferably larger than a refrigerator magnet, over your penny. Did it pick the penny up? If it did not pick the penny up or attract it with a noticeable force, it is not a steel penny. If it picked the penny up, your penny is made from steel.
It is acceptable to remove surface dirt or other foreign substances (including glue) that have not chemically bonded with the coin's surface by soaking the coin in acetone (a neutral solvent). (See other forum topics regarding the safe use of this flammable substance.)
In 1943 the government made nearly a billion cents made from zinc plated steel and ALL of these steel cents are magnetic. Depending on mintmark and condition they would have a RETAIL value from around 5 cents to $10 each. MOST of the ones you see will be in the 5 to 15 cent range.
Unfortunately, when coins have no mint mark it does not make them more valuable. Coins with no mint mark are by default minted in Philadelphia. 684,628,670 steel Pennies were minted at Philadelphia with no mintmark, so each one is worth between $1-2.
Due to the copper shortage at the beginning of WW2, in 1943 pennies were struck in steel, (the color is silver, not the metal), hence the ferrous quality of steel is why the coin is attracted to a magnet. An average condition 1943 steel cent is maybe worth 15 cents. An uncirculated one is maybe worth 2–4 dollars.
According to Lukes, there are 17 1943 Bronze Cents known (10 from Philadelphia, six from San Francisco, and one from Denver); this conflicts with another census that lists 12 from Philadelphia. 3. EF-40, obverse and reverse stains and corrosion (illustrated below).
Try picking your coin up with a magnet. If your coin is attracted to the magnet, it is made of copper-plated steel (a fraud). If the magnet does not attract your coin, it may be made of bronze and you should have the coin authenticated to determine if it is the "real deal".
The 1944 steel wheat penny is unique as the only regular-issue US coin that can be attracted to a magnet. Only 20 to 40 1944 steel wheat pennies were minted, making them extremely rare and valuable. Other valuable 1944 wheat pennies include those with rare errors, like double die or wrong mint mark errors.
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