Bullion Shark LLC · Follow
5 min read · Nov 28, 2023
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Most steel pennies are worth between 20 cents and 20 dollars. However, the value of 1943 penny error coins, such as the 1943-D variety with a doubled mintmark, can escalate to several hundred dollars.
For the most reliable information on coin values and coin collecting, rely on coin experts rather than craft and hobby websites.
Steel pennies are Lincoln Wheat cents made in 1943. In 1943, the U.S. Mint produced Lincoln Wheat cents using steel, a deviation from the usual copper, to support the war effort in World War II by conserving copper. By 1944, the mint resumed using the standard copper composition for pennies.
There are few vintage coins as widely collected as the 1943 steel Lincoln penny. The 1943 steel Lincoln penny is exceptionally popular among collectors, both within the numismatic community and beyond. This coin, unique in its appearance among U.S. one-cent coins, stands out due to its zinc-coated steel composition, making it look more like a dime than a typical penny.
The 1943 steel penny’s unique zinc-coated steel composition gives it a resemblance closer to a dime than a conventional U.S. penny. The reasons behind the production of these unusual coins, their current market value, and the methods for collectors to acquire 1943 steel cents are intriguing aspects to explore.
The steel penny may seem like a random anomaly, but it is deeply linked to a significant global event. The 1943 steel cent was produced during the peak of World War II, a period when the U.S. military was actively involved from 1941 to 1945.
During this global conflict, the Allied Forces required numerous critical resources for their war efforts. Among these were copper and nickel, which were crucial for manufacturing ammunition and artillery.
However, these metals were also key components in coin production, which traditionally consisted mostly of copper and nickel.
Therefore, the Lincoln cent and Jefferson nickel became prime targets for temporary but necessary alterations. An act of Congress in 1942 approved a provisional 35% silver composition for the nickel. This paved the way for an emergency composition for the one-cent coin as well.
Following a series of experiments and trials for an emergency substitute, various materials including plastic and glass were considered. Ultimately, the most economical alternative for the Lincoln penny was identified as a planchet composed of 99% steel, coated with a thin layer of zinc. This choice of zinc-coated steel planchets offered an effective and cost-efficient solution for producing the 1943 pennies, thereby allowing copper to be conserved for wartime needs. Despite this change in composition, the diameter of the coin at 19.05 mm and the iconic portrait of Abraham Lincoln remained unchanged.
Despite the practical reasons behind their creation, the public’s reception of the steel cents was less than enthusiastic. Common complaints arose due to their similarity to dimes, leading to frequent mix-ups that could result in a loss of 9 cents (or more) during transactions. Additionally, the coins faced criticism for their propensity to rust quickly once the protective zinc coating wore away, exposing the underlying steel core.
Responding to public dissatisfaction, the United States Mint reverted to a copper-based composition for the Lincoln cent in 1944, after only a year of producing the steel cents. This return to copper was made possible by repurposing copper shell casings collected from military training facilities. The pennies minted from these materials, known as shell case cents and produced through 1946, featured a composition of 95% copper and 5% zinc. This composition was slightly different from the usual formulation for Wheat pennies at the time, which typically consisted of 95% copper, combined with 5% tin and zinc.
Most 1943 steel Lincoln pennies aren’t worth much above their face value (one cent).
This misconception about their worth might be attributed to the fame of the much rarer 1943 bronze cents. These bronze cents are notable off-metal transitional errors, accidentally produced when a few remaining 1942 copper planchets were mistakenly used in the coin presses at the Philadelphia, Denver, and San Francisco Mints. This rarity has contributed to a general but incorrect assumption about the value of all 1943 pennies.
The 1943 copper penny is extremely rare and valuable. Only a couple dozen pieces were made and exist today, and each is worth about $100,000.
The key difference between the rare 1943 copper cents and the more common steel cents is discernible through weight and magnetic properties. The copper cents, weighing approximately 3.11 grams, do not react to a magnet. In contrast, the steel cents, lighter at 2.7 grams, will stick to a magnet. Over the years, the combination of a magnet and a gram scale has been a tool for reality checks, often dispelling illusions and shattering hopes regarding the rarity and value of 1943 Lincoln cents.The record price for a 1943 copper Lincoln penny is over $1.7 million at auction in 2010.
The 1943 steel cents are quite common, with over 1 billion produced for circulation. The production figures for each mint are as follows:
- 1943 Philadelphia Mint cents — 684,628,670
- 1943-D Denver Mint cents — 217,660,000
- 1943-S San Francisco cents — 191,550,000
Although a significant number of 1943 steel cents have deteriorated due to corrosion or have been lost over time, millions of these pennies still exist and are collectible. As a result, they are relatively common and typically hold little value for collectors, especially in circulated conditions.
Generally, 1943 Lincoln pennies in average, worn conditions are valued at approximately 10 to 25 cents each. Those in uncirculated condition typically fetch between $1 and $5. However, the value significantly increases for top-level specimens, particularly those graded at Mint State-67 or higher, which can command prices ranging from hundreds to even thousands of dollars.
Among the 1943 steel cents, notable varieties include the 1943-D/D repunched mintmark. This sought-after variety commands a higher value, with prices exceeding $100 in Extremely Fine-40 grade and going upwards of $400 in Mint State-63. Although there is no specific mintage figure for the 1943-D/D Lincoln cent, it is estimated that possibly only 3,000 to 5,000 examples exist in all grades.
Non-error steel cents are not inherently rare; their appeal largely lies in their novelty. The value of a steel penny is heavily dependent on the coin’s condition.
Numerous coin collectors add the different 1943 pennies into their broader collections of Lincoln cents. However, the set of business-strike 1943 Lincoln steel cents from the Philadelphia, Denver, and San Francisco mints form a highly sought-after one-year short set. These sets, often found in mass-market distributions, typically contain “reprocessed” pennies — coins that have been stripped and recoated. They are frequently assembled in plastic display cases and marketed through advertisem*nts in newspapers and general-readership magazines.
