1943 Copper Penny vs. Steel Penny

When President Lincoln was put on the obverse side of the one-cent piece in 1909, it was the first time that a real person appeared on a regular-issue American coin. Up until this point, only fictional or mythological characters had appeared on such coins.

When you think of American money, the Lincoln cent is likely one of the first things that come to mind. This iconic coin has been produced since 1909 and is still going strong these days.

In 1943, though, a unique circumstance arose. Copper, which was normally used to produce pennies, was needed for the war effort during World War II. This left the U.S. Mint to get creative in terms of using alternative metals in order to mint one-cent pieces.

A Brief History of the Penny

The lowest face value physical unit of currency in the U.S. since the half-cent was abolished in 1857, the penny equals one one-hundredth of a United States dollar.

(You can find more information about half-cent pieces here.)

Over the 200 years that this coin has been made, there have been several different designs. It was actually about the same size as the current US dollar coins until 1857.

The Lincoln Cent

The Lincoln cent has been produced since 1909 and is still made to this day. There have been four different iterations of the Lincoln cent. These are the Lincoln wheat, the Lincoln Memorial, the Lincoln Bicentennial, and the Lincoln union shield.

This coin was originally introduced by Teddy Roosevelt in 1909.

There have been several different typefaces used for the date on Lincoln cents throughout its history. Old-style 2 has been used for most of the digits.

The Lincoln cent replaced the Indian Head cent in 1909. The year this penny was adopted would have been the 100th birthday year of Lincoln.

The reverse side of the original design was changed in the year 1959. It had been a design with wheat stalks and then showed the Lincoln Memorial. This was done to commemorate Lincoln's sesquicentennial.

The reverse side of the design was replaced again in 2009. This was done to commemorate the bicentennial of Lincoln.

One-cent coins are the most produced coins out of any denomination. Throughout the lifespan of this coin, it has gone through both world wars. One of these wars changed the composition of the coin for a brief period of time, which we will discuss further on.

The obverse design of Lincoln is the longest produced for any of the circulated United States coins.

When the Lincoln one-cent coin came out in 1909, it was a radical change from how coins had looked up until that point. The mythical Liberty had been portrayed on most coins up until then.

There had previously been strong negative feelings against putting portraits on coins in the U.S. However, the 100th anniversary of Lincoln's birth superseded this tendency.

There actually had been a variety of privately minted coins that had Lincoln's image on them while Lincoln was president. This was during the Civil War when legitimate coinage was scarce.

The War Effort and the Conservation of Resources

During World War II, the war effort required tons of copper in order to produce ammunition and shell casings. This impacted the production of the Lincoln cent, but there were also many other materials that were rationed.

It is hard for us to imagine these days, but everyone chipped in when it came to ensuring that the U.S. had the materials they needed to fight the war at hand.

Regular American citizens were asked to do their part by conserving food such as cooking oil, meat, sugar, and canned goods. Certain goods were rationed out to citizens using government-issued coupon books. One of the most critical of all of these was gasoline.

American citizens were also called upon to start "victory gardens." The idea was that people should be growing their own food so that factory-processed foods could be saved for the military. Restaurants even had days where they didn't serve any meat to help conserve the supply of meat in the country.

Other materials including shoes, paper, and rubber were fashioned during this time. While civilians needed these materials in order to have consumer goods, the Army and Navy needed them in order to support the war effort overseas.

The rationing program of the government came to a close in 1945. By the end of 1945, the only commodity that was still being rationed was sugar. For months after the war, there were many goods that still remained in short supply because there had been pent up demand for the limited items.

The 1943 Steel Penny

During World War II, there were shortages of copper. For this reason, pennies were struck in steel instead of copper. These 1943 steel pennies were produced at the Denver, Philadelphia, and San Francisco mints. The coins were made of a unique composition of steel coated with zinc rather than copper-based bronze.

The composition of these coins has made it so a number of nicknames have emerged for them. These include "steel war penny," "wartime cent," "steelie," and "zinc cent."

The design of the cent was the same as that which had been used since 1909.

During World War II, the U.S. military needed copper for use in ammunition and other military equipment. For this reason, the United States mint looked into how they could meet the conservation goals on copper usage.

They tried a number of different substitutes which ranged from plastics to other metals. They finally settled on the zinc-coated steel.

This change meant that the coins were 13% lighter and magnetic. Those that were minted in Philadelphia had no mintmark, while Denver and San Francisco had "D" and "S" mintmarks respectively located below the date.

There were a number of problems with this mintage. When they were first produced they were easily and often mistaken for dimes. The steel cents were also picked up by magnets in vending machines that had been placed in order to pick up steel slugs.

The metal was also easily rusted because the galvanization process didn't actually cover the edges of the coins.

The public reacted to the issues with these coins and the Mint developed a new strategy. They salvaged brass shell casings and augmented them with pure copper. They then produced an alloy close to the composition that had been used in 1941 and 1942.

This composition was used for the cents dated between 1944 and 1946. After that point, the composition that had been used prior to the war resumed.

The mint collected a lot of these coins after they had continued to circulate into the 1960s. The coins they collected were destroyed.

The steel penny is unique because it is the only United States coin that was regularly issued that could be picked up using a magnet. They were also the only coins that don't contain copper out of the coins issued by the United States.

(Looking for beautiful specimen of large cent penny pieces? Take a look at what we have to offer here.)

The 1943 Copper Penny

One of the most sought-after items (as well as one of the most idealized) is the 1943 copper-alloy cent. This is because basically all of the circulating pennies at that time had been struck in zinc-coated steel. This is because nickel and copper were needed to serve the Allied War effort.

It is believed that there are only 40 1943 copper-alloy pennies ever struck. It is believed that these coins were struck by accident. The idea is that copper-alloy blanks must have been in the press hopper when they began producing pennies out of steel.

The first examples were found in 1947 of these coins.

The first 1943 copper cent that was offered for sale brought in more than $40,000 in 1958. Another piece sold for $10,000 in 1981. In 1996, a 1943 copper cent was purchased for the highest amount paid for one of these coins ever (up until that point), $82,500.

In 2010, one mint condition Denver Mint specimens sold for more than $1.7 million.

There are counterfeit varieties of these coins because they hold so much collectors value. The way that they are made illegitimately is by altering the dates of pennies from 1945, 1948, and 1949 or by coating steel cents with copper.

Sometimes these illegitimate coins are simply made as novelties rather than with the intention of defrauding people.

The best way to find out whether your 1943 copper penny is actually steel coated in copper is by using a magnet. If the coin sticks to a magnet then it is not made out of copper. If it doesn't stick to the magnet, then it's possible you have a copper penny and you will want to bring it to an expert for authentication.

Another way you can tell is by weighing the coin. Steel cents weigh 2.702 grams while copper cents weigh 3.11 grams.

You'll also want to look at the numeral 3 in 1943. The long tail is the same on the copper cents as they are on the steel cents. On a legitimate copper coin, the quality of the strike is particularly sharp because they used a higher pressure designed to strike the steel coins.

This is truly one of the notable rarities of all of the Lincoln cents. While it is believed that about 40 coins were ever struck, only 13 have ever been confirmed to exist.

1943 Copper Penny Vs. Steel Penny

If you're wondering whether a 1943 copper penny or a 1943 steel penny is better for your collection, it's worth noting that these aren't really comparable coins.

The steel penny is not particularly rare. A standard 1943 steel penny will only be worth a few cents normally. On the other hand, a genuine 1943 copper penny can fetch you a pretty penny indeed.

Copper pennies from this year are typically worth more than $10,000. However, this has to do with how rare they are, so they are not particularly easy to come by.

Copper pennies were produced as an error in 1943. If you find an awesome deal on a 1943 copper penny, you will want to verify that it is legitimate. There are plenty of fake versions of these coins because they are so valuable.

There have also been counterfeits produced in foreign countries that can be very convincing-looking. Even experienced dealers can be fooled by these particularly well-made coins.

You'll definitely want to be on the lookout for frauds and counterfeits if you are going to buy a 1943 copper penny.

What Is the Value of a 1943 Steel Penny?

In circulated condition, 1943 steel pennies are worth about 10 to 13 cents each. They can be worth as much as 50 cents or more, however, if you have them in uncirculated condition.

That being said, there are 1943 steel pennies that have been sold by Heritage Auctions for more than $1,000 in uncirculated condition.

One of the reasons that the public rejected this coin aside from the fact that it looked like a dime was that it became discolored and rusted. As the coins circulated in commerce, they came in contact with moisture and turned the zinc coating into an unattractive black color.

Over time, the zinc coating would wear off. This would then expose the steel underneath the zinc coating and leave the metal to rust. This meant that rust would rub off on people's clothing, leaving it as a very unpopular type of currency indeed.

What Is the Value of a 1943 Copper Penny?

1943 copper pennies are incredibly rare. The average value for a 1943 copper penny is $60,047. One that is in certified mint condition could be worth $85,000 if not much more.

In fact, a 1943 copper coin fetched $204,000 at auction at the Florida United Numismatics convention in Orlando. The sale was overseen by Heritage Auctions, who had estimated the coin's value to be at least $170,000. The owner of this coin had set it aside all the way back in 1947.

It is believed that there are only about 10 to 15 of these coins still in existence today.

Valuable 1943 and 1944 Pennies

In 1943, there are a few error coins that were produced that are very valuable. The first of these is, obviously, the copper penny. It is believed that these were created because a few copper planchets from 1942 got stuck in a crevice of a tote.

However, the same thing is believed to have happened in 1944 as well. During this time, the mint switched back to producing copper coins. Some of the totes contained steel planchets coated in zinc stuck in the crevices.

This means that in 1944 there were a few zinc-coated steel pennies that were minted instead of copper.

These are both extremely rare errors.

The value of a circulated 1943 copper penny is thought to be about $18,000. A 1943-D copper penny is worth about $38,000. A 1943-S copper penny is worth about $62,000.

Uncirculated coins will be far more valuable. A 1943 copper penny is worth roughly $140,000, while a 1943-D is worth about $260,000. A 1943-S coin that is uncirculated is thought to be worth roughly $400,000.

How Many Steel Pennies Are There in Existence?

During 1943, there were 648,628,000 steel pennies produced by the US Mint. However, people started to notice problems with them right away after they were circulated.

Steel pennies are not particularly rare at this point, but there isn't a known figure of how many are still in existence. However, the US Mint did begin collecting them and destroying them in later years, so there are certainly less than there once were.

To find a particularly good specimen, you will want to find an uncirculated steel penny. This way, you can have a specimen that doesn't have rusted steel or the darkening color of the zinc coating.

What Should You Do If You Think You Have a 1943 Copper Penny?

If you performed the tests listed above and you think that you have a genuine 1943 copper penny, you will want to bring it to a professional to be authenticated.

The cost to have a coin authenticated can be between thirty dollars and fifty dollars. You will want to send it to a third-party grading service for it to undergo the process of authentication and encapsulation.

While that's thirty to fifty dollars well-spent if it's genuine, it's kind of a lot of money if it ends up being fake. There are a number of other things you can do to get more information about whether or not it's real without shelling out so much cash.

The first option is that you can take your coin to a local coin dealer. These dealers will have an attuned eye for whether the coin has been altered or if it seems to be counterfeit. This is a good way to get an educated first opinion before you take the step of investing in third-party grading.

The next option is to go to a local coin show. There, you can show it to several different dealers to get there opinion.

It's very important that you never let the coin out of your sight while you're at the coin show. Don't let anyone take a closer look at your coin in "the backroom." It is an unfortunate reality that some coin dealers might seize upon the opportunity to switch your genuine coin out with a fake.

If you find that most dealers think you have the real deal, then you can feel more confident in investing the money in getting the coin third-party graded. However, if most of them think it's counterfeit or altered, they are likely right.

What to Know About 1943 Copper Penny Counterfeits

At one point, 1943 pennies that had been plated in copper were sold as novelty items at flea markets and coin shows. Many of these coins ended up in circulation. People would then find these coins and believe that they had come across a truly rare specimen.

You can easily test to find out if your 1943 copper penny is actually steel by holding a magnet to it.

Counterfeiters also have used copper 1948 pennies and altered the date so they look like 1943 pennies. You will want to look at the coin with a magnifying glass to see if the tail of the number 3 extends well below the other numbers.

There are also Chinese counterfeits of these coins. These coins can be very high-quality and can deceive even experts.

It is very difficult to distinguish a foreign counterfeit from the real deal. For this reason, you'll want to have your coin looked at by an expert if you believe it is genuine. The Chinese counterfeiters use blanks made out of copper so using a magnet to test the coin won't do the trick.