1943 Steel Penny Value

The 1943 Steel Penny is a popular U.S. coin among coin collectors because it looks quite different than most other pennies. When people see an old penny that’s not made of copper, they quickly want to know if it’s rare and what  their 1943 steel penny value is. 

• Common Value: Most 1943 steel pennies are not worth much more than their face value, typically ranging from 10 to 50 cents in circulated condition.
• Uncirculated Condition: Steel pennies in uncirculated condition can be worth $1 to $5.
• Error Coins: Rare 1943 steel penny error coins, such as the 1943-D doubled mintmark variety, can be significantly more valuable. These error coins can fetch several hundred dollars or more, depending on their condition.

While they are fun to collect, the real value lies in finding those rare error coins. If you come across one, you might have discovered one of the most valuable pennies.

They’re fun to collect, but most steel pennies aren’t worth too much more than face value. However, if you come across a 1943 penny error coin, such as the 1943-D doubled mintmark variety, you may have found one of the most valuable pennies.

What Are Steel Pennies?

As the name suggests, steel pennies are U.S. one-cent coins struck in steel rather than copper. Their unique look is why you’ll often hear them referred to as the silver penny.

The  1943 Steel cent is made of steel with a zinc coating, which more closely resembles a dime than a typical penny. It’s the only regular American coin that is magnetic.

During World War II, copper was needed to make shell casings, so the United States Mint started using galvanized steel to make one-cent coins instead. The coin’s unique composition has led to other nicknames such as steel war penny, wartime cent, zinc cent, and steelie.

Who Designed the 1943 Steel Pennies?

Victor David Brenner was the well-known designer of the Lincoln cent. Brenner’s portrait of the nation’s 16th president, Abraham Lincoln, is still used today, while his reverse design for the coin was used from 1909 to 1958.

He was an American sculptor, medalist, and skilled engraver who created the longest-running obverse design in the U.S. Mint history. His work is one of the most reproduced pieces of art in world history. Brenner’s design was selected by President Theodore Roosevelt, who had previously posed for him in New York.

Brenner was born in Lithuania to Jewish parents but moved to America in 1890 at the age of 19. His father taught him the skills for sculpting and seal engraving, which is what helped him to get by for years. He eventually moved to Paris to hone his skills and further his studies.

Victor D. Brenner always had an interest in numismatics and joined the American Numismatic and Archeological Society just four years after arriving in the U.S.

Where Were 1943 Steel Pennies Minted?

To conserve copper for the war effort, the U.S. Mint made a major change. First, they approved zinc-coated steel to be used for minting the 1943 Lincoln Wheat Cents. Next, they selected the Philadelphia (P), Denver (D), and San Francisco (S) Mints for minting pennies.

After a litany of tests, it was determined the most cost-effective metal composition replacement for the Lincoln penny would be a 99% steel planchet with a thin coat of zinc plating. The coin’s diameter stayed the same at 19.05mm, and Abraham Lincoln’s iconic portrait remained as the obverse design.

Having the three branch Mints produce zinc-coated steel planchets saved enough copper for the U.S. to manufacture 1.25 million shells for large-caliber weapons during World War II.

How Many Steel Pennies Were Minted?

The three U.S. mints struck over 1,000,000,000 Lincoln steel cents for circulation in 1943.

You can quickly decipher where a steel penny was minted by the mint marks on the coin’s reverse. The San Francisco Mint has an “S” mint mark. Likewise, the Denver Mint has a “D” mint mark. On the other hand, the Philadelphia Mint typically has no mint mark.

Here is a breakdown of how many steel pennies were minted at each Mint branch:

• Philadelphia Mint: 684,628,670 1943 steel pennies
• Denver Mint: 217,660,000 1943 steel pennies
• San Francisco Mint: 191,550,000 1943 steel pennies

Unfortunately, the Lincoln steel penny did not go over well with most people and ceased production after one year. The coinage quickly lost its zinc surface layer and was prone to rust.

The steel penny also caused people to lose out on money as they were easily mistaken for a dime. For these reasons, the U.S. Mint decided to go back to using copper for penny production in 1944.

Why Were Steel Pennies Minted?

Steel pennies have historical significance in America because they were minted in the middle of World War II, a global conflict that involved the nation’s military from 1941 to 1945. During this time, resources such as copper and nickel were needed to produce ammunition and artillery.

As the military industry began to run out of the copper needed to make castings, Congress approved a change in the one-cent coin in December of 1942 to conserve precious resources. The U.S. Mint contributed the copper they had on hand and used a substitute metal to produce coins.

For one year, they replaced the traditional copper cents with zinc-coated steel that made it look like a silver coin instead of the normal brown color. These silver pennies are pretty common in excellent condition since people naturally wanted to collect them because of their unusual look. They were saved in large numbers.

A very small number of 1943 copper pennies were struck by accident when copper planchets were left in the press hopper as production began on the new steel pennies. A 1943 copper wheat penny is an extremely rare and valuable coin, with one reportedly sold for $82,500 USD in 1996. And a 1943-S copper penny sold in 2012 for over $1 million! In fact, the unique 1943-D copper penny is also worth over $1 million!

What Is Zinc-Coated Steel?

Zinc-coated steel is simply regular steel that’s been treated with a thin layer of zinc. A protective layer of zinc is laid over the metal’s surface to shield the underlying steel.

Zinc offers a superior level of protection against corrosion and rust compared to raw or untreated steel. Zinc coatings are commonly applied to steel surfaces with hot dip galvanizing, electroplating, or sherardising.

Why Are Steel Pennies Called Wartime Cents?

Steel pennies received the nickname “wartime cents” because of when and why they were struck in the U.S. Mint.

The only reason the steel Lincoln wheat penny was ever produced was due to the widespread shortages of copper during wartime. Therefore, people commonly refer to them as wartime cents.

1943 Steel Penny Value

If you have a 1943 steel penny hiding in your coin collection, you may be curious if it’s worth any money. Steel pennies are very cool to see and fun to add to your collection. However, your find might not be as rare or valuable as you hope.

Most 1943 steel pennies are valued anywhere between 20 cents and 20 dollars, depending on the condition. Unlike other U.S. coins, finding a 1943 steel penny that is about uncirculated is fairly common because people tend to hold on to them when they come across one.

At first, some collectors might mistakenly believe their steel penny is very valuable because it’s easy to mix it up with the 1943 bronze cents that were accidentally struck on copper planchets. These off-metal error coins are by far one of the rarest coins of all Lincoln pennies.

Why Do Steel Penny Values Vary So Much?

Steel penny values can vary widely because they are rare in the sense that they were only struck for one year, but it’s worth noting that a large number was produced that year. The 1943 Lincoln wheat penny had a fairly large mintage, which makes it a pretty common coin in numismatic terms.

Who Decides How Much Steel Pennies Are Worth?

If you want to know how much your steel penny is worth, you can begin by doing research on DIY coin grading tips. There is a plethora of information online, and an excellent place to start is with a magnet and a scale to see whether it’s magnetic and how much it weighs.

If you think the coin might be something rare and valuable, you should have it evaluated by a professional numismatist or a reputable coin grading service. Such services include the PCGS or the NGC.

Having a coin’s authenticity and condition assessed in person rather than with a photo is always preferable whenever possible.

How Rare Are 1943 Steel Pennies?

As cool as they are, 1943 steel pennies are not really that rare compared to many other antique coins. It’s unlikely you’ll come across a steel penny when getting your change back from a cashier, but it’s likely not one of the rarest wheat penny coins.

Of course, finding U.S. coinage with errors is rare, and the 1943-D steel penny with a repunched mint mark is extremely sought-after and rare. The exact mintage figure is unknown, but it’s estimated that about 3,000-5,000 of these error coins exist across the different grades.

What determines the 1943 steel penny value?

The 1943 steel penny value is determined by several factors, including its condition (grade), any possible mint errors, and its historical significance. The most valuable are those in mint condition or those with rare errors, such as double strikes or off-metal errors. The mint mark can also affect its value, with pennies from different mints (Philadelphia, Denver, and San Francisco) having slight variations in value.

How much is a typical 1943 steel penny worth?

A typical 1943 steel penny in circulated condition is worth only a small amount over its face value, often ranging from 10 to 50 cents. However, the 1943 steel penny value can significantly increase for coins in uncirculated condition, with prices ranging from a few dollars to over $100 for pennies in near-perfect condition.

Are there any rare versions of the 1943 steel penny that are more valuable?

Yes, there are rare versions of the 1943 steel penny that are significantly more valuable. The most notable are the 1943 copper pennies, which were mistakenly struck on copper planchets remaining from the previous year. These are extremely rare and valuable, with the 1943 steel penny value for one of these copper errors reaching into the hundreds of thousands of dollars, depending on its condition.

How does the mint mark affect the 1943 steel penny value?

The mint mark on a 1943 steel penny (either "D" for Denver, "S" for San Francisco, or no mark for Philadelphia) can affect its value, but the impact is generally minimal for circulated coins. Uncirculated coins or those with rare errors from any mint can be more valuable, but the difference in value due to the mint mark alone is usually not significant for most collectors.

What is the highest price ever paid for a 1943 steel penny?

The highest price ever paid for a 1943 steel penny is usually associated with the rare 1943 copper alloy error coins rather than the steel versions. One of these copper pennies sold for over $1 million at auction. For steel pennies, the value can vary widely based on condition and rarity, with high-grade uncirculated examples or those with significant errors commanding the highest prices.

How can I find out the value of my 1943 steel penny?

To find out the value of your 1943 steel penny, you should first assess its condition and check for any mint marks. For a more precise valuation, consider consulting a reputable coin dealer or submitting your penny to a professional grading service like PCGS or NGC. These services can accurately grade your coin and provide an official certification, which can help determine its market value.

The Best Resources for Coin Collectors

To learn more about rare and ancient coin values, always use a trusted resource such as the United State Mint or the American Numismatic Association (ANA).

Bullion Shark is proud to be an experienced coin dealer with an A+ Better Business Bureau ranking. Check out our extensive collection of rare wheat pennies and historical U.S. coins!

Sources:

The Steel Penny | American Numismatic Association

Steel Penny | Federal Reserve Bank of Atlanta

What's So Special About the 1943 Copper Penny? | U.S. Mint