Everything You Need To Know About The 1943 Copper Penny

Posted by Andrew Adamo on Apr 17th 2024

1943 Copper Penny Value

As collectors of U.S. coins are well aware, in 1943 the U.S. Mint struck zinc-coated steel pennies to help conserve copper and tin needed for armaments for American troops fighting in Europe and Japan. Among these anomalies, the 1943 copper penny stands out as a numismatic legend. Continue reading to learn more about 1943 copper penny value.

Authorized by a 1942 law that temporarily changed the composition of Lincoln pennies, in 1943 the U.S. Mint struck over a billion of these steel cents that came to be known as "steelies," which included 684,628,670 at the Philadelphia Mint, 217,660,000 at the Denver Mint and 191,550,000 at the San Francisco Mint.

While these coins are perennial favorites with collectors, especially nice examples that have not tarnished as millions of others did, it is the rare coins struck that year in the original metal composition that have really captured the imaginations of collectors for decades.

1943 copper penny

A tiny number of cents were mistakenly struck that year on the copper planchets that had been used previously. It is believed these coins were made because some copper planchets had been left in the hoppers when the steel cents were being made.

These off-metal errors are by far the rarest of all Lincoln pennies. Widely publicized since the 1940s, these rare copper pennies immediately became the subject of attention from both collectors and the broader public, which led to decades of searching rolls of pennies looking for these rare coins that could be worth a fortune if real.

In the 1940s there were rumors that Henry Ford would reward the finder of a 1943 copper wheat cent with a brand new Ford car even though the company repeatedly denied there was any truth to this.

How many 1943 copper pennies were made?

It was only in the late 1950s that credible reports began to emerge of genuine 1943 copper pennies following many years of reports of fake copper-plated pieces, some from counterfeit dies, that had circulated.

In 1957 a 14-year old collector from California found the first one that was seen to have some credibility as the genuine article. The Mint’s Superintendent Rae V. Biester stated it was the only one made and that it should be surrendered to the Mint, which the collector failed to do.

In 1981 an extremely fine example that was reportedly owned by a female friend of the late Chief Engraver John R. Sinnock surfaced and sold for $10,000 at auction.

In his 1988 Numismatic Encyclopedia the late Walter Breen, using information from the grading firm ANACS, said he thought there were 40 examples of the 1943 copper cents, but Q. David Bowers has noted he does not believe this is supported by the evidence.

Today a total of 27 1943 copper wheat pennies are confirmed to exist and have been graded, including the unique 1943-D, 6 of the 1943-S and 20 of the 1943 cents, including 7 graded by PCGS and 13 by NGC.

How much is a 1943 copper penny worth?

At PCGS the 1943 and 1943-S copper pennies are valued at $1 million each in the price guide, while the 1943-D is listed at $1.5 million.

But for a coin this rare, actual sales from auctions or private sales when available are the best measure of value, especially as these coins rarely come up for sale.

Auctions for the 1943 copper cent have typically been in the range of $100,000 to $250,000. The previous sale for this coin was $329,000 for an AU55 Brown in 2014.

The most recent sale of a 1943 copper penny was of the finest known example of a 1943-S cooper cent that is graded PCGS MS63 Brown CAC at a heritage Auctions sale on November 19, when that coin brought $500,000. That coin is part of the Simpson collection.

The first 1943-S copper cent was found by a 14-year old boy in 1944 and graded an estimated EF-45. In 1988 the late Walter Breen estimated that about 6 examples were known to exist, which is still the case.

1943-D copper penny

The possible existence of this coin was first suggested in a 1958 Numismatic Scrapbook magazine by a Utah collector, who said the Secret Service told him it was genuine.

The record for one of these coins is the 2010 sale of the unique 1943-D for $1,750,000 million for a PCGS MS64 Brown.

That same coin sold for $212,750 in a 2003 sale held by Goldberg Auctioneers, which meant a price increase of close to 1,000% in just seven years!

While earlier collectors dreamed of one day finding a 1943 copper cent in change or in a roll, today’s collectors know that the actual chances of finding one of these exceedingly rare and valuable coins outside of an auction is extremely small.

But the 1943 copper pennies will forever remain an important part of American numismatic history and likely the most famous error coins of all time.

How to tell if a 1943 copper penny is real?

Determining the authenticity of a 1943 copper penny involves several steps, as these coins are among the most counterfeited due to their high value. Here are key methods to help you verify if a 1943 copper penny is real:

1. Magnet Test

The most straightforward test is using a magnet. The 1943 copper pennies are made of bronze (95% copper, 5% tin and zinc), so they will not be attracted to a magnet. In contrast, the common 1943 steel pennies will stick to a magnet due to their steel composition with a zinc coating.

2. Weight Test

Genuine 1943 copper pennies weigh about 3.11 grams, whereas the steel versions weigh about 2.7 grams. Using a precise scale can help differentiate a real copper penny from a steel one or a counterfeit that might be made from a different material.

3. Visual Inspection

Inspect the coin for any signs of tampering or alteration. Some counterfeiters may coat steel pennies with copper to make them appear genuine. Look for inconsistencies in color or areas where the steel might be showing through.

4. Professional Authentication

Due to the high value of genuine 1943 copper pennies, the best way to confirm authenticity is through professional grading services like PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation). These organizations have the expertise and equipment to authenticate a coin accurately.

5. Examine the Date

Counterfeiters sometimes alter the dates of less valuable pennies to make them appear as a 1943 copper penny. Under close inspection, altered dates often show signs of tampering. The shape and alignment of the date can be telltale signs; genuine 1943 pennies will have consistent font and date spacing that matches other pennies from the era.

6. Consult with a Numismatist

If you're still unsure about the authenticity of your coin, consult with a reputable coin dealer or numismatist. They can provide valuable insights and may help with further testing or sending the coin to a professional grading service.

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7. Check for Known Replicas

Be aware that there are known replicas and commemorative pieces made to look like 1943 copper pennies. These are usually marked with a small sign indicating their status as replicas, but sometimes these marks can be missed or intentionally removed.

Due to the rarity and value of genuine 1943 copper pennies, exercising caution and seeking professional advice are paramount before making any purchase or sale decisions.

FAQ

1. Why is the 1943 Copper Penny so valuable?

The 1943 Copper Penny is extremely valuable due to its rarity. In 1943, to conserve copper for World War II efforts, the U.S. Mint produced pennies made of steel coated with zinc. However, a very small number of pennies were mistakenly struck on leftover copper planchets from the previous year, making them a rare collector's item. Their scarcity and the story behind their accidental creation contribute to their high value.

2. How can I tell if my 1943 penny is copper?

To determine if a 1943 penny is copper, perform a simple magnet test. A genuine 1943 copper penny will not be attracted to a magnet due to its copper composition. In contrast, the common 1943 steel penny will stick to a magnet because of its steel core. Additionally, the color and weight can also help identify a copper penny, with genuine copper pennies having the characteristic copper color and weighing about 3.11 grams.

3. How many 1943 Copper Pennies are known to exist?

As of April 2023, there are approximately 20 to 30 known examples of the 1943 copper penny. However, this number could vary as new discoveries are made or as existing estimates are refined. The exact number remains uncertain due to the rarity and the possibility of undiscovered pennies still out there.

4. What is the highest price ever paid for a 1943 Copper Penny?

The highest price ever paid for a 1943 Copper Penny was over $1 million. Specifically, a 1943-D (Denver mint) copper penny sold for $1.7 million at auction in 2010. Prices for these pennies can vary widely based on their condition, mint mark, and the market at the time of sale.

5. How do I know if my 1943 Copper Penny is real?

To verify the authenticity of a 1943 Copper Penny, it's advisable to have it examined by a professional coin grading service such as the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC). These organizations can authenticate the coin, confirm its composition, and grade its condition, providing a certificate of authenticity.

6. Are there any 1943 Copper Pennies with mint marks?

Yes, 1943 Copper Pennies exist with mint marks from all three mints that were operational at the time: Philadelphia (no mint mark), Denver (D), and San Francisco (S). The presence of a mint mark can significantly affect the penny's value, with the 1943-D copper penny being one of the most valuable due to its extreme rarity.

7. What should I do if I think I have a 1943 Copper Penny?

If you believe you have a 1943 Copper Penny, handle it with care and consult a reputable coin dealer or submit it to a professional coin grading service for authentication and grading. Avoid cleaning the coin, as doing so can decrease its value. Getting a professional assessment will help determine its authenticity and potential value.

8. What specific characteristics differentiate the 1943 Copper Penny from other pennies minted in 1943, aside from the magnet test and weight?

To differentiate the 1943 Copper Penny from other pennies minted in the same year, collectors and enthusiasts should pay close attention to the coin's color and patina. The copper pennies exhibit a distinctive reddish-brown hue that is characteristic of copper, as opposed to the silver-like appearance of the zinc-coated steel pennies. Additionally, the copper pennies might show signs of oxidation that steel pennies would not, given the different properties of copper versus steel. Another subtle difference could be in the strike and detail of the coin; copper being a softer metal than steel, the details on a copper penny, such as Lincoln's portrait and the wheat stalks, might appear slightly more pronounced or have a different wear pattern than those on steel pennies. However, without significant differences in design or mint marks specific to the copper version, these visual cues along with the magnet and weight tests remain the primary methods for identification.

9. How should collectors care for and preserve a 1943 Copper Penny if they happen to own one?

When it comes to caring for and preserving a 1943 Copper Penny, collectors should prioritize measures that prevent damage and preserve the coin's natural state. This includes handling the coin as little as possible and using cotton gloves when doing so to avoid transferring oils from the skin. The coin should be stored in a cool, dry environment to prevent corrosion and kept in a non-PVC holder to avoid chemical damage. For high-value coins like the 1943 Copper Penny, collectors might also consider using inert materials for long-term storage, such as mylar flips or holders that provide a barrier against environmental factors without reacting with the coin itself. Regular monitoring and avoiding cleaning the coin are also crucial, as improper cleaning can significantly reduce a coin's value.

10. Are there any legal considerations or restrictions collectors should be aware of when owning or selling a 1943 Copper Penny?

Regarding legal considerations for owning or selling a 1943 Copper Penny, there are no specific restrictions or legal requirements beyond those that apply to valuable personal property in general. However, collectors should be mindful of the need to properly insure such a valuable item. Insuring a rare coin like the 1943 Copper Penny typically requires a detailed appraisal by a qualified professional and might necessitate a separate rider on a homeowner's insurance policy or a policy through a company specializing in insuring collectibles. When selling a coin of significant value, it's also wise to consult with a tax professional regarding any potential capital gains tax implications. Additionally, conducting sales through reputable dealers or auction houses can provide an added layer of security and ensure compliance with any applicable laws or regulations regarding high-value transactions.