During World War II, copper was considered a critical war material and was needed to manufacture artillery shells and other munitions. To conserve copper for the war effort, the U.S. Mint experimented with alternative metals for the one-cent coin in 1943. As a result, more than a billion steel pennies were minted that year.
While most 1943 steel cents are quite common, there are some rare varieties that are highly sought after by collectors. In this article, we’ll discuss how to identify the different types of 1943 steel pennies and determine if yours is one of the rare and valuable versions.
Background on the 1943 Steel Penny
Up until 1943, U.S. one-cent coins were made from a bronze alloy that was 95% copper. With copper in short supply during WWII, the U.S. Mint began searching for alternative metals. After experimenting with various combinations, it settled on a zinc-coated steel composition.
This new steel cent alloy was first put into production in 1943. During that year, the U.S. Mint produced 1,093,838,670 steel one-cent coins at three different Mint facilities:
- 633,828,670 at the Philadelphia Mint
- 279,638,000 at the Denver Mint
- 180,372,000 at the San Francisco Mint
The steel pennies were intended to be a temporary measure during wartime metal shortages. The Mint resumed using the pre-war bronze alloy for the cent in 1944.
How to Tell a Steel Penny from a Bronze One
The most obvious way to determine if a 1943 penny is made of steel versus bronze is by using a magnet. A steel cent will be strongly attracted to a magnet, while a bronze cent will not.
You can also examine the color. Steel cents have a grayish silver appearance, while bronze cents are reddish brown. Additionally, a steel penny is slightly lighter than a bronze one.
Key Date Steel Pennies
There are two main varieties of 1943 steel cents that are rare and quite valuable to collectors:
- 1943-D steel penny
- 1943-S steel penny
These two versions are known as “key date” coins since they had relatively low mintages compared to the much more common 1943 Philadelphia issue.
1943-D Steel Cent
The 1943-D steel penny was struck at the Denver Mint. It had a modest mintage of 279,638,000, making it the rarest of the three mint marked steel cent issues that year.
While not nearly as rare as the 1943 copper cent (which we’ll discuss later), the ’43-D steel cent is considered scarce in higher circulated grades. A well-struck, lustrous uncirculated example can sell for $50-100 or more at auction.
1943-S Steel Cent
The 1943-S steel cent had the lowest mintage of any of the steel pennies, at just 180,370,000 pieces produced. It was manufactured at the San Francisco Mint.
Like the ’43-D, the 1943-S steel cent brings significant premiums in mint state grades. However, even circulated examples are worth considerably more than common Philadelphia issues.
Mint State Grade Pricing
Here is a quick reference table showing approximate market values for mint state (MS60 to MS65 graded) examples of the rare 1943 steel cents:
| Issue | MS-60 | MS-63 | MS-65 |
|---|---|---|---|
| 1943-D steel | $75 | $150 | $300 |
| 1943-S steel | $100 | $200 | $350 |
As you can see, an uncirculated 1943-D or 1943-S steel penny is worth far more than a similar condition common date Philadelphia issue, which would sell for around $10-15 in MS-60 and up to $30-50 in MS-65 condition.
The 1943 Copper Penny
Now let’s discuss the most famous rarity in the entire Lincoln cent series – the 1943 copper penny. While steel was supposed to be used for all 1943 pennies, a tiny number of bronze planchets from 1942 were accidentally mixed into the production materials at the Philadelphia Mint. As a result, a handful of rare copper cents were struck.
The 1943 copper cent is revered not only for its rarity but also because it represents an intriguing “mistake” in the U.S. coinage history. There are only believed to be around 20 genuine specimens known to exist.
This incredibly scarce coin is one of the most valuable Lincoln pennies, with recent sales including:
- A PCGS MS-63 brown example sold for $276,000 in 2019
- An NGC MS-62 brown coin realized $186,000 in 2018
- A lightly circulated ANACS EF-40 specimen brought $144,500 in 2020
As these auction results make clear, even in circulated condition the 1943 copper cent is valued in the five-figure range. And uncirculated examples are worth a quarter million dollars or more!
How to Spot a 1943 Copper Cent
If you think you might have a 1943 copper penny, the first step is to use a magnet to verify that it does not stick. All steel cents are magnetic, so a non-magnetic 1943 cent must be struck in copper.
Examine the color as well. Genuine ’43 copper coins have a distinctive glossy bronze appearance, while steel pennies are gray-colored.
You’ll also want to weigh your coin on a precision scale. The copper 1943 cents weigh around 3.11 grams, heavier than the 2.7 grams of a steel cent.
If your 1943 penny is the right weight and composition, the next step would be to have it authenticated and graded by a reputable coin certification company like PCGS or NGC. This will confirm it is genuine and provide a condition grade. Handle the coin carefully by the edges and avoid cleaning it before sending in for evaluation.
Counterfeits and Alterations
As you might expect due to its immense value, there are many counterfeit and altered versions of the 1943 bronze cent created over the years. Some ways to spot fakes include:
- Magnetic – Copper pennies are not magnetic, so attraction to a magnet means the coin is made of steel that has been artificially toned.
- Porous surfaces – Genuine 1943 cents have denser, smoother surfaces.
- Improper weights – Scales rarely lie!
- Artificial toning – Be wary of unusual colors like blues and purples.
- Evidence of alterations – Signs of tooling, filing, etc around the date.
Again, third-party certification from PCGS, NGC or ANACS is the best way to authenticate a rare date 1943 Lincoln cent.
Other Key Date Lincoln Pennies
While the 1943-D, 1943-S and 1943 copper cents are the holy grails, there are a number of other Lincoln pennies that are valuable due to low mintages, errors, or special provisions. Here are some other key dates to look for:
| Year | Rarity | Value (circ.) | Value (unc.) |
|---|---|---|---|
| 1909-S VDB | Low Mintage | $350 | $2,000+ |
| 1914-D | Low Mintage | $500 | $4,000+ |
| 1922 No D | Missing Mintmark | $500 | $4,000+ |
| 1931-S | Low Mintage | $125 | $600+ |
| 1955 Doubled Die | Doubling Error | $1,000 | $20,000+ |
As collectible as Lincoln Memorial pennies are, no issues compare to the intrigue and value of the rare 1943 steel cents.
Conclusion
Determining if you have a valuable 1943 steel penny requires checking the date, mintmark, composition, and condition. While most are common, the 1943-D, 1943-S, and extremely rare 1943 copper cent issues are worth significant premiums, especially in uncirculated grades.
When evaluating a potentially rare 1943 penny, be very wary of counterfeits and altered coins. Seek professional authentication for any coins that may be one of the key dates worth a substantial amount. With classic commemorative appeal and intriguing backstories, 1943 Lincoln pennies remain an extremely popular series to collect over 75 years later.