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Others still confuse the 1943 steel penny (pictured below) as the rare coin because of its unusual appearance as a silvery-colored Lincoln cent. But, while steel cents are quite common—more than 1 billion were made across the Philadelphia, Denver, and San Francisco Mints—it's the copper 1943 cent that’s rare. San Francisco struck 191,550,000 zinc coated steel pennies in 1943, 3th highest amount in a single year wheat cent. Representing the only year of this composition, interest remains high. Young collectors seek coins with the least amount of wear. Advanced collections choose from the many available in 'like new' condition. The 1943 steel pennies have value as numismatic coins. Keep reading to learn more about these one cent coins. In 1943 the US was fighting in WWII and a copper shortage led them to issue steel pennies. These pennies are made of steel and coated in zinc.

1. 1943 Steel Penny Error
2. 1943 Steel Penny For Sale
3. 1943 Steel Penny Value

There are few vintage coins as widely collected as the 1943 steel penny. This applies within and even beyond the numismatic realm. This unusual-looking Lincoln wheat cent is unlike any other United States one-cent coin.

Its zinc-coated steel composition makes this coin resemble a dime more than a typical U.S. penny. But why were these odd coins made, what are they worth, and how does a hobbyist go about collecting 1943 steel cents?

1943 Lincoln Wheat cent, steel composition. Image: USA CoinBook

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Making The 1943 Steel Cent

The steel penny may seem like a random anomaly to some. Yet the coin has a vital connection to an international historical event. The 1943 steel cent was produced during the height of World War II. This global conflict saw the United States military's involvement from 1941 through 1945.

During World War II, the Allied Forces needed many essential resources to help optimize success in the war. These materials, including copper and nickel, were used for producing ammunition and artillery.

However, copper and nickel were also integral in making coins. Thus, alternative metals were considered for minting coins. These coins traditionally consisted mostly of copper and nickel.

Therefore, the Lincoln cent and Jefferson nickel became prime targets for temporary but necessary metallic 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.

A litany of tests and patterns followed for the emergency composition, including plastic and glass. The most cost-effective replacement metal for the Lincoln cent was determined to be a low-grade steel planchet. These zinc-coated steel planchets represented an efficient and affordable avenue for making the 1943 pennies and rationing copper for the war effort.

However, many in the public were less than thrilled with the alternative composition. The steel cents were often confused with the dime, causing some folks to lose 9 cents (or more) in a cash transaction. Others blasted the coins for their tendency to quickly rust once the outer zinc coating wore off the coin, exposing the steel core.

The United States Mint eventually acquiesced to the concerns of the public. In 1944 the US Mint resumed using a copper-based composition for the Lincoln cent. This was accomplished by using copper shell casings gathered from military training facilities. These so-called shell case cents, struck through 1946, consist of 95% copper and 5% zinc. This is somewhat different than the typical 95% copper, 5% tin and zinc composition generally used at the time for producing Lincoln cents.

1943 Steel Cent Value

Most 1943 steel pennies aren’t worth much above their face value. This may come as something of a surprise to the many who believe these coins are quite valuable. That common misperception likely stems from the popularity of the well-known 1943 bronze cents. This off-metal transitional error was accidentally struck when a few leftover 1942 copper planchets were fed through the presses at the Philadelphia, Denver, and San Francisco Mints.

The 1943 copper cents are extremely rare and valuable. Only a couple dozen pieces were made, and each is worth about $100,000. While 1943 copper cents weigh about 3.11 grams and don’t stick to a magnet, the more common steel cents (which weigh 2.8 grams) adhere to a magnet. When it comes to evaluating 1943 Lincoln cents, the duo of a magnet and gram scale has broken many hearts and burst many bubbles over the years.

The 1943 steel cents are quite common, and more than 1 billion were struck. Broken down by each mint, the individual mintages 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

Many 1943 steel cents ultimately corroded beyond recognition or were otherwise lost to time. However, there are still millions of collectible 1943 pennies out there. Hence, these are relatively common coins and are worth relatively little in circulated grades.

Most 1943 pennies in worn grades trade for around 10 to 25 cents apiece. Typical uncirculated examples usually realize $1 to $5. Top-level specimens in grades of Mint State-67 or better can go for much more, sometimes hundreds or even thousands of dollars.

There are also some significant varieties among the 1943 steel cents, including the 1943-D/D repunched mintmark. This widely collected variety is worth more than $100 in Extremely Fine-40 and upward of $400 in Mint State-63. While there is no known mintage figure for the 1943-D/D Lincoln cent, it’s estimated that perhaps 3,000 to 5,000 examples may exist across all grades.

What About 1944 Steel Cents?

1944 steel Lincoln cent. Image: PCGS

As mentioned above, 1943 copper pennies are rare and valuable. Their steel counterparts are much more common. Ironically, the transition back to the normal bronze composition in 1944 reversed this situation!

1944 bronze cents are common, but a few of the steel-coated zinc coins were minted that year by mistake. Thus, 1944 steel cents are exceptionally scarce and command very high values.

Confusing which is which between the two years could cost you dearly.

Collecting the 1943 Lincoln Cent

Many coin collectors include the various 1943 pennies among their larger collections of Lincoln cents. However, the trio of business-strike Philadelphia, Denver, and San Francisco 1943 Lincoln steel cents constitute a very popular one-year short set. This set is commonly sold in mass-market offerings—particularly as a set of “reprocessed” (stripped and recoated) pieces assembled in plastic display cases and sold via general-readership newspaper and magazine advertisements.

There is no right or wrong way to collect 1943 Lincoln cents. Given their novelty, they also make great gifts and have helped spark numismatic interests in folks who otherwise may not have become coin collectors. Indeed, whether collected as part of a short set or incorporated into a larger run of Lincoln cents, the 1943 steel pennies are favorites among non-numismatists and veteran coin collectors alike.

Joshua McMorrow-Hernandez is a journalist, editor, and blogger who has won multiple awards from the Numismatic Literary Guild. He has also authored numerous books, including works profiling the history of the United States Mint and United States coinage.

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Coin Values Moving with Precious Metals: Up-Dated 2/8/2021: Gold $1813 Silver $26.90

1943 penny value reflects its unique status within the Wheat cent series. A standard method is used to located how much its worth on the chart. Collectors are interested in a few main factors to any coin: Date Mint Mark Condition

Date and mint mark collecting are a main focus to collections. Each combination is valued and listed on the chart.

Also important to collectors is condition of a coin. Grading condition is guided by standards. A better than average 1943 cent stands out over lesser condition coins. Values climb with these upper grades.

Steps Leading to Value:

• Step 1: Date and Mintmark Variety – Identify each date and its mintmark variety.
• Step 2: Grading Condition – Judge condition to determine grade.
• Step 3: Special Qualities – Certain elements either enhance or detract from value.

Placing an accurate value on your 1943 penny follows a step by step process. Step one is to confirm exact Date and Mint Mark variety. Images used to locate mint marks finds its exact place on the chart.

Second step, is an appraisal of condition. Matching your coin to grading images gives a good indication of its condition. It is important to judge your coin against both the images and descriptions. Metal alloy of 1943 cents has a few considerations effecting its market acceptance.

Identity of Date and Mint Mark begins the process.

Step 1: Date and Mintmark Combination

Identify Listing of 1943 Varieties

Unique in US mint history, three varieties of these 1943 cents were struck. Interest remains high along with demand. A composition of steel, coated with zinc, resulting in their distinctive color, sets these coins apart. Production was large 8th highest in the wheat series, 1,093,838,670 totals; when combining all mints.

1943 Lincoln Penny

No Mintmark Under Date: Philadelphia Mint Struck the Coin

Philadelphia's high mintage of 1943 pennies, (684,628,670) is the 5th highest of any year wheat cent. These coins are on a rarity scale of Abundant. Saving at the time contributes to the supply today.

Deterioration is a concern, rusting of the underlying steel is accelerated once the outer protective zinc is worn and removed. Absence of dark surfaces is a coin above average in preservation.

1943-D Lincoln Penny

'D' Mintmark Under Date: Denver Mint Struck the Coin

Abundant on a rarity scale. Denver 1943 cents are in demand because of their uniqueness. Very popular with collectors. A light sliver grey is their normal appearance when worn, standing out and easily spotted. Many were pulled from circulation.

Found in a wide range of conditions, desirable examples are absent of both rust from the steel core and discoloration of the zinc.

1943-S Lincoln Penny

'S' Mintmark Under Date: San Francisco Mint Struck the Coin

San Francisco struck 191,550,000 zinc coated steel pennies in 1943, 3th highest amount in a single year wheat cent. Representing the only year of this composition, interest remains high. Young collectors seek coins with the least amount of wear. Advanced collections choose from the many available in 'like new' condition.

Quality of the surfaces is noted as quickly fading. Desirable is a complete coating of zinc. Many coins removed from circulation have only touches of wear retaining a pleasing appearance. High areas to check are Lincoln's beard and hair.

Step 2: Judge Condition to Identify Grade

Special Grading Qualities Find 1943 Penny Value

A 1943 penny is unique in the numismatic collectible group of wheat cents. Historic value is high. Technical and aesthetics grading determines value to collectors. A grade defines its state of condition and is used by collectors to help judge its worth.

Handle the coin gently, hold the edges only avoiding touching the surface. Steel alloy is the underlying composition of the coin and reacts to moisture forming rust. Precautions help preserve the future condition of the coin.

Uncirculated Grade: A very distinctive blue-white luster shines from a mint state - uncirculated 1943 cent. These coins are struck from a zinc coated steel alloy. Luster and its texture remain intact to reach the uncirculated grade.

Zinc, the outer coating, is prone to dulling if disturbed. Handling and circulating through commerce easily start the process of metal removal. Highest areas to judge for complete luster are Lincoln's temple, cheek, and jaw. As you tilt the coin under a light confirm no breaks in shine are evident.

Noticeability absent are small spots due to humidity. Zinc exposed to moisture forms a white soft power, zinc oxide. This example was well preserved over time.

Extremely Fine Grade: A light amount of wear visible to high areas places this coin in the Extremely Fine grade.

Lincoln's portrait shows evidence of wear confined to just high points. Curls of hair are flattened but major waves remain separated. His temple, cheek, and jaw are smooth and flat on the highest ridges. No areas of wear form connections to each other.

A natural blue-grey color is displayed by the fields of the coin, highlighting the legends and devices. Absent is any rust. Circulation wear has removed only small portions of the outer zinc coating. Preservation in a dry location has resulted in a collectible grade 1943 steel penny.

Collectible Grade: Qualities of these unique 1943 pennies involve special considerations in condition less than Extremely Fine grade. Wear has removed enough design and metal from the two examples to grade lower than extremely fine on a technical basis.

The penny on the left is worn throughout the hair, face, and coat of Lincoln. Upper surfaces are clearly flattened and smoothed. Noticeable is the major elements remain separated and none are connected due to wear. The second penny is worn to the point design elements are beginning to connect. A distinct merging of Lincoln's hair and forehead is visible.

Both are in the collectible grading range. One is a strong Fine grade and the slightly lower condition example is a pleasing collectible 1943 penny. Importantly in this condition a strong eye appeal is projected by both coins. Darker tones of grey within the fields highlight lighter tones of the devices.

Video Grading Lincoln Wheat Pennies

1943 Steel Penny Error

Place higher grade coins in individual holders. Small zip lock bags are a good temporary solution. For higher value coins, Grading Lincoln Wheat Pennies expands on the grading process with video, descriptions, and images.

Step 3: Special Qualities Enhancing Value

Step 3: Finding Special Qualities of a 1943 Steel Penny

1943 steel cents capture interest of collectors. Their history is directly connected with WWII. A shortage of copper combined with a need to provide coinage to commerce forced the mint to use an alternative alloy. Freeing up tons of copper for the war effort, the now famous steel coated zinc combination was developed. It is the only use in US coinage of this alloy. It did however present a few problems. Immediately the mint recognized the metal was harsh on coining dies, reducing die life.

Secondly, once the new metal composition was released into circulation rust and oxidization was now a new consideration to collectors in judging qualities of these coins.

Zinc, the protective coating, when worn, exposed underlying steel. Additionally, zinc develops an oxide forming a white powder coating to the metal. Normal humidity in the air presented a challenge to preserve a 1943 cent. Evidence of both rust and oxidation are visible on the example coins. Values of these steel pennies is greatly reduced by the problems rust creates. Collector preference are coins without rust.

One wide spread market development was the introduction of 'Reprocessed' 1943 Steel Pennies. Lightly circulated cents were cleaned and recoated to a brilliant shine by private firms. Surfaces of the coins lack the sparkle of luster only possible by the striking of a coin with dies. Typically sold in sets of three to include Philadelphia, Denver, and San Francisco issues. These are considered novelty items and have no collector value. Originality is the key to value.

Eye appeal is an important consideration by collectors when choosing a coin to add to their collection. Each of the above are worn 1943 steel cents displaying wear to the surface. Problems are absent from the surfaces, however. No larges nicks distract the eye and rust is not present. Deep grey blue fields are smooth and not pitted. A lighter shade of silver-grey highlights the design. Worn steel pennies with eye appeal are popular with beginning collectors and a fascination to younger collectors.

1943 Steel Penny For Sale

US Mint. 1944 US Mint Annual Report https://nnp.wustl.edu/library/publisherdetail/51
Federal Trade Commission. Investing in Collectible Coins. https://www.consumer.ftc.gov/articles/0136-investing-collectible-coins

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★Coin Values Discovery finds 1943 Penny Value and...

1943 Steel Penny Value

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