How Rare Is a 1943 Lincoln Steel Penny? (2024)

One of the most frequently asked questions a numismatist getsis, "How rare is my 1943 silver penny?" This is a perfectly understandable question since most pennies are made of copper. So, when people find an old penny made of steel and not copper, they think they have something rare and valuable.

Unfortunately, many people alive during the 1940s have passed away, so few remember when the unique steel pennies circulated with the common copper cents. Some unscrupulous people today fake rare coins and try to sell counterfeit 1943 pennies. Therefore, before investing money in purchasing rare coins, ensure they are authenticated by a professional or deal with a trusted coin dealer.

The "Silver Penny" Is Not Rare

In 1943, the United States was preparing for war in Europe and the Pacific. Copper is an essential metal in the manufacturing of ammunition, so to save copper for the war effort, the United States Mint, under the authority of Congress, began making pennies from steel and adding a thin coating of zinc. This gave the penny a silver color instead of the standard orange/brown copper.

Is your 1943 penny rare? The answer depends on its composition. If the penny is silver-colored, it is made of steel with a zinc coating to make it look nicer and protect it from rusting. These pennies are relatively common when in excellent condition since people tended to save them when they were first issued because they were unusual. Unfortunately, a regular 1943 steel penny is worth only a few cents.

As the 1943 steel pennies circulated, the zinc coating started to turn dark gray and almost black. If the coin was in circulation long enough, the zinc coating completely wore off, and the steel underneath would start to show through. When exposed to moisture, the penny would begin to rust. To "revive" some of the original beauty, some unscrupulous coin dealers started to re-plate the steel pennies with a fresh zinc coating. Although these pennies are brilliant, they are considered damaged coins and carry little to no value.

The Rare 1943 Penny

If your 1943 penny is made of copper, it is worth quite a bit of money, generally $10,000 or more! The reason is that the1943 copper pennyisan error coin. When striking the coin, the United States Mint accidentally used the wrong planchetmetal, but very few of these left the U.S. Mint facilities.

The U.S. Mint unintentionally made these 1943 error coins when some copper planchets leftover from the previous year got stuck in the corners of the large bins that moved the blank planchets around the mint. When the planchets became dislodged, they mixed with regular zinc-plated steel planchets and were processed through the coining presses.

Unfortunately, there are plenty of fake 1943copper centsfloating around. Some were intended to be novelty items; just steel pennies dipped or plated in copper. Others are fraud attempts, where someone has taken a genuine 1948 copper penny and cut the 8 in half, making it look like a 3.

Also, counterfeiters in foreign countries have created very deceptive-looking fakes. These counterfeit coins are so well-made that they can fool experienced coin dealers. Therefore, be on the lookout for these coins before purchasing them.Fortunately, there are straightforward tests to determine if your1943 copper pennyis genuine.

What to Do If You Think You Have One

If you have tested your penny to determine its genuineness and truly believe your 1943 Lincoln penny is the rare copper variety,you need to have it authenticated by a professional. Ultimately, you need to send it to a third-party grading service to have it authenticated and encapsulated. Unfortunately, this can cost between thirty and fifty dollars.

Before you waste your money sending your coin to a third-party grading service only to have it come back as an altered or counterfeit coin, here are a few things you should do:

• Take your coin to a local coin dealer and have them look at it. Most coin dealers who have been around for a while have seen enough counterfeit and altered coins to know the difference. They will be able to give you an educated opinion before you invest the money in having it authenticated by a third-party grading service.
• Take your coin to a local coin show and have several dealers review it and give you their opinions. Do not let the penny out of your site or let the dealer take it in "the backroom," where you lose sight of it. Unfortunately, some dishonest coin dealers will try to switch your authentic coin with an altered or counterfeit coin.
• If most dealers think it is authentic, invest the money and send the coin to a third-party grading service. If most dealers think it is an altered or counterfeit coin, don't waste your money having it certified and authenticated.