What if one day you open your kitchen cabinet and see a silver spoon instead
of a regular steel one? A bit confused at first, but you will jump in joy!
This is the same reason why the 1943 Steel penny is unique. The citizens of
the US saw only the copper pennies, but the 1943 issue of the penny was
composed of steel which was highly astonishing and new for everyone.
Here’s everything that influenced the 1943 steel Penny value!
In short, there are three main factors: condition, mintmark, and errors. These
three factors can impact collectively or sometimes individually. Let’s break
down the 1943 penny value puzzle, piece by piece!
History of the 1943 Steel Cents
While you might think the change in metal composition could be an innovative
step. However, that’s not the case; World War II was the reason. The demand
for metals like copper and tin grew drastically to aid the war effort with
munitions and other military supplies.
In this situation, the U.S. government decided to opt for steel to make
currency coins since it was cheaper and more accessible. With the use of steel
for the 1943 penny, the U.S. Mint produced a lustrous gray penny coated in
zinc for the first time in American coinage history. This steel penny was
struck in three facilities of the US Mint: Philadelphia, Denver, and San
Francisco.
With all these unique and jaw-dropping points, you might wonder if the 1943
penny value is as high as Burj Khalifa. Unfortunately, with over a billion
coins produced, these pennies are not particularly rare.
Value of 1943 Steel Penny
TL;DR The value of the 1943 steel penny ranges from a few cents (10-13) to a
few thousand dollars ($200- $4,000). The condition, the mintmark, and the
errors influence this value range. The value for circulated coins that
survived is comparatively lesser than uncirculated coins. The uncirculated
condition coins mean the coins are in a mint state that never left the mint.
The mint marks are the initials of the mint that the coins were struck in. The
US Mint rare coins generally were produced in Philadelphia (no mintmark),
Denver (D), and San Francisco (S). Furthermore, if your coin has a low mintage
mintmark while in pristine condition, the value is far higher.
Lastly, the errors! The coin errors are the manufacturing defects from the
mint that make the coin more valuable rather than decreasing it.
Here’s a comprehensive table that displays the different values of 1the 943
penny:
| Good |
$0.17 |
$0.23 |
$17 |
$0.28 |
| Very good |
$0.23 |
$0.34 |
$28 |
$0.34 |
| Fine |
$0.34 |
$0.40 |
$46 |
$0.46 |
| Very fine |
$0.40 |
$0.46 |
$57 |
$0.75 |
| Extra fine |
$0,46 |
$0.57 |
$68 |
$0.87 |
| AU |
$0.57 |
$0.87 |
$81 |
$1.16 |
| MS 60 |
$2.88 |
$3.38 |
$115 |
$6.81 |
| MS 65 |
$9.35 |
$11 |
$1,161 |
$23 |
Valuable 1943 and 1944 Pennies
|
Buy |
Sell |
Buy |
Sell |
| 1943 Bronze * |
$29,000.00 |
$18,000.00 |
$190,000.00 |
$140,000.00 |
| 1943-D Bronze * |
$57,000.00 |
$38,000.00 |
$360,000.00 |
$260,000.00 |
| 1943-S Bronze * |
$92,000.00 |
$62,000.00 |
$590,000.00 |
$400,000.00 |
A Flawed Manufacturing Process by the U.S. Mint
The 1943 penny can be among the most valuable coins, but surprisingly, it was
unliked by the masses. To aid the war effort, the
US Mint
replaced the copper pennies with steel pennies. Steel was used as the base
metal and coated with pure zinc. However, zinc oxidizes over time since the
circulation will expose it to moisture. After the timely oxidization, the
coins turn dull, dark gray.
The masses didn’t like this color change, and to add salt to it, the
manufacturing process contributed. Even the planchets used were flawed and
rolled into steel sheets to the proper thickness. The sheets were passed from
the blanking press that punched coin blanks out of it.
Now, this manufacturing process resulted in exposed bare steel at the edge of
the coin. The moisture and wear reacted with the bare steel, making the coin
rust, regardless of how its surface was. This rejected coin was also confused
with the same size dime by the people! In any way, this might be a major flaw,
but the 1943 penny value for higher grades is high.
Features of the 1943 steel penny:
1) Obverse of the 1943 steel penny
The obverse of the Lincoln Penny includes the effigy of Former President
Abraham Lincoln designed by Victor David Brenner. This effigy has been
adorning the coin since its introduction in 1909. The designer's initials
are engraved on Abraham Lincoln's shoulder.
Did You Know?
Brenner’s initials appeared on the reverse but were removed due to
criticism. These initials were restored in 1918 on the obverse.
Inscriptions:
- IN GOD WE TRUST
- LIBERTY
- 1943
2) Reverse of the 1943 steel penny
The reverse of the 1943 steel penny is yet another iconic and historic
design. This design includes two wheat ears on each side. These wheat ears
have a plethora of meanings, from being the staff of life to prosperity.
Following this are the inscriptions for the denomination, the US motto,
and the engraving of the country of issue.
Inscriptions:
- E PLURIBUS UNUM
- ONE CENT
- UNITED STATES OF AMERICA
3) Other features of the 1943 steel penny
| Composition |
steel core clad in zinc. |
| Weight |
2.7 grams |
1943 Steel Penny Value Guides
1) 1943 (P) No Mint Mark Steel Penny Value
The 1943 pennies struck at the Philadelphia facility of the US Mint lack a
mintmark. Thus, if you hold a penny without a mintmark, it is probably
struck at the Philadelphia Mint. The mintage here was the highest, with
more than 684 million coins produced.
Based on the grade (1 to 70) and condition of the 1943 (P) no mint mark
Steel Penny value ranged from $11 to $35,000.
- The MS60 to MS65 graded pennies are worth $11 to $30.
-
From grade MS66, the value estimated by PCGS is $45, which rises to $200 for
MS67, and eventually $5,250 at MS68.
-
At an auction in 2020, an MS68+ Penny was sold at a price of $33,600, now
estimated to be around $35,000.
2) 1943 D Steel Penny Value
The 1943 Pennies bearing the D mintmark were struck at the Denver
facility. The mintmark is depicted below the date on the obverse. Compared
to the Philadelphia mint, the Denver mint only produced 217 million coins.
Regardless of the vast mintage number gap, these pennies are around the
same value as the Philadelphia ones.
The values from decent to a good condition penny (even around AU- Almost
Uncirculated) remain around $1 to $7. The worth starts to take off from
MS60, which is $11.
-
The MS63 graded 1943 Penny is valued at around $50, while the MS67 is valued
at $200.
-
The pennies with grades higher than MS67+ are valued at $525 while the MS68
graded 1943 D Steel Penny is valued at around $3,000, significantly lower
than the Philadelphia variant.
-
Following this are the MS68+ graded pennies that can be valued at $16,500.
3) 1943 S Steel Penny Value
If you see an “S” below the date on the obverse of the 1943 Steel Penny,
then a coin is struck at the San Francisco facility. Among the three, the
San Francisco Mint had the lowest mintage of 191 million pennies.
The possibility of getting a valuable 1943 S Steel Penny is higher since
collectors seem to hoard excellent condition pennies making them sought
after even today. The good condition pennies are not in the question when
it comes to value.
- An MS63 penny was reported to be sold in 2020 at a value of $200.
- The MS65 graded pennies are valued at $40 as estimated by PCGS.
-
The MS66 and MS67 graded pennies are valued from $70 to $200, which are
relatively easy to find as well.
-
The MS68 1943 S Steel pennies, with only 140 of them certified, are valued
at $4,000 by PCGS.
-
The finest and most valuable MS68+ 1943 S Steel pennies are valued at
$35,000.
Rare 1943 steel penny error List
1) 1943 Bronze Cent
In the world of coins and errors, people were introduced to one of the
rarest coinage errors, the transition error. As the moniker suggests, the
1943 bronze cent was when pennies were struck on the old type planchet.
These pennies were struck on the traditional bronze planchet instead of
the new steel and zinc planchet. Regardless of any condition, these
pennies are highly valuable.
Brace yourself for these values!
-
PCGS has certified a number of such pennies with grades from XF45 to MS62.
-
The XF45 graded penny is valued at $215,000, while the other grades are
worth around $435,000 each. (there’s more!)
-
PCGS values the finest red coin with MS63 grade at a staggering $1 million.
2) 1943 D/D steel penny, Repunched mint mark
Yet another rare error, this time with the Denver mint struck 1943 Steel
Pennies. The Repunched Mintmark (RPM) error occurs when a second mintmark
is punched over the first, resulting in an overlapping “D” inscription.
A rare error on an already unique coin makes it valuable regardless of
condition. The pennies in good condition can be valued at $55, which rises
up to $175 for grade XF45.
- An MS60-graded 1943 Steel Penny is worth around $425.
-
An MS67-graded penny set an auction record in 2020 by being sold for
$21,275.
How to Spot Fake Pennies?
After knowing the jaw-dropping values of these pennies, you would look at the
penny and wonder, Is this for real? What if it’s fake? A completely valid
question!
Here’s how you can spot fake 1943 Steel Pennies:
-
Magnet Test: Use a magnet to have a 1943 copper cent. The fake ones
are created by coating steel with copper; thus, the real ones will not stick
to the magnet.
-
Authentication: Check the dimensions, weight, and composition of the
coin, which is generally the way fake pennies are created.
-
Professional Verification: Get your coin checked and appraised by
trusted coin grading services like PCGS and NGC.
FAQs
1) How can I know if my Penny is rare or not?
The 1943 steel pennies were made from a steel base and a zinc finish, giving
them a light gray color. However, if your coin has a bronze composition of
copper and zinc, they will be very rare. Furthermore, if you have a copper and
zinc composition coin with a red finish, you are waiting for life-changing
cash!
2) What makes a 1943 steel penny valuable?
Despite being made with steel for the first time and visibly rejected by the
masses, the condition, errors, and mintmarks are three factors that will make
your 1943 penny valuable.
3) How do I spot fake 1943 pennies?
Counterfeit and phony coins are common at this point. The 1943 brown penny
that has jaw-dropping worth is prone to such acts. To identify whether your
coin is real or fake, use a magnet. Since counterfeit coins usually are
copper-coated steel pennies, the magnet will reveal the fake one.
4) What 1943 Penny is worth the most?
The most expensive 1943 pennies are made from copper planchets instead of
steel. These coins with a bronze shade are highly valuable, from a few hundred
dollars to thousands of dollars for red variants.
What if one day you open your kitchen cabinet and see a silver spoon instead
of a regular steel one? A bit confused at first, but you will jump in joy!
This is the same reason why the 1943 Steel penny is unique. The citizens of
the US saw only the copper pennies, but the 1943 issue of the penny was
composed of steel which was highly astonishing and new for everyone.
Here’s everything that influenced the 1943 steel Penny value!
In short, there are three main factors: condition, mintmark, and errors. These
three factors can impact collectively or sometimes individually. Let’s break
down the 1943 penny value puzzle, piece by piece!
History of the 1943 Steel Cents
While you might think the change in metal composition could be an innovative
step. However, that’s not the case; World War II was the reason. The demand
for metals like copper and tin grew drastically to aid the war effort with
munitions and other military supplies.
In this situation, the U.S. government decided to opt for steel to make
currency coins since it was cheaper and more accessible. With the use of steel
for the 1943 penny, the U.S. Mint produced a lustrous gray penny coated in
zinc for the first time in American coinage history. This steel penny was
struck in three facilities of the US Mint: Philadelphia, Denver, and San
Francisco.
With all these unique and jaw-dropping points, you might wonder if the 1943
penny value is as high as Burj Khalifa. Unfortunately, with over a billion
coins produced, these pennies are not particularly rare.
Value of 1943 Steel Penny
TL;DR The value of the 1943 steel penny ranges from a few cents (10-13) to a
few thousand dollars ($200- $4,000). The condition, the mintmark, and the
errors influence this value range. The value for circulated coins that
survived is comparatively lesser than uncirculated coins. The uncirculated
condition coins mean the coins are in a mint state that never left the mint.
The mint marks are the initials of the mint that the coins were struck in. The
US Mint rare coins generally were produced in Philadelphia (no mintmark),
Denver (D), and San Francisco (S). Furthermore, if your coin has a low mintage
mintmark while in pristine condition, the value is far higher.
Lastly, the errors! The coin errors are the manufacturing defects from the
mint that make the coin more valuable rather than decreasing it.
Here’s a comprehensive table that displays the different values of 1the 943
penny:
| Good |
$0.17 |
$0.23 |
$17 |
$0.28 |
| Very good |
$0.23 |
$0.34 |
$28 |
$0.34 |
| Fine |
$0.34 |
$0.40 |
$46 |
$0.46 |
| Very fine |
$0.40 |
$0.46 |
$57 |
$0.75 |
| Extra fine |
$0,46 |
$0.57 |
$68 |
$0.87 |
| AU |
$0.57 |
$0.87 |
$81 |
$1.16 |
| MS 60 |
$2.88 |
$3.38 |
$115 |
$6.81 |
| MS 65 |
$9.35 |
$11 |
$1,161 |
$23 |
Valuable 1943 and 1944 Pennies
|
Buy |
Sell |
Buy |
Sell |
| 1943 Bronze * |
$29,000.00 |
$18,000.00 |
$190,000.00 |
$140,000.00 |
| 1943-D Bronze * |
$57,000.00 |
$38,000.00 |
$360,000.00 |
$260,000.00 |
| 1943-S Bronze * |
$92,000.00 |
$62,000.00 |
$590,000.00 |
$400,000.00 |
A Flawed Manufacturing Process by the U.S. Mint
The 1943 penny can be among the most valuable coins, but surprisingly, it was
unliked by the masses. To aid the war effort, the
US Mint
replaced the copper pennies with steel pennies. Steel was used as the base
metal and coated with pure zinc. However, zinc oxidizes over time since the
circulation will expose it to moisture. After the timely oxidization, the
coins turn dull, dark gray.
The masses didn’t like this color change, and to add salt to it, the
manufacturing process contributed. Even the planchets used were flawed and
rolled into steel sheets to the proper thickness. The sheets were passed from
the blanking press that punched coin blanks out of it.
Now, this manufacturing process resulted in exposed bare steel at the edge of
the coin. The moisture and wear reacted with the bare steel, making the coin
rust, regardless of how its surface was. This rejected coin was also confused
with the same size dime by the people! In any way, this might be a major flaw,
but the 1943 penny value for higher grades is high.
Features of the 1943 steel penny:
1) Obverse of the 1943 steel penny
The obverse of the Lincoln Penny includes the effigy of Former President
Abraham Lincoln designed by Victor David Brenner. This effigy has been
adorning the coin since its introduction in 1909. The designer's initials
are engraved on Abraham Lincoln's shoulder.
Did You Know?
Brenner’s initials appeared on the reverse but were removed due to
criticism. These initials were restored in 1918 on the obverse.
Inscriptions:
- IN GOD WE TRUST
- LIBERTY
- 1943
2) Reverse of the 1943 steel penny
The reverse of the 1943 steel penny is yet another iconic and historic
design. This design includes two wheat ears on each side. These wheat ears
have a plethora of meanings, from being the staff of life to prosperity.
Following this are the inscriptions for the denomination, the US motto,
and the engraving of the country of issue.
Inscriptions:
- E PLURIBUS UNUM
- ONE CENT
- UNITED STATES OF AMERICA
3) Other features of the 1943 steel penny
| Composition |
steel core clad in zinc. |
| Weight |
2.7 grams |
1943 Steel Penny Value Guides
1) 1943 (P) No Mint Mark Steel Penny Value
The 1943 pennies struck at the Philadelphia facility of the US Mint lack a
mintmark. Thus, if you hold a penny without a mintmark, it is probably
struck at the Philadelphia Mint. The mintage here was the highest, with
more than 684 million coins produced.
Based on the grade (1 to 70) and condition of the 1943 (P) no mint mark
Steel Penny value ranged from $11 to $35,000.
- The MS60 to MS65 graded pennies are worth $11 to $30.
-
From grade MS66, the value estimated by PCGS is $45, which rises to $200 for
MS67, and eventually $5,250 at MS68.
-
At an auction in 2020, an MS68+ Penny was sold at a price of $33,600, now
estimated to be around $35,000.
2) 1943 D Steel Penny Value
The 1943 Pennies bearing the D mintmark were struck at the Denver
facility. The mintmark is depicted below the date on the obverse. Compared
to the Philadelphia mint, the Denver mint only produced 217 million coins.
Regardless of the vast mintage number gap, these pennies are around the
same value as the Philadelphia ones.
The values from decent to a good condition penny (even around AU- Almost
Uncirculated) remain around $1 to $7. The worth starts to take off from
MS60, which is $11.
-
The MS63 graded 1943 Penny is valued at around $50, while the MS67 is valued
at $200.
-
The pennies with grades higher than MS67+ are valued at $525 while the MS68
graded 1943 D Steel Penny is valued at around $3,000, significantly lower
than the Philadelphia variant.
-
Following this are the MS68+ graded pennies that can be valued at $16,500.
3) 1943 S Steel Penny Value
If you see an “S” below the date on the obverse of the 1943 Steel Penny,
then a coin is struck at the San Francisco facility. Among the three, the
San Francisco Mint had the lowest mintage of 191 million pennies.
The possibility of getting a valuable 1943 S Steel Penny is higher since
collectors seem to hoard excellent condition pennies making them sought
after even today. The good condition pennies are not in the question when
it comes to value.
- An MS63 penny was reported to be sold in 2020 at a value of $200.
- The MS65 graded pennies are valued at $40 as estimated by PCGS.
-
The MS66 and MS67 graded pennies are valued from $70 to $200, which are
relatively easy to find as well.
-
The MS68 1943 S Steel pennies, with only 140 of them certified, are valued
at $4,000 by PCGS.
-
The finest and most valuable MS68+ 1943 S Steel pennies are valued at
$35,000.
Rare 1943 steel penny error List
1) 1943 Bronze Cent
In the world of coins and errors, people were introduced to one of the
rarest coinage errors, the transition error. As the moniker suggests, the
1943 bronze cent was when pennies were struck on the old type planchet.
These pennies were struck on the traditional bronze planchet instead of
the new steel and zinc planchet. Regardless of any condition, these
pennies are highly valuable.
Brace yourself for these values!
-
PCGS has certified a number of such pennies with grades from XF45 to MS62.
-
The XF45 graded penny is valued at $215,000, while the other grades are
worth around $435,000 each. (there’s more!)
-
PCGS values the finest red coin with MS63 grade at a staggering $1 million.
2) 1943 D/D steel penny, Repunched mint mark
Yet another rare error, this time with the Denver mint struck 1943 Steel
Pennies. The Repunched Mintmark (RPM) error occurs when a second mintmark
is punched over the first, resulting in an overlapping “D” inscription.
A rare error on an already unique coin makes it valuable regardless of
condition. The pennies in good condition can be valued at $55, which rises
up to $175 for grade XF45.
- An MS60-graded 1943 Steel Penny is worth around $425.
-
An MS67-graded penny set an auction record in 2020 by being sold for
$21,275.
How to Spot Fake Pennies?
After knowing the jaw-dropping values of these pennies, you would look at the
penny and wonder, Is this for real? What if it’s fake? A completely valid
question!
Here’s how you can spot fake 1943 Steel Pennies:
-
Magnet Test: Use a magnet to have a 1943 copper cent. The fake ones
are created by coating steel with copper; thus, the real ones will not stick
to the magnet.
-
Authentication: Check the dimensions, weight, and composition of the
coin, which is generally the way fake pennies are created.
-
Professional Verification: Get your coin checked and appraised by
trusted coin grading services like PCGS and NGC.
FAQs
1) How can I know if my Penny is rare or not?
The 1943 steel pennies were made from a steel base and a zinc finish, giving
them a light gray color. However, if your coin has a bronze composition of
copper and zinc, they will be very rare. Furthermore, if you have a copper and
zinc composition coin with a red finish, you are waiting for life-changing
cash!
2) What makes a 1943 steel penny valuable?
Despite being made with steel for the first time and visibly rejected by the
masses, the condition, errors, and mintmarks are three factors that will make
your 1943 penny valuable.
3) How do I spot fake 1943 pennies?
Counterfeit and phony coins are common at this point. The 1943 brown penny
that has jaw-dropping worth is prone to such acts. To identify whether your
coin is real or fake, use a magnet. Since counterfeit coins usually are
copper-coated steel pennies, the magnet will reveal the fake one.
4) What 1943 Penny is worth the most?
The most expensive 1943 pennies are made from copper planchets instead of
steel. These coins with a bronze shade are highly valuable, from a few hundred
dollars to thousands of dollars for red variants.
