Buzz
Explore the history of one of America's most beloved collectible coins.
Have you ever found an old penny lying around, perhaps between the cushions of your couch or hidden in the back of a drawer, and wondered what it could be worth? If the date on the coin next to Abraham Lincoln's likeness reads 1943, it's worth taking a closer look! This guide will walk you through the steps to determine the value of your 1943 steel penny, how to identify rare and valuable examples, where to buy or sell them, and why these pennies are so prized by collectors.
1943 Steel Wheat Penny Value
A circulated 1943 steel wheat penny typically holds a value between $0.05 and $2. However, a pristine, uncirculated steel penny can fetch up to $30. If the penny hails from the San Francisco mint and is in perfect condition, its value can soar to as much as $7,000. Extremely rare copper pennies from the same year have been sold for over $1 million.
Steps
What is the value of a 1943 steel penny?
A typical 1943 steel penny that has been circulated is worth between $0.05 and $2. However, coins in Gem Mint State condition can fetch around $30 each. In rare cases, a steel penny in exceptional condition from the San Francisco (S) mint may be valued as high as $7,000—one of only three mints that produced wheat pennies that year.
How to Determine the Value of a 1943 Steel Penny
Color The color of a steel penny can offer clues about its authenticity, condition, and rarity. Counterfeiters sometimes alter steel wheat pennies by re-coating them to make them appear new or by changing their color to mimic copper.
- If it’s silver: The penny may either be uncirculated and in pristine condition or have been re-coated to look brand new. A re-coated penny will usually have a duller sheen, indicating it has been dipped in silver or copper.
- If it’s copper: A copper-colored penny could be a genuine copper piece or a regular steel penny that has been re-coated with copper.
- If it’s dull, dark, and rusty: These are old steel wheat pennies that have been in circulation for decades and typically have a very low value.
Magnetism To verify the authenticity of a steel penny, try testing it with a magnet. A genuine steel penny has a steel core, plated with zinc to prevent rusting. If the coin sticks to the magnet, it’s likely a real steel penny with a value between $0.05 and $2. If it doesn’t stick, it may be a fake (or possibly an extremely rare copper penny from 1943).
Mint Errors Look for any doubled die errors on the obverse side of your steel penny. Sometimes, coin dies become misaligned or malformed during the minting process, leading to a double impression of a letter, number, or symbol. This issue affected some 1943 steel pennies, like this Lincoln wheat cent with a doubled bold mintmark.
- Due to their rarity, doubled-die coins can be worth hundreds or even thousands of dollars more than regular coins. For example, the wheat penny with the doubled bold mintmark mentioned above is worth $1202 when uncirculated and in mint condition.
Mintmark Examine the mintmark on the steel penny to determine its place of origin. Only three mints produced the 1943 steel pennies: Philadelphia (P), Denver (D), and San Francisco (S). The San Francisco mint produced fewer steel pennies than the other mints, which makes those coins slightly more valuable.
- Perfect, uncirculated 1943 steel pennies from the San Francisco mint can fetch as much as $7000.
Condition Inspect your 1943 wheat penny for any signs of wear, such as rubbed-down features, rust, or severe damage, which can decrease its value. The fewer imperfections a coin has, the higher its market value.
- The difference in price between a coin in poor condition and one in pristine condition is vast. For example, a rusty, well-worn penny found on the street could be worth only around $0.05, but a flawless, professionally graded mint coin could sell for as much as $30.
Professional Grading Services Send your pennies to a professional grading service to get an accurate value. Services like PCGS, NGC, and CAC evaluate coins on a scale from 1 to 70. Steel pennies in excellent condition with low circulation could achieve a Mint State (Gem) score between 60 and 70. Higher grades result in higher values.
- The cost to have a coin graded by PCGS, NGC, or CAC depends on the coin’s type, age, and any additional services like imaging or first-strike designations. Expect to pay a minimum of $15 to $25 to get started.
Where to Buy & Sell a 1943 Steel Penny
Buy and Sell 1943 Wheat Pennies on Coin Marketplaces Online Popular platforms for buying and selling coins include MA Shops and VCoins, both of which offer authenticity guarantees. MA Shops stands out for their thorough screening and certification of dealers, which tends to attract more serious buyers.
- However, selling on MA Shops comes with strict dealer requirements, including:
- Worldwide shipping
- $39 monthly fee
- Numismatic references
- At least $25,000 in coin value
- VCoins has fewer restrictions for sellers, but you must adhere to their Code of Ethics, which includes guaranteeing the authenticity of your coins and accepting returns if a coin is found to be inauthentic.
Bid on 1943 Steel Wheat Pennies on eBay eBay is a great place to find or sell rare coins like old coins. To auction or list your wheat penny as a Buy It Now item, create a seller profile, upload images and details, then set a fair price by consulting NGC or PCGS for value estimates.
- If you're buying, be cautious, as eBay sellers aren't always verified coin dealers. Carefully inspect the coin's images and compare the price to NGC or PCGS values to avoid overpaying.
Search for 1943 Steel Pennies at Antique Stores and Estate Sales Antique stores sometimes display and sell rare coins. Be sure to compare their prices to NGC or PCGS values to ensure you're getting a good deal. Estate sales can also be a goldmine, as relatives may sell off family possessions at low prices simply to clear them out, sometimes including valuable coins.
Steel Penny History
Steel Pennies Were Minted in 1943 to Conserve Copper for World War II Before 1943, U.S. coins were typically made from nickel or copper. However, during World War II, the U.S. switched to steel to conserve copper for munitions production. Initially, the public found the steel penny amusing due to its magnetic properties, but soon grew frustrated with its resemblance to dimes and its tendency to corrode quickly.
- Obverse Side: The face of the 1943 wheat penny features a profile of President Abraham Lincoln, with "Liberty" on the left, the year and mintmark on the right, and the inscription "In God We Trust" above him.
- Reverse Side: The reverse of the coin features two sheaves of wheat, with the inscription "ONE CENT United States of America" and the Latin phrase "E Pluribus Unum" (meaning "Out of Many, One") above.
- Edge: The edge of the 1943 steel wheat penny is smooth, with no ridges or lettering.
How Rare Is a 1943 Steel Penny?
The 1943 Wheat Steel Penny is a Common Coin. Millions of these pennies were minted, and many collectors eagerly sought them since they were only produced for one year. Because of this, it's not uncommon to come across one in circulation when making purchases or withdrawing money from the bank.
- In 1944, the US returned to minting copper wheat pennies, which made the 1943 steel pennies even more desirable among collectors.
How Rare Are 1944 Steel Pennies?
1944 Steel Pennies Are Much Rarer Than Their 1943 Counterparts. After switching back to copper in 1944, the mints accidentally used leftover steel planchets from the previous year. They quickly corrected the mistake, but not before a small number of steel pennies were struck.
- The Philadelphia mint may have inadvertently mixed steel planchets with copper ones due to their simultaneous production of 2-franc coins for Belgium.
- A 1944 steel penny can be worth anywhere from $35,000 to $43,500 for circulated coins, and up to $175,000 for one in pristine, uncirculated condition.
How Rare Are 1943 Copper Wheat Pennies?
1943 Copper Wheat Pennies Are Rarer Than the Steel Versions. While the US mints shifted to using steel planchets for pennies, a small number of copper planchets were mistakenly left in the production line. As a result, between 16 and 21 copper pennies were accidentally minted in Philadelphia, Denver, and San Francisco.
- Given that these 1943 copper wheat pennies are far rarer than their steel counterparts, their value is much higher. In fact, one such penny fetched $1.7 million in 2010 when it was sold to the co-chairman of the Texas Rangers baseball team.
- A genuine copper 1943 wheat penny will not be attracted to a magnet, will not show signs of being “dipped” or recoated, and will weigh 3.11 grams, unlike the 2.7 grams of a true steel penny.
The tips shared in this section come from the real-world experiences of Mytour readers like yourself. If you have a valuable tip to contribute to Mytour, feel free to submit it in the field provided below.
- Experts suggest that you should only clean your 1943 steel penny if you're certain it holds no significant value (i.e., it's not a copper coin, hasn't been minted with an error, or isn't in excellent condition). If you have a low-value penny and want to remove some rust or dirt for display purposes, soak it in distilled white vinegar for 1-12 hours. Afterward, let the coin air dry naturally—don't rub it with a cloth.
