Here’s What Your 1943 Steel Penny Could Be Worth (And How to Value It)

Have ever found an old penny on the ground (or in your couch cushions) and wondered about its worth? If the date on the face of the coin next to Abraham Lincoln says 1943, its value may be worth investigating! This guide to finding your 1943 steel penny value will cover what to look for in a rare and valuable steel wheat penny, where to buy and sell them, and why these pennies are unique and highly sought after.

1943 Steel Wheat Penny Value

According to coin expert Jeffrey Behan, a circulating 1943 steel wheat penny is worth $0.05 to $2. An uncirculated steel penny in mint condition is worth $30. If the penny is from the San Francisco mint and in pristine, uncirculated condition, it can sell for $7000. Extremely rare copper pennies have sold for over $1 million.

Section 1 of 7:

How much is a 1943 steel penny worth?

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However, Gem Mint State versions of the coin are typically sold for $30 each.^{[1]
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Research source} Some steel pennies can be worth up to $7000 if they're in pristine condition and originate from the San Francisco (S) mint—1 of only 3 mints that produced wheat pennies that year.^{[2]
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Section 2 of 7:

How to Find the Value of a 1943 Steel Penny

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Color The color of the steel penny can help you determine if it's genuine or fake, as well as rare or commonplace. Counterfeiters have been known to recoat steel wheat pennies or other coins to make them look uncirculated and new or to change the color to copper.
- If it’s silver: It could either be uncirculated and in perfect condition or recoated to make it appear new. If the penny has been recoated in silver or copper, this layer should be easy to detect, as the sheen on the coin will be duller and the coin will look like it's been dipped in color.
- If it's copper: Copper-colored wheat pennies could be genuine copper or normal steel coins recoated in copper to look authentic.
- If it's dull, dark, and rusted: Dull, dark, rusty coins are old steel wheat pennies that have been in circulation for decades and have a low value.
Ensure it's a real steel penny by holding a magnet to it. A true steel penny has a steel base plated with zinc to keep it from rusting. If the coin sticks to the magnet, you're off to a good start at a $0.05-$2 value.^{[3]
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Mint errors Look for a doubled die error on the obverse side of the steel penny. Occasionally, coin-making dies become misshapen or misaligned during minting and cause a double imprint of a letter, number, or symbol on one side of the coin. This occurred with some of the 1943 steel pennies, like this Lincoln wheat cent with a doubled bold mintmark.^{[5]
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- Because of their rarity, doubled-die coins can be worth hundreds or thousands of dollars more than normal coins. The wheat penny with the doubled bold mintmark we referenced above is worth $1202 uncirculated and in mint condition.
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Mintmark Check the mintmark to identify which mint the steel penny was made in. Only 3 mints produced the 1943 steel pennies: Philadelphia (P), Denver (D), and San Francisco (S). The mint in San Francisco made slightly fewer steel pennies than the others, making those coins a bit more valuable.^{[6]
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- Pristine, uncirculated 1943 steel pennies from the San Francisco mint can sell for as high as $7000.
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Condition Check your 1943 wheat penny for signs of damage (i.e., its features have been rubbed down or are unrecognizable, the coin is rusted and falling apart, etc.) that would lower its value. The fewer flaws it has, the greater its worth on the market.
- The price difference between a coin in poor condition and a pristine coin is huge. For instance, a normal steel penny you found in the street – rusted and used – might be worth as little as $0.05. But a flawless penny that's been graded and certified as mint can sell for as much as $30.^{[7]
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Professional grading services Send your pennies to a coin grading service to determine their value. Coin grading services like PCGS, NGC, and CAC grade coins on a scale of 1-70. Steel pennies in good enough condition and with a low enough circulation can achieve a Mint State (Gem) score between 60 and 70. The higher the grade, the higher the value.^{[8]
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- The price to send in a coin to be valued by PGCS, NGC, or CAC varies depending on the coin type and age and what else you want them to do to it, like imaging or first strike designation. Expect to pay at least $15-$25 at each website to get started.

Section 3 of 7:

Where to Buy & Sell a 1943 Steel Penny

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Buy and sell 1943 wheat pennies on coin marketplaces online. Some popular websites include MA Shops and VCoins, both of which offer authenticity guarantees. MA Shops edges out VCoins in our ranking for screening and certifying their dealers. You're also more likely to find more serious buyers as a certified dealer.
- The only downside to selling MA Shops is their certified dealer requirements are challenging to fulfill. They include:
  - Offering worldwide shipping
  - Paying $39 monthly administration fee
  - Numismatic references
  - Minimum coin value of $25,000 in coins
- VCoins has less red tape to join as a seller, but you do have to adhere to their VCoins Code of Ethics. The Code of Ethics requires sellers to (among other things) vouch for the authenticity of the coins they sell and accept returns at any time if a coin they sell is found to be inauthentic.
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Bid on 1943 steel wheat pennies on eBay. eBay is a great place to find or sell rare items like old coins. To put your wheat penny up for Auction or as a Buy It Now item, create a seller profile and upload pictures and details about your coin. Then, set a reasonable price by checking the penny's value NGC or PCGS.
- If you're in the market for a coin, just be aware that eBay sellers aren't authenticated or verified coin dealers. Look at the images of the coins carefully to verify they're genuine and compare the price to the coin's value on NGC or PCGS to ensure you're not overpaying.
Antique stores sometimes put rare coins on display and sell them (once again, compare their price to the prices on NGC or PGCS to verify they're giving you a fair deal). Estate sales can also yield unexpected treasures, as relatives go through their loved ones' things and sell them at a low price simply to get rid of them.

Section 4 of 7:

Steel Penny History

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Steel pennies were minted in 1943 to save copper for World War II. Up until 1943, the US government minted its coins in nickel or copper. But when they began making munitions for the Allies to fight Adolph Hitler and the Axis powers in Europe, they switched to steel to conserve those valuable metals.^{[9]
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Research source} The American public was initially amused by the steel penny because of its magnetic properties, but soon became frustrated with them because they looked so similar to dimes and corroded quickly.
- Obverse Side. The obverse side (the face) of the 1943 wheat penny features a side profile of President Abraham Lincoln, the word "Liberty" to his left, the minting year and mintmark to his right, and the words "In God we trust" stamped above him.
- Reverse Side.The wheat penny is so-called because it features two sheaves of wheat on either side of the reverse side of the coin. Between the wheat is the text, "ONE CENT United States of America," with the Latin words "E Pluribus Unum" (which means "out of many, one") arcing over the top.
- Edge. The edge of the 1943 steel wheat penny is smooth all the way around and doesn't feature any reeding (i.e., ridges) or lettering.

Section 5 of 7:

How rare is a 1943 steel penny?

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The 1943 wheat steel penny is a common coin to find. Millions of them were made, and lots of people collected them since they were only minted for one year. For that reason, once in a while, you may find one in circulation when you get change for a transaction or withdraw money from the bank.^{[10]
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- The US switched back over to copper wheat pennies in 1944, making the steel pennies of the previous year highly sought after.

Section 6 of 7:

How rare are 1944 steel pennies?

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1944 steel pennies are much rarer than 1943 steel pennies. In 1944, the US went back to minting coins in copper. When they did – much like with the copper planchets in 1943 – the mints accidentally used some steel planchets left over from the previous year. They realized the error and switched to copper, but not before some steel pennies were already made.^{[11]
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- The Philadelphia mint may have gotten the steel planchets mixed up with the copper ones because they were also producing 2-franc coins for Belgium simultaneously.
- The value of a 1944 steel penny ranges from $35,000-$43,500 for circulated ones to $175,000 for an uncirculated coin in pristine condition.

Section 7 of 7:

How rare are 1943 copper wheat pennies?

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Copper wheat pennies from 1943 are rarer than the steel pennies. When the mints in the US switched to steel planchets (flat pieces of metal in which coins are stamped), they accidentally left some copper planchets out. Because of this error, at least 16-21 copper pennies are known to have been produced by the steel penny mints in Philadelphia, Denver, and San Francisco.^{[12]
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- Since 1943 wheat pennies made of copper are much rarer than the zinc-plated steel versions, they're also much more valuable. One of them sold for $1.7 million in 2010 to the co-chairman of the Texas Rangers baseball team.^{[13]
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- A rare copper 1943 wheat penny will not adhere to a magnet. It will also not have a "dipped" appearance like it's been recoated. Finally, it will weigh 3.11 g, whereas a genuine 1943 steel penny weighs 2.7 g.^{[14]
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Experts recommend only cleaning your 1943 steel penny when you've verified that it has no value (i.e., it's not made of copper or minted with an error, and it's not already in pristine condition). If you have a valueless wheat penny and want to clean up some of the rust spots and grime for display purposes, soak it in distilled white vinegar for 1-12 hours. Then remove it and let it air dry (don't wipe it clean).

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