In 1943 American society was undergoing significant changes amidst the second World War. Notably, the nation was conserving precious metals for the war effort. The U.S. government needed copper for wiring radios and brass in small-arm casings. 

To meet these needs, the U.S. Mint produced a new, silver-colored steel penny coated with zinc. However, this initiative proved problematic, and production ceased after just one year. 

Today, numismatists are keen to collect and trade the rarer variations of this unique coin.

Why was the Steel Penny Discontinued?

While the 1943 steel penny, nicknamed wartime cent, steel war penny, zinc cent and steelie, helped the U.S. meet their copper conservation goals, several problems arose from the use of steel-coated zinc in coins. 

1. The freshly-minted steel pennies were often mistaken for dimes. 
2. These pennies were the only coins that were magnetic, and vending machines, which used magnets to to reject steel slugs, would reject the legitimate pennies. 
3. The galvanization process didn’t cover the edges of the new coins, so they rusted quickly with exposure to sweat. 

Assessing the Value of the 1943 Steel Penny

Several factors determine a coin’s rarity and value:

1. Condition: Uncirculated coins are in better condition than those that have been in use, thus they are more valuable.
2. Rarity: The number of coins minted influences rarity. Age alone is not a reliable indicator. Generally, modern coins are not ideal investments due to large minting quantities, except for “error coins,” which are rare mis-strikes.
3. Bullion Value: This refers to the value of the metals in the coin if melted down.
4. Demand: High demand for a rare coin can significantly increase its value. Collectors often hoard rare coins, making the remaining ones more valuable.

Additionally, the mint location can affect a coin’s value. U.S. coins are minted in Denver (D), San Francisco (S), and Philadelphia (no mint mark). For the 1943 steel penny, San Francisco produced fewer coins, thus they hold slightly higher value.

What Should Collectors Look For With These Steel Pennies?

Over 1 billion steel cents were minted in 1943, making them quite common. Consequently, these coins typically sell for about 15 cents each. However, the rare and valuable versions are the approximately 30 coins mistakenly struck in copper.

According to CoinWeek.com, the rare copper 1943 pennies have fetched between $282,000 and $1,000,000, depending on unique factors that generally require professional evaluation by a numismatist.

Warning: Don’t Fall for Steel Penny Scams

Beware of copper-plated steel cents created as pranks or scams. These can be detected with a strong magnet; steel cents will be attracted, whereas genuine copper cents will not. Counterfeit copper pennies also exist, and producing and selling these is illegal.

Contact Christopher Young Coins

If you believe you have a rare 1943 steel penny, or if you have any old coinage that you would like to be evaluated by a professional numismatist at the top of his field, contact Christopher B. Young at Christopher Young Coins. Visit our website to submit an inquiry and we will get you on your way to discovering the true value of your collection with a free appraisal!