The 1943 Lincoln Copper Penny is one of the most famous and rarest coins in U.S. history. It stands out because, in 1943, most pennies were made from zinc-coated steel due to copper being needed for World War II. However, a few pennies were mistakenly made from copper planchets, creating a coin that today can be worth a fortune to collectors. Here’s a guide on its value and the reasons behind its high demand.
Why Was the 1943 Copper Penny Made?
In 1943, the U.S. Mint decided to make pennies from steel and coat them with zinc to conserve copper for wartime use. However, a small number of copper planchets (blanks) were mistakenly used during the transition, resulting in a few genuine copper pennies being struck. It’s believed that fewer than 20 genuine examples exist today, and they remain highly sought after.
How to Identify a 1943 Copper Penny
If you come across a 1943 penny that looks copper instead of grayish steel, it might be worth a closer inspection. Here’s what you can do:
- Check the Color: Copper coins have a distinct brown or reddish hue compared to the silvery-gray color of the zinc-coated steel cents from 1943.
- Use a Magnet: 1943 steel pennies will stick to a magnet due to their metal content. A genuine copper 1943 penny will not be magnetic.
- Weight Check: A copper penny weighs about 3.11 grams, while a steel one weighs 2.7 grams. You can weigh it for a quick test, but keep in mind that accurate weighing tools may be needed.
Determining Value
The value of a 1943 copper penny depends on a few factors, including condition, rarity, and authenticity. Here are the key elements:
- Grade: The condition or grade of the coin affects its value. Mint State examples (those in near-perfect condition) are worth the most. Lower-grade examples may still be valuable but less so than pristine ones.
- Authenticity: Since these coins are rare and valuable, counterfeits exist. Authentic 1943 copper pennies should be verified by a reputable grading service such as the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC).
- Auction Results: The value of a genuine 1943 copper penny can range from hundreds of thousands to over a million dollars, depending on its condition. For example, in recent years, authenticated examples have sold for prices ranging from $170,000 to over $1.7 million at auction.
Notable Auction Sales
One of the highest-selling 1943 copper pennies was sold for $1.7 million in a private sale. Such high prices reflect the coin’s rarity and historical significance. It is considered a “holy grail” by collectors due to its unique origin story and extreme scarcity.
Beware of Counterfeits
Given the value of this coin, counterfeits are a concern. Some copper-plated 1943 steel cents or altered coins may appear genuine but are fake. Proper testing and authentication by expert numismatists are crucial to determine legitimacy.
Conclusion
The 1943 Lincoln Copper Penny is one of the most intriguing coins in American history. Its rarity and fascinating backstory continue to capture the imagination of collectors worldwide. If you think you might have one, have it authenticated to determine its true value. Even if it turns out not to be the real deal, the thrill of the hunt and the story behind this coin make it a memorable piece of American coin collecting lore.
FAQs
Why is the 1943 Lincoln Copper Penny so valuable?
The 1943 copper penny is valuable due to its rarity. Most 1943 pennies were made of steel due to wartime copper shortages, making authentic copper versions highly sought after.
How can I tell if my 1943 penny is copper?
Check the color (copper has a reddish-brown hue), use a magnet (copper won’t stick), and weigh it (copper pennies weigh around 3.11 grams).
How much is a genuine 1943 copper penny worth?
Depending on condition and authenticity, a genuine 1943 copper penny can range from $100,000 to over $1 million in value.