Why Is The 1943 Penny Worth So Much Money?

 

I deal in collectibles, mainly cards, and a few coins, but from time to time somebody will ask me about the 1943 penny. Better known as the wartime penny because it was minted during the second world war.

The 1943 steel Lincoln penny is a unique collectible, highly sought after by both numismatists and non-numismatists alike. It is often considered the most iconic of all the Lincoln Wheat cent coins, and its demand as a collectible has been further increased by the fact that it was only minted for one year. This rare coin has become a symbol of the Second World War, and its popularity as a collectible continues to this day. To own a 1943 steel Lincoln penny is to own a piece of history, and many collectors are willing to pay a premium for the privilege.

The reason the 1943 copper penny is highly sought after by coin collectors is that the United States Mint made an error when striking this coin. Instead of using the traditional zinc-coated steel planchet, they used a copper planchet. (planchet is a round metal disk) After catching the mistake and as a result of it, only a few of these coins managed to leave the Mint facilities. It was a very few, therefore, if you have a 1943 copper penny, it is worth quite a lot of money - generally $10,000 or more. This is due to the rarity of the coin and the fact that it is an error coin.

But other than the few error pennies most steel pennies are worth between 20 cents and 20 dollars. And of course, as with all collectibles, the condition will play a big part in the pricing. But besides the monetary value, the 1943 penny is an interesting coin and makes a good conversation piece. It represents a mistake that was made by the Mint, which is something that doesn't happen that often. It is also a reminder of the efforts taken to ensure that coins are made with the correct materials and design. Furthermore, it is a symbol of the importance of numismatics and the appreciation for coins that are unique and rare.

But when it comes to the higher-priced collectibles, beware of fakes. A real ‘steel’ 1943 penny should stick to a magnet. If it doesn’t then it could be a copper-colored penny. Something else you need to do is to check and see if a 1948 coin hasn't been altered to look like the 1943 coin. Another form of fraud involves taking a 1948 cent and grinding away part of the 8 in the date. In order to identify this fake, use a magnifying glass to look at the tail of the last digit in the date, the number 3. If the 3 does not extend well below the bottom of the other numbers in the date, it is likely that the 8 has been cut in half. If this is the case, then your coin is not a genuine 1943 copper penny. Instead, it is a counterfeit coin that should not be circulated or used as currency. If you suspect that your 1943 copper penny is not genuine, it is best to take it to a professional coin dealer to have it appraised and authenticated. They will be able to tell you whether your coin is genuine or counterfeit.

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And then there is this….

Pirates used to verify their payments of gold coins by biting into them. 

I guess you could say, accepting payment in bit-coins goes a long way back

Thanks for reading,

Tom