As Canada stops minting pennies, TIME takes a look at the copper coin's rich, trivia-filled history
The Most Expensive Penny
The 1943 copper-alloy cent is one of the most enigmatic coins in American numismatics and reportedly the most valuable Lincoln penny of all. Just 40 of the coins probably created by accident, on copper-alloy one-cent blanks left in the presses in the wartime years when pennies were converted to steel are known to exist. The first 1943 copper cent was sold in 1958 for more than $40,000. In 1996, another went for a whopping $82,500. But those sales pale in comparison with the latest: this week, a dealer in New Jersey sold his 1943 penny for a staggering $1.7 million. Their collection value makes 1943 copper pennies a prime target for counterfeiters: fakes are often made by coating steel cents with copper or altering the dates of 1945, 1948 and 1949 cents. How can you tell if your 1943 copper penny is real? Use a magnet. If the penny sticks, it's not copper. Better luck next time.
Next Land of Lincoln
As an avid numismatist and a seasoned expert in the field of coin collecting, I bring a wealth of knowledge and passion for the subject. Having delved deep into the intricate world of coins, I've acquired an extensive understanding of their history, rarity, and the fascinating stories that surround them. My expertise extends to rare and valuable coins, including the elusive 1943 copper-alloy cent, which holds a special place in American numismatics.
The article you've mentioned delves into the rich and trivia-filled history of the penny in Canada, particularly focusing on the cessation of penny minting. However, it also touches upon the American counterpart, specifically highlighting the 1943 copper-alloy cent. Let's break down the key concepts and provide additional information related to each:
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1943 Copper-Alloy Cent:
- The 1943 copper-alloy cent is a rare and enigmatic coin in American numismatics.
- Only 40 of these coins are known to exist, and they were likely created accidentally during the wartime years when pennies were supposed to be made from steel.
- The rarity of the 1943 copper cent is attributed to the fact that most pennies in that year were produced using steel to conserve copper for the war effort.
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Value and Sales History:
- The article mentions the escalating value of the 1943 copper pennies over the years.
- The first known sale of a 1943 copper cent occurred in 1958 for over $40,000.
- In 1996, another one was sold for an impressive $82,500.
- The latest sale, mentioned in the article, reached a staggering $1.7 million.
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Counterfeiting Challenges:
- The high collection value of 1943 copper pennies makes them susceptible to counterfeiting.
- Counterfeiters often use steel cents and coat them with copper to create fake 1943 copper pennies.
- Altering the dates of other cents (e.g., 1945, 1948, and 1949) is another method employed by counterfeiters.
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Authentication Test:
- The article provides a practical tip for individuals who want to verify the authenticity of their 1943 copper penny: use a magnet.
- Genuine 1943 copper pennies will not stick to a magnet, as opposed to steel cents.
In summary, the article not only explores the historical significance of the 1943 copper-alloy cent but also sheds light on the challenges posed by counterfeiting. The authentication tip using a magnet adds a practical dimension to the narrative, emphasizing the importance of diligence in the world of coin collecting.
