AMERICANS may be surprised to learn that steel pennies exist – and they could be quite valuable.
The first US President Abraham Lincoln has been featured on thepenny since 1909.
1
Generally, coins earn their value based on a low mintage, anerror, or grade and condition.
Some notable valuablecoinsin the Lincoln series include VDB, 1992, and 1914 pennies.
The 1943 Lincoln penny, on the other hand, could be quite valuable as well – and even worth thousands in some cases.
We explain the penny below and what it’s worth.
READ MORE ON RARE COINS
What is the 1943 Lincoln steel penny?
In efforts to conserve bronze for World War II, the US mint made their pennies out of steel.
“Demand for copper escalated in World War II because of its use in weapons and assorted other items necessary to prosecute the war effectively,” Ron Guth of Professional Coin Grading Serviceswrote.
The below steel pennies were minted in 1943:
- 1943 (no mintmark)
- 1943-D
- 1943-S
The letter marks stand for their respective mint locations, Denver and San Francisco.
No mint mark means it was minted in Philadelphia.
Only one other date can be found with Zinc-coated Steel in addition to the 1943 year, and that's the 1944 steel piece.
The 1944 no mintmark steel cent only has a reported mintage of 30, in comparison to more than one million minted in 1943.
In 1943, a few bronze pennies were also minted.
The bronze 1943 penny is one of the rarest coins in existence, and it sold for $204,000 in an auction in 2019.
How much is it worth?
If you happen to find a 1943 steel cent in average condition, it's unlikely to be worth a lot.
According toUSA Coin Book,the Lincoln pennies are worth 33 cents or less in average condition.
And while the grades were not clear, a set of 1,380 steel cents minted in 1943 soldfor a total of $280.50 after 60 bids on eBay recently.
That would imply each coin is worth about 20 cents on average.
Meanwhile, the 1943 S penny, in particular, could get quite scarce in high grades.
According to PCGS, one of those pennies graded in “MS68+”soldfor a whopping $19,200 in a March 2021 auction.
And another one graded in “MS 68”soldfor more than $3,700 in an auction last month.
How to find rare coins
There are many ways you canfind rare coins.
The first thing you’ll want to do is check places in your home or any places you might store change.
Some other things you can try are using a metal detector in known areas for buried treasure and by stopping by your local bank branch and asking for a wrapper of pennies.
You can also try to get a good deal on one online through USA Coin Book or eBay.
But make sure you research the coin first and know what it’s worth before buying.
And also - make sure you're aware of potential fakes online.
To avoid this, make sure you check the seller’s history and whether or not the coin was certified in the listing.
Read More on The US Sun
Read More on The US Sun
Your unique pennies aren’t the only thing that might hold value, asnickels,dimes,half dollars,quartersothers could be worth a serious mint.
We also explain themost valuable state quarters.
We pay for your stories!
Do you have a story for The US Sun team?
Email us atexclusive@the-sun.comor call212 416 4552.
Like us on Facebook atwww.facebook.com/TheSunUSand follow us from our main Twitter account at@TheSunUS
I'm a numismatic enthusiast with a wealth of knowledge and experience in the realm of rare coins, including an in-depth understanding of the history and value of various coinage. My expertise extends to coin grading, minting processes, and the factors contributing to the worth of specific coins.
The article discusses the existence and value of steel pennies, particularly the 1943 Lincoln steel penny, a notable coin due to its composition and historical context. During World War II, the scarcity of copper led the U.S. Mint to produce pennies using steel, a unique deviation from the typical bronze composition.
Here are the key concepts covered in the article:
-
Value Factors: Coins derive their worth based on factors such as low mintage, errors in production, and their condition or grade. Notable valuable coins in the Lincoln penny series include the VDB, 1992, and 1914 pennies, along with the 1943 Lincoln penny due to its unique composition.
-
1943 Lincoln Steel Penny: To conserve copper for the war effort, the U.S. Mint produced pennies in 1943 using steel instead of the standard bronze. The article specifies three variations of the 1943 steel penny: 1943 (no mintmark), 1943-D, and 1943-S, representing different mint locations.
-
Mint Marks: Mint marks such as "D" for Denver, "S" for San Francisco, and the absence of a mint mark for coins minted in Philadelphia denote the origin of the coin.
-
Rare Coins: The 1944 steel penny with no mint mark is also mentioned, with only a reported mintage of 30, making it extremely rare compared to the more common 1943 steel pennies.
-
Bronze Pennies: In 1943, a few bronze pennies were minted due to errors, making them exceedingly rare. One such penny fetched $204,000 in a 2019 auction.
-
Value of 1943 Steel Pennies: On average, a 1943 steel cent in average condition might only be worth about 33 cents or less, according to USA Coin Book. However, certain high-grade 1943-S pennies, like those graded "MS68+" or "MS 68", have sold for thousands of dollars in auctions.
-
Finding Rare Coins: Tips for finding rare coins include checking personal collections, using metal detectors in known areas, requesting coin wrappers from banks, and exploring online platforms like eBay or USA Coin Book. However, caution is advised to avoid purchasing fakes. Researching the coin's value and the seller's credibility is crucial before making a purchase.
This comprehensive understanding of the historical significance, rarity, and valuation factors of coins like the 1943 Lincoln steel penny can assist collectors and enthusiasts in identifying and appraising valuable pieces within their collections or potential acquisitions.
