Answer:
There are two versions of the United States 1943 penny:
1) 1943 Steel Cent minted during the World War II copper shortage era.
2) 1943 Copper Penny minted with extreme rarity due to most likely leftover copper planchets (blanks) from 1942.
The 1943 copper penny can be worth a million dollars as an extremely rare and sought after collectible coin. A penny from 1943 minted that year was made out of steel with a zinc coating. This was because copper was heavily needed for war materials during World War II. Ammunition required so much copper, the US Mint had to find an alternative source for the penny – thus the 1943 steel pennies.
US Mint 1943 penny
The U.S. Mint had denied that copper pennies minted in 1943 existed. You can read a news article from 1960 stating these rare copper cents do not exist. This article is from The Victoria Advocate, August 29th, 1960.
Contrary to this report, you can see that the U.S. Mint acknowledges that the existence of a 1943 copper penny exists from a printing error. This error occurred from a belief that copper alloy planchets (blanks) from 1942 were left in the printing presses when the 1943 steel pennies were first made.
Copper 1943 pennies have risen dramatically in numismatic value over the years. In fact, this “error” copper coin is known to be over $1 million, nearly $2 million. this million dollar cent was a 1943 copper San Francisco mint penny and was graded 62 out of 70.
Steel 1943 pennies has the color and make of the photograph on the left, while a wheat cent copper penny will have the coloring and make of the photograph on the right. Most pennies in existence are made out of zinc or copper.
Copper 1943 Penny
The basics:
Mintage Quantity: Unknown though approximately 40-50 have been found.
PCGS No: 82709
Proofs: None
Metal make-up content: Typical copper cent 95% copper and 5% zinc.
Weight: At its purest form, 3.11 grams, though circulation tends to make a coin lighter through wear and tear.
Design: Front is Lincoln. Rear is wheat stalks typical of Wheat cent or Wheatback penny.
History of the 1943 penny:
1943 pennies is unique in that the vast majority of them were minted out of steel. Copper demand was heavy because of World War II. 1943 copper pennies are presumed “error” coins that were simply minted at the beginning of the year in 1943 using leftover copper planchets that were used in 1942. The rarity of these copper pennies led to being a majorly sought after coin collector item.
Unfortunately, because of the rarity and high value of the 1943 copper penny, many fraudulent coins have been made to pass as the 1943 copper penny. These coins are, for example, 1948 pennies with half the 8 rubbed down to look like a 3, or copper-plated steel pennies home made to look like they were the original. One important method to test your penny if it is copper or steel is simply using a magnet.
Million Dollar Copper 1943 Penny
The million dollar penny, a 1943 copper S cent (minted from the San Francisco mint with copper alloy) was purchased by the Texas Rangers co-chairman Bob R. Simpson from Legend Numismatics. Legend Numismatics is a coin dealer of rare coins from Lincroft, New Jersey.
This one cent rare coin was graded a 62 out of 70 by PCGS and is the most valuable 1943 copper penny on record to exist having fetched 1.7 million dollars. in this sale.
Explanation: