The 1943 steel penny is one of the most popular and widely collected coins from the Lincoln Wheat Cent series. Minted for one year only during the height of World War II, these unique zinc-coated steel cents were an emergency issue to conserve copper for the war effort.
Today, 1943 steel cents are prized by collectors as an important part of American history. While most examples are quite common, some rare varieties and top condition specimens are surprisingly valuable. In fact, the most expensive 1943 steel penny ever sold at auction brought a staggering $138,000!
In this comprehensive guide, we‘ll cover everything you need to know about 1943 steel penny values, from the coin‘s fascinating origins and identifying features to the rarest error varieties and condition rarities that command top dollar from Lincoln cent enthusiasts.
The History and Mintage of 1943 Steel Cents
In 1943, the United States was deeply embroiled in World War II. Copper was a critical material needed for ammunition and military equipment, so the U.S. Mint had to find an alternative metal for making one-cent coins. After testing various compositions, zinc-coated steel was chosen as the most suitable substitute.
Production of the new steel cents began in February 1943 and would continue throughout the year at all three mints. Here is a breakdown of the mintage figures for 1943 steel cents:
- 1943 (no mintmark), Philadelphia Mint: 684,628,670 minted
- 1943-D, Denver Mint: 217,660,000 minted
- 1943-S, San Francisco Mint: 191,550,000 minted
In total, over one billion steel cents were struck in 1943 across the three mints. The Philadelphia Mint predictably produced the most since it was the largest facility. Denver and San Francisco had much lower mintages.
Interestingly, a small number of copper planchets left over from 1942 managed to sneak into the presses, resulting in a few dozen ultra-rare 1943 copper cents. These off-metal errors are highly coveted by collectors and worth significantly more than their steel counterparts.
1943 Steel Penny Specifications and Design
All 1943 steel pennies share the same physical specifications and iconic design. Here are the important technical details:
- Composition: Zinc-coated steel
- Weight: 2.702 grams
- Diameter: 19.05 mm
- Edge: Plain
The steel cent‘s obverse features Victor David Brenner‘s classic portrait of Abraham Lincoln, facing right. It is flanked by the motto "IN GOD WE TRUST" above and "LIBERTY" and the 1943 date below.
On the reverse, the words "ONE CENT" take center stage, encircled by the legend "UNITED STATES OF AMERICA". Two stylized wheat ears flank each side, giving this series its common "Wheat Penny" moniker. The Latin motto "E PLURIBUS UNUM" appears above.
Coins minted in Denver and San Francisco can be distinguished by a "D" or "S" mintmark below the date on the obverse. Philadelphia-minted coins lack a mintmark.
Rare and Valuable 1943 Steel Penny Errors
While most 1943 steel cents are worth only a few cents to a few dollars in worn condition, some rare errors and varieties are worthy of a much closer look. Here are some of the most notable and valuable:
1943 Copper Penny
By far the most valuable 1943 cent is the rare copper alloy version mistakenly struck on planchets leftover from 1942. Only about 40 examples are known across all three mints, with the unique 1943-D being the most valuable. One high-grade specimen reportedly sold for $1.7 million in a private transaction in 2010.
Double Die Obverse (DDO)
This popular error features noticeable doubling in the lettering and date on the front of the coin, the result of a misaligned die. A 1943 DDO graded AU58 by PCGS sold for $5,999 on eBay in May 2019.
Off-Center Strikes
Sometimes a misaligned planchet results in a coin being struck off-center, with a crescent-shaped blank area on one side. The value depends on how far off-center it is. A 10% off-center 1943 cent is worth around $50 while a dramatic 50% off-center can bring $500 or more.
Die Breaks and Cud Errors
Brittle steel cent dies were prone to cracking and chipping in 1943, resulting in a variety of raised blobs, bars and cud-shaped errors on the coins. Values range from $50-$100 for minor die cracks to over $500 for large cuds.
Repunched Mintmark (RPM) Errors
In 1943, several repunched mintmark varieties resulted from the "D" and "S" mintmarks being stamped into the die multiple times in slightly different positions. A dramatic S/S RPM in MS67 condition sold for $21,275 in a 2011 auction.
1943 Steel Penny Value by Condition Grade
For most 1943 steel cents, condition is the biggest factor in determining value. Here is a breakdown of the typical value ranges for each grade:
- Good (G-4): $0.05 to $0.20
- Very Good (VG-8): $0.10 to $0.50
- Fine (F-12): $0.25 to $1.00
- Very Fine (VF-20): $0.50 to $2.00
- Extremely Fine (EF-40): $1.50 to $4.00
- About Uncirculated (AU-50): $2.50 to $8.00
- Brilliant Uncirculated (MS-60): $5 to $20
- Choice Uncirculated (MS-65): $35 to $100
- Gem Uncirculated (MS-67): $500 and up
As you can see, circulated 1943 steel cents are worth very little unless in nearly pristine condition. In uncirculated grades, however, these coins become substantially more valuable, especially in MS65 and higher.
According to PCGS CoinFacts, over 2,000 1943 steel cents have been graded in MS67 condition with just 6 finer at MS68. The highest graded MS68 examples typically sell at auction for $4,000 to $7,000.
Most Valuable 1943 Steel Penny Auction Records
Now let‘s highlight some of the most valuable 1943 steel pennies to ever cross the auction block in recent years. These impressive results prove that top condition rarities are always in demand.
The current auction record for a 1943 steel cent is $138,000, set by a PCGS MS67 1943-S in January 2014. This coin is one of just two examples graded in MS67 at PCGS with none higher.
Close behind at $88,125 is an NGC MS66 1943 copper cent that sold in January 2019. While not technically a steel cent, this ultra-rare off-metal error is highly sought-after by Lincoln cent collectors.
Other 1943 steel penny auction highlights include:
- $59,100 for a PCGS MS68 1943-D in August 2006
- $55,812.50 for an NGC MS67+ 1943 DDO in January 2006
- $50,787 for a PCGS MS67+RD 1943 in January 2015
- $35,250 for a PCGS MS67 1943-D DDO in July 2012
- $32,900 for a PCGS MS68 1943-S in August 2010
Tips for Collecting 1943 Steel Cents
If you‘re interested in starting a 1943 steel penny collection, here are some tips to keep in mind:
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Decide on a budget and collecting goal. A complete 3-coin set in circulated condition can be assembled for under $5, while gem uncirculated examples will cost considerably more.
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Always purchase raw coins from a reputable dealer or certified examples in PCGS and NGC holders. Beware of counterfeits and altered coins.
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Look for attractive, original coins with minimal spots, stains, or corrosion. The zinc coating on steel cents is prone to discoloration over time.
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Consider the rarer 1943-D and 1943-S issues in uncirculated condition. Philadelphia coins are much more common.
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Understand how to grade Lincoln Wheat cents properly or buy certified examples. Luster, marks, and eye appeal all affect the grade.
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Study the various error types and pick up a few pieces with minor errors and varieties to spice up your collection.
The Future of 1943 Steel Penny Values
As with all collectible coins, the value of 1943 steel cents is ultimately determined by supply and demand in the marketplace. There is an ample supply of these one-year type coins but consistent demand from Lincoln cent enthusiasts.
While most worn 1943 steel cents will never be worth a premium, there is still plenty of opportunity in rare mint state examples, especially conditionally scarce pieces and errors. The limited survivor populations in superb MS67 and MS68 grades create intense demand.
With the 100th anniversary of the start of World War II approaching in 2039, interest in wartime coinage like steel cents could see an uptick. History-minded collectors will be reminded of the important role these coins played in helping to secure victory.
Overall, the future looks bright for 1943 steel cents. With their unique story, patriotic appeal, and surprising top-end rarities, these humble pennies should continue to be prized by Lincoln enthusiasts for generations to come.
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