Updated Jan 23, 2025

1943 Steel Penny Value: History, Value Chart, Authenticity Check, and Affecting Factors

Abraham Lincoln’s coins are one of the most valuable and demanded coins from the 1940s decade, making them worth thousands of dollars. There are different types of Lincoln coins, but one that entered with a significant change is the 1943 steel penny value, hiding a noteworthy history behind it. 

Similar in design to the 1944 wheat penny, the coin was engraved with the side impression of Lincoln, the minted year, some text at the front, and 2 wheat grains at the back. 

Due to high demands from penny collectors, these coins are highly demanded in the market. Thus, let’s understand the 1943 steel penny value with the help of a valuation chart. 

What is a 1943 Steel Penny? 

1943 Steel Penny

Steel pennies, or Silver Penny 1943, are the Lincoln coins that were made in 1943 with a 99% composition of steel and a thin coating of zinc. From over 10 million minted coins, only a few have been found till now. Researchers claim that most of the coins got stuck on the coin planchets and got destroyed in the making process, ultimately increasing their worth. 

Moreover, the uncommon wheat grain engraved on the coin makes the coin even rarer and more valuable in the current era. 

How Much is a 1943 Steel Penny Worth? 

The 1943 steel penny value differs a lot depending on various factors. For example, a circulated coin that has traded in the economy is worth between 10 and 20 cents, whereas an uncirculated coin’s value ranges between 50 and 60 cents. This difference in the prices of the coins is due to the wear and tear caused by the circulation of the coin in the economy. 

Here is the table, showcasing the difference in the value of circulated and uncirculated coins, with their buying and selling worth. 

Type1943 Zinc1943-D Zinc1943-S Zinc
CirculatedBuy$0.10$0.13$0.18
Sell$0.06$0.09$0.12
UncirculatedBuy$2.60$3.50$6.10
Sell$1.90$2.40$4.50

1943 Steel Penny Value Chart 

Apart from just the circulated and uncirculated conditions, the coins are graded with several other grades, or, say, condition criteria. Here we have mentioned the 1943 steel penny value with mint differentiation. 

PCGS Certified Grade1943 Philadelphia1943 D Denver1943 S San Francisco
Good (G-4 to G-6)$0.05$0.10$0.10
Very Good (VG-8 to VG-10)$0.10$0.15$0.15
Fine (F-12 to F-15)$0.20$0.30$0.35
Very Fine (VF-20 to VF-35)$0.30$0.50$0.55
Extremely Fine(EF or XF-40 to XF-45)$0.40$0.75$0.55
About Uncirculated (AU-50 to AU-58)$0.65 – $0.90$0.75 – $1.25$1.05 – $2
Mint State (MS-60 to MS-65)$1.05 – $27.50$1.55 – $23$3.75 – $30
Mint State (MS-66 to MS-67)$60 – $200$60 — $215$75 – $270
Mint State (MS-67+)$375$480$700
Mint State (MS-68)$3,200$1,900$4,300
Mint State (MS-68+)$7,000

Even these numbers are not exactly fixed. The highest auction value of the 1943 steel cent was recorded to be over $200,000. 

History of 1943 Steel Penny 

1943 Steel Wheat Penny Value

The 1943 steel cent was initially made to replace the production of copper coins. This huge step was taken to save the copper to produce firearm ammunition and war equipment for World War II, as the United States was also fighting for its revenge on Pearl Harbor. 

During the year 1943, all the big and renowned mints, named Philadelphia, Denver, and San Francisco, started completely operating on steel coins. Although some regular copper coins were still being made, these coins were very rare to find at that time.  

How to Find Out Whether Your 1943 Steel Penny is Real or Not? 

Due to the low supply and high demand of 1943 steel pennies, fraudsters have taken their steps into this domain to scam collectors and interested people with zinc plating on copper, fake mint marks, etc. Therefore, we have mentioned some tests to verify if your 1943 steel penny is worth being called real. 

  • Weight Test: The non-alteration 1943 steel coins are weighted around 2.7 grams. Any non-altered coins above 3 grams are accounted for as being fake 1943 steel pennies. Use a kitchen scale machine to weigh even the small milligrams of the penny accurately. 
  • Color Test: It’s nearly impossible to find the 1943 steel pennies with their original shine. The uppermost layer of these coins gets oxidized with time, leading to a change in color to dark gray and black. A similar situation with copper coins turns their color into blueish-green. 
  • Magnet Test: This test is considered to be the best assurance of the authenticity of 1943 steel pennies. Bring a big-size magnet around 3-4 cm near the coin and notice if the magnet attracts the coin or not. If the steel coin doesn’t get attached to the magnet, it is most likely a fake 1943 steel penny. 
  • Sound Test: It has been found that the steel pennies of 1943 made a different sound than copper coins when hit by a rigid object or when hit on a rigid surface. The legit steel penny made a dull thud sound, whereas a copper coin made a small and subtle sound. 

Factors Affecting the Value of the 1943 Steel Penny 

While getting a valuation of your 1943 steel penny, it is necessary to check out the worth of your penny on your own. Thus, we have mentioned all the factors affecting the 1943 steel penny value: 

Rarity 

When it comes to the value of old pennies, rarity is the ultimate deciding factor. The coins that are rare to find are raised with a higher value in the market. This includes errors, variety in the design, and any historical significance or incident associated with the penny.

One such example is the double die error penny, where the letters and numbers are engraved twice, giving an uplift effect to the characters. 

Condition

Apart from the rarity, the physical conditions of the 1943 steel pennies matter a lot. No one would pay a high value for a damaged steel penny. How good a penny’s physical condition is determines the grade of the coin in the marketplace.

These grades are divided into categories like PO-01, FR-02, AG-03, G-04, G-06, VG-08, VG-10, F-12, AU-50, AU-53, AU-55, AU-58, MS-60 to 70. 

Mint Mark 

Pennies with mint marks engraved are usually valued higher than the no-mark pennies. The 1943 steel pennies mostly come in 3-mint mark conditions, namely D, S, and no marks. The “D” marking signifies that the coin is minted in Denver. Similarly, the “S” marking indicates that the coin is minted in San Francisco. At last, the no-mark pennies are the ones minted in Philadelphia. 

Among these, San Francisco is the most valued due to the lower number of minted coins as compared to other minted coins. Here are the numbers of minted coins of different mints:

Philadelphia: 684,628,670

Denver: 217,660,000

San Francisco: 191,550,000

1943 Steel Penny vs. 1943 Copper Penny: Which is More Valuable? 

1943 Steel Penny vs 1943 Copper Penny

During the minting process of the 1943 pennies, there was a small amount of copper pennies minted with the normal bronze alloy containing 95% copper and 5% tin. These coins are extremely rare and valued comparatively higher than the 1943 steel pennies by collectors. Only a few dozen copper coins were produced during this span, each valued over $100,000. 

The highest-valued 1943 copper coin was recorded to be over $17,00,000 in 2010, whereas the highest-valued steel penny is worth $200,000. So, if you have a copper penny with 1943 engraving, get ready for a high valuation. 

Conclusion 

The steel pennies minted in the year hold a significant place in the hearts of collectors, leading to a huge valuation for a well-conditioned article. Make sure to evaluate the value of your steel coins with a trusted seller, as non-informants can neglect or would not notice the value differentiators. 

Remember that some steel pennies were also minted in 1944 mistakenly, and the value of such coins is higher than the regular 1943-minted steel coins. 

Frequently Asked Questions
Why are steel pennies called 1943 Silver Penny?

The steel pennies are made with a 99% steel and 1% zinc coating composition, giving it a lustrous look that makes it seem like silver. That’s how the steel coins got named, with the 1943 silver penny.

How should I clean my steel penny?

Use a cotton swab and olive oil to clean your steel penny. This is considered to be the safest method, as the oil layer protects the steel surface from reacting with other reactants.

Can I use toothpaste to clean my steel coin?

Although people use toothpaste to clean steel coins, and it can successfully make your coin appear brighter, toothpaste cleaning can damage the penny. Hence, avoid using it for cleaning your pennies.

Why does my 1943 steel penny appear to be marked with double mint marks?

It means your coin is re-punched with a second mint mark. This is because most of the coins in 1943 were hand-marked, and the second mark was engraved over the first one, which is visible.

Why were the steel pennies again replaced by the copper coins in 1944?

After the shortage of copper in 1943, the copper was again sufficiently available in 1944. This once again started the minting of copper coins in the United States.

Author - Suprabha Bhosale
Suprabha Bhosale

Finance Writer

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