Table of Contents
Introduction
In the fascinating world of numismatics, few coins capture the imagination quite like the legendary 1943 copper Lincoln Wheat Penny. While most Americans handle pennies daily without a second thought, certain rare specimens could be worth millions. The Lincoln Wheat Penny, produced from 1909 to 1958, has become a cornerstone of American coin collecting, with particular rarities achieving astounding values. None is more celebrated than the extraordinarily rare 1943 copper penny—a coin that, by all official accounts, should never have existed.
The History of the Lincoln Wheat Penny
The Lincoln Wheat Penny debuted in 1909, marking the 100th anniversary of Abraham Lincoln’s birth. Designed by sculptor Victor David Brenner, it represented a significant milestone in American coinage as the first U.S. circulation coin to feature an actual historical figure rather than the symbolic Lady Liberty. The obverse (front) displays Lincoln’s profile, while the reverse features two wheat stalks framing the denominations “ONE CENT” and “UNITED STATES OF AMERICA,” with the Latin motto “E PLURIBUS UNUM” along the top edge.
For nearly five decades, these iconic pennies served as a staple of American commerce before being replaced by the Lincoln Memorial design in 1959. During this period, they were primarily struck in a composition of 95% copper and 5% tin and zinc, giving them their characteristic reddish-brown appearance.
The 1943 Wartime Anomaly
When the United States entered World War II, copper became critically needed for military equipment and ammunition. The U.S. Mint responded by changing the penny’s composition in 1943, substituting zinc-coated steel for copper, creating what became known as “steel pennies” or “silver pennies” due to their distinctive silvery appearance.
However, amid this massive production change, an extraordinary error occurred. A small number of copper planchets (coin blanks) from 1942 apparently remained in the production line and were struck with 1943 dies. The result was the accidental creation of one of America’s most valuable coins: the 1943 copper penny.
Rarity and Distribution
The extreme value of the 1943 copper penny stems directly from its incredible rarity. According to professional numismatic sources, only about 20-27 genuine 1943 copper pennies exist across all three mints that produced cents that year:
| Mint Location | Estimated Surviving Examples | Notes |
|---|---|---|
| Philadelphia (no mint mark) | ~20 examples | Most common variety |
| San Francisco (S mint mark) | ~6 examples | Very rare |
| Denver (D mint mark) | 1 example | Unique specimen |
This extreme scarcity, combined with the coin’s compelling wartime story, has created immense demand among serious collectors and investors.
Record-Breaking Values
The values associated with authenticated 1943 copper pennies have consistently broken records in the numismatic world:
| Example | Grade | Sale Price | Year Sold |
|---|---|---|---|
| 1943-D (Denver) | PCGS MS64 Brown | $1,750,000 | 2010 |
| 1943 Philadelphia | PCGS AU58 | $305,500 | 2016 |
| 1943 Philadelphia | PCGS AU55 | $317,250 | 2013 |
| 1943-S (San Francisco) | PCGS MS63 Brown CAC | $500,000 | 2023 |
| 1943 “Gumball Machine” specimen | AU50 | Sold for $1,000 in 1976 | – |
The most spectacular sale recorded for a 1943 copper penny was an example that sold for $3,172,500, demonstrating the extraordinary premium collectors are willing to pay for these rarities. This figure represents one of the highest prices ever paid for a small denomination U.S. coin.
Authentication: Detecting Counterfeits
Due to their immense value, 1943 copper pennies are among the most frequently counterfeited coins in numismatic history. Here are the essential methods used to distinguish genuine specimens from sophisticated fakes:
The Magnet Test
The simplest verification method involves using a magnet. Genuine 1943 copper pennies will NOT stick to a magnet, while the common steel pennies from that year will be strongly attracted to it.
The Weight Test
An authentic 1943 copper penny should weigh approximately 3.11 grams, while the zinc-coated steel pennies weigh around 2.7 grams.
Visual Inspection
Genuine 1943 copper pennies maintain the same color and appearance as other copper cents from the wheat penny era. Counterfeiters often plate steel 1943 pennies with copper or alter dates on copper pennies from other years.
Professional Authentication
The only definitive way to authenticate a suspected rare 1943 copper penny is through professional grading services like PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation). These organizations have the expertise and specialized equipment to determine authenticity conclusively.
Could You Find One?
The tantalizing possibility that some of these ultra-rare coins might still be in circulation continues to fuel interest among collectors and the general public. Most known examples were discovered between the late 1940s and 1970s, but new finds remain possible.
One of the most famous discovery stories involves the “Gumball Machine” specimen, found in a Philadelphia gumball machine in 1976, across the street from the U.S. Mint. Initially sold for $1,000, this coin has since appreciated dramatically in value.
While the odds of finding one are extremely slim, they aren’t zero. Coin experts recommend checking family coin collections, estate sales, and old penny jars for these hidden treasures. The most likely places to discover undocumented specimens are in collections assembled before the 1960s, when awareness of their value became widespread.
Useful Resources
- Professional Coin Grading Service (PCGS)
- Numismatic Guaranty Corporation (NGC)
- American Numismatic Association
- CoinWeek – 1943 Copper Penny Guide
- U.S. Mint
- Bullion Sharks – 1943 Copper Penny Value Guide
Other Valuable Lincoln Wheat Pennies
While the 1943 copper penny represents the zenith of Lincoln Wheat Penny values, several other dates and varieties command significant premiums:
| Year/Type | Estimated Value Range (Condition Dependent) | Key Characteristics |
|---|---|---|
| 1909-S VDB | $1,000 – $250,000 | Designer’s initials VDB on reverse, San Francisco mint |
| 1914-D | $300 – $5,500+ | Low mintage, Denver mint |
| 1922 Plain (No D) | $500 – $25,000+ | Missing mint mark due to die error |
| 1931-S | $100 – $200+ | Low mintage year |
| 1955 Doubled Die Obverse | $1,000 – $15,000+ | Dramatic doubling error on date and lettering |
| 1944 Steel (Error) | $75,000 – $408,000 | Wrong planchet error (reverse of 1943 error) |
Building a Lincoln Wheat Penny Collection
For those inspired by the legendary 1943 copper penny but unable to acquire such rarities, collecting Lincoln Wheat Pennies remains one of America’s most accessible numismatic pursuits. Most dates can be obtained for modest sums, making it an ideal starting point for beginners while still offering challenging key dates for advanced collectors.
A complete date set of Lincoln Wheat Pennies (excluding the 1943 copper) can be assembled with persistence and a reasonable budget. Many collectors focus on obtaining one example from each year, while others attempt to acquire every date and mint mark combination.
Frequently Asked Questions
How can I tell if my 1943 penny is copper and not steel?
The most reliable initial test is using a magnet. A genuine copper penny will not stick to a magnet, while the common steel pennies will be strongly attracted to it. Additionally, copper pennies have a distinctive reddish-brown color compared to the silvery appearance of steel cents. If your coin passes these tests, have it professionally authenticated, as it could be extremely valuable.
Why are some 1943 pennies made of copper when they were supposed to be steel?
During the transition to steel cents in 1943, a small number of copper planchets (blanks) from 1942 apparently remained in the coin presses and were struck with 1943 dies. This wartime manufacturing error created one of the most valuable U.S. coins. The U.S. Mint had switched to steel to conserve copper for military equipment during World War II.
Are there any other valuable error pennies I should look for?
Yes, the 1944 steel penny is essentially the reverse error of the 1943 copper cent. When the Mint switched back to copper in 1944, a few steel planchets remained in use, creating rare 1944 steel cents worth $75,000 to over $400,000. Other valuable Lincoln cent errors include the 1955 Doubled Die (showing dramatic doubling of the date and inscriptions) and the 1922 “No D” cent (missing its Denver mint mark).
Conclusion
The 1943 copper Lincoln Wheat Penny remains one of the most captivating stories in American numismatics—a perfect storm of wartime necessity, mint error, and extreme rarity that created a coin worth millions. While finding one is highly unlikely, the possibility continues to inspire collectors to examine their change and old family coin collections. These legendary coins serve as a reminder that sometimes extraordinary value can hide in the most ordinary places.
