Table of Contents
Introduction
In the elite world of numismatics, few coins generate as much excitement as the legendary 1943 copper Lincoln Wheat Penny. While millions of Americans handle pennies without a second thought, certain extraordinarily rare specimens could transform a single cent into a multi-million dollar treasure. The Lincoln Wheat Penny series, produced from 1909 to 1958, has long been the cornerstone of American coin collecting, but one particular variation stands alone in value and mystique: the 1943 copper penny—a coin that, according to official U.S. Mint production records, should never have existed at all.
The Lincoln Wheat Penny: America’s Historic Small Change
The Lincoln Wheat Penny first entered circulation in 1909, commemorating the 100th anniversary of President Abraham Lincoln’s birth. Designed by Lithuanian-born sculptor Victor David Brenner, this coin marked a revolutionary departure from previous American coinage traditions by featuring an actual historical figure rather than the allegorical Liberty. The obverse (front) displays Lincoln’s dignified profile, while the reverse showcases two wheat stalks elegantly framing the inscriptions “ONE CENT” and “UNITED STATES OF AMERICA,” with the Latin motto “E PLURIBUS UNUM” curved along the top edge.
For nearly five decades, these iconic pennies served as the workhorses of American commerce before being replaced by the Lincoln Memorial design in 1959. Throughout most of this period, they were struck in a composition of 95% copper and 5% tin and zinc, giving them their characteristic warm, reddish-brown appearance that became synonymous with the American penny.
The 1943 Wartime Exception and a Legendary Error
As World War II intensified, copper became designated as a strategic metal crucial for military equipment, communications wire, and ammunition. In response, the U.S. government ordered the Mint to conserve this vital resource. The solution: for 1943 only, pennies would be struck using zinc-coated steel planchets, creating what became popularly known as “steel pennies” or “silver pennies” due to their distinctive silvery appearance.
However, amid this massive production changeover, an extraordinary manufacturing error occurred. A small number of copper planchets from 1942 apparently remained in hoppers or became mixed with the new steel blanks and were subsequently struck with 1943 dies. The result was the accidental creation of one of America’s most valuable numismatic treasures: the 1943 copper penny.
Extreme Rarity: The Foundation of Value
The astronomical value of the 1943 copper penny is directly attributable to its incredible scarcity. According to professional numismatic researchers and major grading services, only about 20-27 genuine examples exist across all three mints that produced cents that year:
| Mint Location | Estimated Surviving Examples | Current Status |
|---|---|---|
| Philadelphia (no mint mark) | ~20 examples | Most in private collections |
| San Francisco (S mint mark) | ~6 examples | Extremely rare |
| Denver (D mint mark) | 1 confirmed example | Unique specimen |
This extreme rarity, combined with the coin’s compelling wartime backstory and the public’s enduring fascination with “error” coins, has created extraordinary demand among serious collectors, investors, and museums.
Record-Breaking Values
The values associated with authenticated 1943 copper pennies have consistently shattered records in the numismatic marketplace:
| Example | Grade | Sale Price | Year Sold | Notes |
|---|---|---|---|---|
| 1943-D (Denver) | PCGS MS64 Brown | $1,750,000 | 2010 | The unique Denver specimen |
| 1943 Philadelphia | PCGS MS63RD | $1,000,000+ | Private sale | The only known full Red specimen |
| 1943 Philadelphia | PCGS AU58 | $305,500 | 2016 | Heritage Auctions |
| 1943 Philadelphia | PCGS AU55 | $317,250 | 2013 | Stack’s Bowers |
| 1943-S (San Francisco) | PCGS MS63 Brown CAC | $500,000 | 2023 | Finest known SF example |
The most recent spectacular transaction involved a superb example that reportedly changed hands for $3,290,000 in a private sale, representing one of the highest prices ever paid for any American coin of such small denomination. Such valuations place these pennies among the most valuable coins in the world relative to their face value—a one-cent coin worth over three million dollars represents an astonishing 329,000,000% return on investment.
Authentication: Separating Treasures from Forgeries
Due to their immense value, 1943 copper pennies have become among the most frequently counterfeited coins in numismatic history. Thousands of fake specimens have been created using various deceptive methods. Here are the critical authentication techniques used by experts:
The Magnet Test
The simplest preliminary verification 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, matching other copper cents from the era. The zinc-coated steel pennies weigh noticeably less, around 2.7 grams.
Date Examination
Many counterfeits are created by altering the date on other copper pennies, particularly by modifying a 1945 or 1948 penny to look like a 1943. Expert numismatists closely examine the date digits under magnification for signs of manipulation.
Professional Authentication
The only definitive way to authenticate a suspected rare 1943 copper penny is through submission to professional third-party grading services like PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation). These organizations employ advanced authentication technologies and expert numismatists to render authoritative judgments.
The Possibility of Undiscovered Specimens
What continues to captivate the public imagination is the tantalizing possibility that undiscovered examples of these ultra-rare coins might still be circulating or sitting forgotten in old collections. Most of the known specimens were discovered between the late 1940s and 1970s, but new finds remain theoretically possible.
One of the most fascinating discovery stories involves the “Gumball Machine” specimen, found in a Philadelphia vending machine in 1976, remarkably close to the U.S. Mint itself. Initially sold for just $1,000, this coin has since appreciated dramatically in value.
While the odds of finding an undiscovered example are vanishingly small, they aren’t zero. Numismatic experts recommend checking family coin collections, estate sales, and old penny accumulations. The most promising sources would be collections assembled before the 1960s, when public awareness of these valuable error coins became widespread.
Useful Resources
- Professional Coin Grading Service (PCGS) – 1943 Bronze Cent
- Numismatic Guaranty Corporation (NGC) – 1943 Bronze Cent
- American Numismatic Association – Educational Resources
- CoinWeek – 1943 Copper Penny Collector’s Guide
- Great Collections – Auction Results for Rare Pennies
- U.S. Mint – History of the Lincoln Cent
- Heritage Auctions – Past Coin Auction Results
Other Valuable Lincoln Wheat Pennies
While the 1943 copper penny represents the pinnacle of Lincoln Wheat Penny values, several other dates and varieties command significant premiums:
| Year/Type | Estimated Value Range | Key Characteristics |
|---|---|---|
| 1909-S VDB | $1,000 – $250,000 | Designer’s initials on reverse, low mintage |
| 1914-D | $300 – $5,500+ | Key date with low survival rate |
| 1922 Plain (No D) | $500 – $25,000+ | Die error creating pennies without mint marks |
| 1955 Doubled Die Obverse | $1,000 – $15,000+ | Dramatic doubling error visible on date and inscriptions |
| 1944 Steel (Error) | $100,000 – $408,000 | Wrong planchet error (reverse of 1943 situation) |
| 1943-S Bronze | $200,000 – $500,000 | San Francisco mint version of the copper error |
Frequently Asked Questions
How can I determine if my 1943 penny might be one of the valuable copper specimens?
Start with the magnet test—a genuine copper penny will not stick to a magnet, while the common steel pennies will be strongly attracted. Next, examine the color; copper pennies have the traditional brown or reddish-brown penny appearance, not the silvery look of steel cents. If your coin passes these preliminary tests, weigh it on a precision scale—copper pennies should weigh approximately 3.11 grams, while steel cents weigh about 2.7 grams. If all these indicators suggest you might have a copper specimen, seek professional authentication from PCGS or NGC, as the value justifies the authentication fee.
Why were some 1943 pennies accidentally made of copper when the official production was supposed to be steel?
The most widely accepted explanation is that some copper planchets (coin blanks) from 1942 production remained in the coin presses or feeding systems and were inadvertently struck with 1943 dies. During the rapid wartime transition to steel, the Mint was operating at an accelerated pace to meet circulation demands, and quality control procedures were sometimes compromised by production pressures. These manufacturing anomalies created what numismatists call “transitional errors”—coins struck on planchets intended for the previous or following year’s composition.
What other valuable error coins should collectors be aware of?
The 1944 steel penny represents the reverse situation of the 1943 copper cent. When the Mint switched back to copper in 1944, a few steel planchets remained in production and were struck with 1944 dies, creating rare 1944 steel cents worth $75,000 to over $400,000. Other significant Lincoln cent errors include the 1955 Doubled Die Obverse, showing dramatic doubling of the date and inscriptions (worth $1,000 to $15,000+), and various off-center strikes, wrong planchet errors, and die cracks that can command premiums from hundreds to thousands of dollars depending on their severity and visual appeal.
Conclusion
The 1943 copper Lincoln Wheat Penny stands as perhaps the most famous American coin error, a perfect convergence of historical significance, extreme rarity, and compelling backstory. While the chances of discovering an unattributed specimen are extraordinarily slim, the possibility continues to inspire collectors to examine their change and family collections with renewed interest. The multi-million dollar valuations these coins now command demonstrate the enduring fascination with numismatic rarities and reminds us that sometimes, extraordinary value can be found in the most common denominations.
