Table of Contents
Introduction
In the world of numismatics, few coins capture the imagination quite like the rare 1943 copper Lincoln Wheat Penny. While most Americans handle pennies daily without a second thought, a select few of these seemingly ordinary coins could be worth millions. The Lincoln Wheat Penny, minted from 1909 to 1958, has become a cornerstone of American coin collecting, with certain specimens achieving legendary status and astronomical values. Perhaps none is more celebrated than the extraordinarily rare 1943 copper penny—a coin that wasn’t supposed to exist.
The History of the Lincoln Wheat Penny
The Lincoln Wheat Penny made its debut in 1909, commemorating the 100th anniversary of Abraham Lincoln’s birth. Designed by Victor David Brenner, it was revolutionary as the first U.S. circulation coin to feature the likeness of an actual person rather than the symbolic Liberty figure. The obverse (front) featured Abraham Lincoln’s profile, while the reverse displayed two wheat stalks framing the words “ONE CENT” and “UNITED STATES OF AMERICA,” with “E PLURIBUS UNUM” along the top edge.
For nearly 50 years, from 1909 to 1958, these pennies were a staple of American commerce before being replaced by the Lincoln Memorial design in 1959. During this period, they were typically struck in a composition of 95% copper and 5% tin and zinc, giving them their characteristic reddish-brown appearance.
The 1943 Anomaly: When Steel Replaced Copper
As World War II intensified, copper became a critical war material needed for ammunition and other military equipment. In response, the U.S. Mint was directed to conserve this strategic metal. The solution was to change the penny’s composition for 1943, replacing copper with zinc-coated steel, creating what became known as “steel pennies” or “silver pennies” due to their 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.
The Rarity Factor: How Many Exist?
The extreme value of the 1943 copper penny stems from its incredible rarity. According to professional numismatic sources, only about 20-30 genuine 1943 copper pennies exist across all three mints that produced pennies 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, the rarest of all |
This extreme scarcity, combined with the coin’s fascinating wartime story, has created immense demand among collectors and investors.
Record-Breaking Values
The values attached to authentic 1943 copper pennies have consistently broken records in the coin collecting world:
| Example | Grade | Sale Price | Year Sold |
|---|---|---|---|
| 1943-D (Denver) | PCGS MS64 Brown | $1,750,000 | 2010 |
| 1943 Philadelphia | Finest known | $1,000,000+ (estimated) | – |
| 1943-S (San Francisco) | PCGS MS63 Brown | $500,000 | 2023 |
| 1943 “Gumball Machine” specimen | AU50 | $329,000 | 2014 |
The most valuable 1943 copper penny ever sold publicly was the unique Denver mint specimen, which commanded $1.75 million in 2010. Some numismatic experts estimate that in today’s market, the finest examples could potentially fetch up to $3.8 million at auction, making it one of the most valuable small denomination coins in existence.
Authentication: Separating Genuine Coins from Counterfeits
Due to their extraordinary value, 1943 copper pennies are among the most frequently counterfeited coins. Fortunately, there are several methods to distinguish genuine specimens from fakes:
The Magnet Test
One of the simplest verification methods is 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.
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 has kept collectors and the general public searching for decades. Most of the known examples were discovered in the late 1940s through the 1970s, but discoveries are still possible. The “Gumball Machine” specimen, for instance, was found in a Philadelphia gumball machine in 1976 and initially sold for $1,000—it later brought $329,000 at auction.
While the odds of finding one are extremely slim, they aren’t zero. Coin experts advise checking family coin collections, estate sales, and old coin jars for these hidden treasures. The most likely places to find undiscovered specimens would be in collections assembled before the 1960s, when awareness of their value became widespread.
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 (Depending on Condition) |
|---|---|
| 1909-S VDB | $1,000 – $100,000+ |
| 1914-D | $300 – $5,500+ |
| 1922 Plain (No D) | $500 – $25,000+ |
| 1931-S | $100 – $200+ |
| 1955 Doubled Die Obverse | $1,000 – $15,000+ |
| 1944 Steel (Error) | $75,000 – $400,000+ |
Collecting Lincoln Wheat Pennies
For those inspired by the legendary 1943 copper penny but unable to afford such rarities, collecting Lincoln Wheat Pennies remains one of America’s most popular numismatic pursuits. Most dates can be acquired for modest sums, making it an accessible hobby for beginners while still offering challenging rarities for advanced collectors.
A complete collection 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.
Preserving Your Coins
If you’re fortunate enough to find valuable Lincoln cents, proper storage is essential to preserve their condition and value:
- Handle coins only by their edges
- Store in acid-free holders or flips
- Keep in a stable environment away from humidity
- Consider professional conservation for damaged specimens
Useful Resources
- Professional Coin Grading Service (PCGS)
- Numismatic Guaranty Corporation (NGC)
- American Numismatic Association
- U.S. Mint
- CoinWeek
Frequently Asked Questions
How can I tell if my 1943 penny is made of copper?
The simplest test is using a magnet. A genuine copper penny will not stick to a magnet, while the common steel pennies will. Additionally, copper pennies have a distinctive reddish-brown color compared to the silvery appearance of steel cents.
What makes the 1943 copper penny so valuable?
Its extreme rarity and fascinating historical context drive its value. The coin wasn’t supposed to exist, as the Mint had switched to steel to conserve copper for the war effort. Only about 20-30 examples are known across all three mints, with the Denver mint specimen being unique.
Where can I get my coins authenticated?
Professional grading services like PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) offer authentication and grading services. For potentially valuable coins like a suspected 1943 copper penny, professional authentication is essential before attempting to sell.
Conclusion
The 1943 copper Lincoln Wheat Penny stands as a testament to the fascinating accidents of history. A wartime materials conservation effort, a mint error, and extreme rarity combined to create one of the most valuable coins in American numismatics. While finding one is highly unlikely, the possibility keeps collectors searching through pocket change and old collections—a reminder that sometimes extraordinary value can hide in the most ordinary places.
