The year 1943 was a unique one for the United States Mint, particularly when it came to the humble penny. The 1943 steel penny stands out as a distinctive coin, primarily due to its composition and the historical circumstances surrounding its creation. Understanding the factors that influence “How Much Is A 1943 D Steel Penny Worth” requires a closer look at its history, varieties, and condition.
What is a 1943 Steel Penny?
The 1943 steel penny, formally known as the Lincoln Wheat cent, replaced the traditional copper penny during World War II. Here’s why:
Necessity of Composition Change
The United States’ entry into World War II in 1941 created a huge demand for copper, a crucial material for producing ammunition and other war supplies. This led to a shortage, forcing Congress and the U.S. Mint to find a substitute material for the penny.
After testing various options, including plastic, the Mint settled on a composition of 99% steel coated with zinc. This resulted in a penny that looked very different from its copper predecessors, often being referred to as the “silver penny” due to its color.
Public Reception and Shortcomings
The steel penny wasn’t well-received by the public. Its resemblance to the nickel caused confusion, leading to people accidentally losing money when using them. Furthermore, the zinc coating wore off easily, exposing the steel core, which would then corrode and turn dark gray.
These issues led to the steel penny being a short-lived experiment. By 1944, the Mint reverted to a copper-based composition, utilizing reclaimed shell casings from military facilities.
Design of the 1943 Steel Penny
Despite the change in composition, the design of the penny remained consistent with the Lincoln Wheat cent design in use since 1909.
The obverse features a right-side profile of President Abraham Lincoln, along with the inscription “In God We Trust,” the word “Liberty,” and the year of minting, 1943. The reverse shows two wheat stalks surrounding the words “One Cent,” the Latin phrase “E Pluribus Unum,” and “United States of America.”
Steel pennies were produced at the Philadelphia, San Francisco, and Denver mints. The mint mark, indicating the place of origin, can be found on the obverse of the coin. “D” represents Denver, and “S” represents San Francisco. Coins minted in Philadelphia do not have a mint mark.
1943 Steel Penny Value: What Determines the Price?
The value of a 1943 steel penny depends on several factors, including its mint mark, condition, and any potential errors.
Mintage Figures and General Value
The mintage numbers for the 1943 steel penny were substantial:
- Philadelphia Mint: 684,628,670 coins
- Denver Mint: 217,660,000 coins
- San Francisco Mint: 191,550,000 coins
Due to the large mintage, most 1943 steel pennies are not particularly valuable. While many have corroded over time, millions are still in good condition.
In average condition, a steel penny is typically worth between 10 and 25 cents. Uncirculated specimens can fetch $1 to $5. Coins in exceptional condition (MS 67 or higher) can be worth considerably more:
- MS 67: $200 – $285
- MS 68: $3,100 – $5,000
- MS 68+: $15,500 – $35,000
The Exception: 1943 Copper Penny
While steel pennies are common, the 1943 copper penny is a highly sought-after rarity. These pennies were mistakenly struck on copper planchets (95% copper and 5% tin). Only about 40 are known to exist, with just 13 confirmed.
The most valuable 1943 copper penny sold for $1.7 million in 2010. Most other specimens are estimated to be worth at least $100,000, depending on their condition.
Given their value, 1943 copper pennies are often counterfeited. Verifying authenticity can be done using a magnet or a scale. Copper pennies are non-magnetic and weigh approximately 3.11 grams.
Other Notable 1943 Penny Varieties
Besides the standard steel penny and the rare copper penny, there are other variations that collectors find intriguing.
1943 D/D Steel Penny
This error coin features a double “D” mint mark, where one “D” is less distinct. An MS 67 D/D steel penny sold for $21,275 in 2011.
1943 Tin Penny
The existence of a tin penny was considered a myth until 2019 when the NGC authenticated a penny consisting of 86% tin. Discovered by a coin collector, this unique specimen, despite being damaged, is considered astronomically valuable due to its rarity.
1944 Steel Penny
In 1944, when the mint reverted to copper, a few steel planchets were still in use, resulting in the production of 1944 steel pennies. It’s crucial not to confuse these with 1943 steel pennies. One MS 66 specimen sold for $408,000 in 2021, breaking the previous record.
How to Authenticate a 1943 Steel Penny
Even though most 1943 steel pennies are not highly valuable, it’s still worthwhile to check for mint specimens and authenticate them.
Color and Luster
Genuine 1943 steel pennies have a distinctive steely gray color, unlike the copper color of other Lincoln pennies. The surface should be smooth with a semi-gloss sheen. Using a magnifying glass to compare a 1943 steel penny with a 1944 copper penny can help verify these features.
The Magnet Test
Steel is a magnetic metal due to its iron content. If a penny sticks to a magnet, it’s likely a steel penny. However, it’s essential to keep steel pennies away from magnets once verified.
Weight Verification
A 1943 steel penny should weigh about 2.7 grams, while copper pennies weigh around 3.11 grams. A precision scale can help determine authenticity. Keep in mind that circulation can affect a coin’s mass, but most steel specimens should still weigh between 2.6 and 2.8 grams.
Mint Mark Examination
Examine the mint mark on the obverse of the penny closely. Counterfeiters sometimes alter the last digit of a 1948 copper penny to make it appear like a 1943 penny. On an authentic penny, the “3” in “1943” has a long tail, reaching lower than the “1” and “4.”
Collecting and Caring for 1943 Steel Pennies
Collecting 1943 steel pennies can be a rewarding hobby. A popular collection is a set of steel cents from all three mints. When handling these coins, use cotton gloves to prevent moisture from your skin from damaging the surface.
Proper storage is also essential. Keep the coins out of direct sunlight and in a stable temperature of 65-70°F.
Conclusion
Understanding “how much is a 1943 d steel penny worth” requires considering its condition, mint mark, and any potential errors. While most steel pennies are not highly valuable, they remain a fascinating piece of history and a great addition to any coin collection. Whether you’re a seasoned numismatist or just starting, the 1943 steel penny offers a unique glimpse into a pivotal moment in American history and coin production.
