What Is a 1943 Wheat Penny Worth?
The value of a 1943 Wheat penny varies significantly depending on its metal composition and condition, with ordinary steel pennies typically worth between $0.05 and $0.25 while extremely rare bronze 1943 pennies can fetch prices ranging from tens of thousands to over a million dollars.
The Curious Case of the 1943 Wheat Penny: A Wartime Anomaly
The 1943 Wheat penny holds a unique place in numismatic history. It’s a story of wartime necessity, material shortages, and accidental rarities that continue to captivate collectors today. During World War II, copper, a key component of the traditional bronze Wheat penny (composed of 95% copper, 5% tin and zinc), was desperately needed for ammunition and other war-related materials. This led the U.S. Mint to make a significant change.
Instead of bronze, the 1943 penny was struck from zinc-coated steel. This made them easily distinguishable from the copper pennies of previous years, giving them a silvery-grey appearance. These steel pennies were intended as a temporary measure, with copper returning to the coin after the war.
The Accidental Rarity: The Bronze 1943 Penny
The story, however, doesn’t end there. A small number of 1943 pennies were accidentally struck on bronze planchets (the blank metal discs ready to be stamped into coins). These bronze 1943 pennies are incredibly rare, and are considered one of the most sought-after and valuable coins in American numismatics.
How did this happen? It is believed that a few bronze planchets from 1942 remained in the coin presses at the start of the 1943 mintage. These stray planchets were then unintentionally used to strike pennies, creating the rare bronze variants.
Determining Value: Metal and Condition Are Key
The value of a 1943 Wheat penny hinges on two primary factors:
- Metal Composition: Is it the more common steel variety or the rare bronze variety?
- Condition: Is the coin in circulated (worn) or uncirculated (pristine) condition?
The overwhelming majority of 1943 pennies are made of steel and have a relatively low value. However, even among steel pennies, better-preserved examples command higher prices. The condition of a coin is graded on a scale, with Mint State (MS) coins being the most valuable and Poor condition coins being worth the least.
The bronze 1943 pennies, on the other hand, are worth a fortune. Several confirmed examples exist from each of the three mints that produced pennies in 1943: Philadelphia, Denver, and San Francisco.
Identifying a Genuine Bronze 1943 Penny
Determining whether a 1943 penny is the valuable bronze variety requires careful examination and verification. Here’s what to look for:
- Color: A genuine bronze 1943 penny will have the reddish-brown color of a typical bronze coin. Steel pennies are silver-grey.
- Weight: A bronze penny weighs approximately 3.11 grams, while a steel penny weighs approximately 2.70 grams.
- Magnetism: Steel pennies are magnetic, while bronze pennies are not. This is one of the easiest and most reliable tests.
- Mint Mark: Check the mint mark (or lack thereof) on the coin. All three mints (Philadelphia, Denver, and San Francisco) produced bronze examples.
- Expert Authentication: If you believe you have a genuine bronze 1943 penny, the most important step is to have it professionally authenticated by a reputable grading service like PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation).
Condition Grading: Affecting the Penny Value
Coin grading is the process of determining the physical condition of a coin. Professional coin grading services use a scale from 1 to 70, with 1 being the most worn and 70 being perfect. This grade directly impacts the value of a coin.
Here is a simplified overview:
- Poor (P-1): Heavily worn with major damage.
- Fair (FR-2): Worn with some detail visible.
- Good (G-4): Significant wear, but key details are visible.
- Very Good (VG-8): Moderate wear, with more detail visible.
- Fine (F-12): Noticeable wear, but details are clear.
- Very Fine (VF-20): Moderate wear, but details are sharp.
- Extremely Fine (EF-40): Light wear on high points.
- About Uncirculated (AU-50): Minor traces of wear.
- Mint State (MS-60 to MS-70): Uncirculated condition, with varying degrees of surface preservation.
Risks and Scams: Buyer Beware!
The rarity and high value of bronze 1943 pennies make them a target for counterfeiters. Be wary of the following:
- Copper-Plated Steel Pennies: Dishonest individuals may copper-plate a steel penny to make it appear like a bronze penny. The magnet test will quickly reveal this fake.
- Altered Dates: Some may attempt to alter the date of a 1948 penny to make it appear as a 1943 penny.
- Online Auctions: Exercise extreme caution when buying coins online, especially from unverified sellers.
Conclusion
While most 1943 Wheat pennies are steel and hold only a nominal value, the rare bronze examples represent a fascinating and valuable piece of numismatic history. Proper identification and expert authentication are crucial to determine the true worth of any 1943 penny. Always prioritize caution and due diligence when dealing with potentially valuable coins.
Frequently Asked Questions about the 1943 Wheat Penny
What is the difference between a 1943 steel penny and a 1943 bronze penny?
A 1943 steel penny is made of zinc-coated steel and has a silver-grey color. It weighs approximately 2.70 grams and is magnetic. A 1943 bronze penny is made of bronze (95% copper, 5% tin and zinc), has a reddish-brown color, weighs approximately 3.11 grams, and is not magnetic.
How can I tell if my 1943 penny is steel or bronze?
The easiest way is to use a magnet. A steel penny will be attracted to a magnet, while a bronze penny will not. You can also visually check the color; steel pennies are silver-grey, while bronze pennies are reddish-brown. Finally, compare the weight against known standards for both bronze and steel pennies.
Are all 1943 steel pennies worth money?
Most 1943 steel pennies are common and worth only a few cents to a few dollars, depending on their condition. However, high-grade, uncirculated steel pennies can be worth more to collectors.
What is the most valuable 1943 Wheat penny ever sold?
In 2010, a 1943-D bronze Lincoln cent (minted in Denver) sold for $1.7 million. This represents the highest price ever paid for a 1943 bronze penny.
How many 1943 bronze pennies are known to exist?
The exact number is unknown, but it is estimated that fewer than 40 bronze 1943 Lincoln cents are known to exist. They are extremely rare, adding to their value.
Where were the 1943 bronze pennies minted?
Bronze 1943 pennies have been confirmed from all three mints that produced pennies that year: Philadelphia (no mint mark), Denver (D), and San Francisco (S).
What does the mint mark on a 1943 penny tell me?
The mint mark indicates which U.S. Mint produced the coin. A “D” indicates Denver, an “S” indicates San Francisco, and the absence of a mint mark indicates Philadelphia. This is important when considering the rarity of both the steel and bronze variations.
How important is the condition of a 1943 Wheat penny?
The condition of a 1943 Wheat penny, whether steel or bronze, significantly impacts its value. Coins in better condition, with less wear and damage, are worth considerably more than those in poor condition.
Should I clean my 1943 Wheat penny?
Generally, it is not advisable to clean coins, especially potentially valuable ones. Cleaning can damage the coin’s surface and reduce its numismatic value. If you’re unsure, consult with a professional coin dealer or grader.
How can I protect my 1943 Wheat penny?
Store your 1943 Wheat penny in a protective coin holder or sleeve designed for coin preservation. Avoid touching the coin directly, as oils from your skin can damage the surface.
What is the difference between PCGS and NGC?
PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) are two of the most reputable coin grading services in the world. Both companies evaluate coins and assign them a grade based on their condition. Both services guarantee the accuracy of their grading.
If I find a 1943 penny, what should I do first?
The first step is to determine if it’s steel or bronze using the magnet test. If it appears to be bronze, carefully weigh it and compare to the known weight of a bronze penny. If you suspect you have a rare bronze 1943 penny, seek professional authentication from a reputable coin grading service like PCGS or NGC.