How much is a 1943 steel penny worth

The 1943 steel pennies have value as numismatic coins. Keep reading to learn more about these one cent coins.

How much is a 1943 steel penny worth

In 1943 the US was fighting in WWII and a copper shortage led them to issue steel pennies. These pennies are made of steel and coated in zinc. They have the same design as the other wheat pennies.

Specifications

Type: Wheat Penny
Year: 1943
Face Value: $0.01
Composition: 99% steel with a thin zinc coating
Total Weight: 2.70 grams

The US minted the 1943 steel penny with no mint mark and also the 1943 D steel penny and 1943 S steel penny. The mint mark, when present, can be found on the obverse side of the coin below the date.

SeriesLocationQuantity Minted
1943 Philadelphia 684,628,670
1943 D Denver 217,660,000
1943 S San Francisco 191,550,000

Despite their unique appearance, the majority of these coins aren't valuable. This is because many of them were minted.

The 1943 steel penny with no mint mark is worth around $0.30 in fine condition. In very fine condition the value is around $0.35. In extremely fine condition the value is around $0.40. In uncirculated condition the price is around $2.50 for coins with an MS 63 grade. Uncirculated coins with a grade of MS 65 can sell for around $8.

The 1943 D steel penny is worth around $0.35 in fine condition. In very fine condition the value is around $0.40. In extremely fine condition the value is around $0.50. In uncirculated condition the price is around $3 for coins with an MS 63 grade. Uncirculated coins with a grade of MS 65 can sell for around $10.

The 1943 S steel penny is worth around $0.40 in fine condition. In very fine condition the value is around $0.65. In extremely fine condition the value is around $0.75. In uncirculated condition the price is around $6 for coins with an MS 63 grade. Uncirculated coins with a grade of MS 65 can sell for around $20.

Boldly Doubled Mint Mark Variety

There is a notable error variety for the 1943 D steel penny series. One these error coins the mint mark is minted twice onto the coin. This mint mark has a bold appearance.

The 1943 D steel penny with the boldly doubled mint mark is worth around $40 in fine condition. In very fine condition the value is around $50. In extremely fine condition the value is around $60. In uncirculated condition the price is around $100 for coins with an MS 63 grade. Uncirculated coins with a grade of MS 65 can sell for around $1,000.

Copper or Silver Error Coins

A few pennies minted on copper or silver planchets are known to exist. These error pennies can sell for hundreds of thousands of dollars. Because of how valuable they are, fake 1943 copper coins exist. These fake copper coins are regular steel cents that were coated over with a thin copper layer. The magnet test can be used to easily tell a fake from an original. If a 1943 copper penny sticks to a magnet then it's not an authentic error coin.

Grading System

Fine- The lines in the wheat heads are worn but visible.

Very fine- Lincoln's jawbone and cheekbone are worn but still separated. The wheat heads are not worn.

Extremely fine- There is only slight wear on the coin. All of the details are sharp.

MS 60 uncirculated- There are no signs of wear. The coin has luster, but there may be a few stains, abrasions, or surface marks.

MS 63 choice uncirculated- In the major focal areas there are some blemishes or contact marks. The coin's luster might not be as prominent.

MS 65 gem uncirculated- There is strong luster and eye appeal. A few light contact marks may be present but they are barely noticeable.

 

Sources:

The Red Book

See also:

1944 Wheat Penny
1942 Wheat Penny
1941 Wheat Penny

Fact Checked

xThe article has been verified to ensure the highest possible accuracy (content includes links to reputable media sites, academic research institutions and, occasionally, numismatic studies). All content on our website has been reviewed, however, if you feel that our content is inaccurate, outdated, or questionable, you can contact us to make the necessary corrections.

EXTERNAL SOURCES: pcgs.com ngccoin.com coins.ha.com

INDEPENDENT SOURCES: usmint.gov money.org

Ed. note: This article is periodically updated to reflect the current price of most valuable coins.

When you come across a 1943 Lincoln Steel Penny, the first question that comes to mind is – what was the reason for creating this type of valuable coin made of silver more like a dime than a penny. Learn how to tell if you have one too.

Key Takeaways

  • The 1943 Steel Penny has had a marked upward rally over the past 2 years, especially in higher grades and in its variants and errors.
  • Earlier this year 2022 we have seen a 1943-S Steel penny MS68 PCGS top out at $3,720 (see reference below).
  • In April 2021 a 1943 Bronze Penny MS62 Brown PCGS CAC achieved $348,000!.

In this article you will learn in a simple but profound way what a 1943 Steel Penny is, list of rarities that make them highly valuable for collectors and most important… which are the most expensive.

How much is a 1943 steel penny worth
Source: Ngccoin

How much is a 1943-d steel penny worth in 2022?

Coleccionistasdemonedas.com Estimated Value of 1943 Steel Penny today is:

  • In average grades can be found between $0.09 and $0.14.
  • In high grades (MS67, MS68), Proofs, Uncirculated (MS+) or Mint Condition can be Worth until $21,275.

JUMP TO SECTION

  • Key Takeaways
  • How much is a 1943-d steel penny worth in 2022?
  • History of the 1943 Steel Wheat Penny
  • How do I know if my 1943 penny is rare?
  • Characteristics of the 1943 Steel Cent
  • Types of Mint Marks
  • How do I know if my 1943 steel penny is worth money?
  • The public’s rejection of the 1943 Steel Lincoln Penny

History of the 1943 Steel Wheat Penny

How To Tell If You Have One Too? From 1909 to 1958 the U.S. penny was made of 95% copper and showed the bust of President Abraham Lincoln facing right to commemorate 100 years of his birth. Above the bust, you can read the legend “In God We Trust“, behind him (i.e. in the field on the left) the word “Liberty” and on the right, the date and mint mark are inscribed, Denver or San Francisco.

How much is a 1943 steel penny worth
Source: Ngccoin

The history of the 1943 Lincoln Steel Penny dates back to the intervention of the United States of America in World War II (1941-1945).
Many resources were scarce or rationed during the years of World War II. Two of these materials were diverted, among other sectors, from monetary production to the manufacture of ammunition and artillery: copper and nickel.
Therefore, in 1943, other materials had to be tested for the manufacture of coins other than the traditional copper and nickel ones. Tests were conducted without success with materials as diverse as glass or even plastic.
Finally, it was decided to manufacture the 1943 Lincoln penny with low-grade steel with a zinc coating while maintaining the same design and diameter. However, by altering its composition, its weight was also reduced 13%, from 3.11 grams to 2.7 grams.

How do I know if my 1943 penny is rare?


On its back are two wheat leaves, appearing on either side of the central legend – which became known as the “wheat penny“. In the center, and in descending order appears the inscription “E-Pluribu-Unum“, “ONE CENT” and below “UNITED STATES OF AMERICA“. The coin was designed by Victor David Brenner.

Later, from 1959 to 2008, the back of the Lincoln penny was modified with the well-known Frank Gasparro’s design, in which the two wheat leaves on the back for which Lincoln’s pennies were known were removed.

Characteristics of the 1943 Steel Cent

In addition to the weight, another feature that differentiated the 1943 Lincoln Steel Penny from the previous Lincoln Penny was its reaction to a magnet, since it had a high percentage of steel that used to stick. It was the first coin manufactured in steel by the United States Mint.

 Lincoln Steel Penny 1943Lincoln Penny pre-1943
Diameter 19 mm 19 mm
Weight 2.7 gr 3.11 gr
Composition Low quality steel with zinc coating 95% copper and 5% tin and zinc

Since the main material that made up the coin was steel, new dies had to be used and changed from time to time because the hardness of the steel soon wore them out. It also required increasing the pressure on the coinage so that the designs would be well engraved on the steel disks. This is why the 1943 Lincoln Steel Penny is usually better minted than its copper brothers.

Types of Mint Marks

The 1943 Lincoln Steel Penny was cast at three mints: Philadelphia (no mint mark), Denver (“D”) and San Francisco (“S”). The quantities produced for that year of 1943 at the various mints were:

  • Philadelphia: 684,628,670 units.
  • Denver: 217,660,000 units.
  • San Francisco: 191,550,000 units.

Philadelphia’s production of these 1943 Steel Lincoln Penny’s tripled the output of the second-largest production mint, Denver. For its part, San Francisco Mint produced the lowest number of units during the year of 1943.


However, finding a Lincoln Steel Penny 1943 in grade MS68 or higher is a more difficult task if it comes from Philadelphia rather than either of the other two mints, so its value is higher in high quality.

The PCGS certifying company has graduated only 3 pieces of 1943 Lincoln Steel Penny in MS68+ grade from Philadelphia, 2 pieces for Denver and 5 pieces for San Francisco.


During 1943 no Lincoln Steel Penny was minted in Proof quality.

How do I know if my 1943 steel penny is worth money?

Which 1943 steel penny is valuable? It is relatively easy to know if your coin has a high value. Check to see if it falls into one of the categories on this list.

#1 – 1943 Steel Wheat penny DDR (Double Die Reverse) – $2,150

This rare variant of the 1943 Philadelphia Lincoln Steel Penny consists of a double coinage on the back.
The highest value obtained for this variant was $2,150 in 02/2020 for a piece in MS67 quality. Last year the price for this same quality was no more than $2,000, it was $1,586.
This value is normal if we take into account that PCGS only has 1 coin in superior quality, MS67+, and two copies in MS67.
In MS66 graduation the variant has reached $780 during 2020.

Here you can see 2020 prices in different grades:

1943 Steel Wheat penny DDR value chart

Grade2020 Value
MS67 $1,586
MS65 $600
MS65 $528

#2 – 1943 Steel Penny D – $6,000

It is not difficult to find the 1943 Denver Lincoln Steel Penny in medium or even high qualities. PCGS has more than 48,000 copies registered in MS60 or higher grades and halves to 24,000 copies registered in MS65 or higher grades.
However, most of those registered units of 1943 D-steel pennies are in MS65 to MS67 grades. Graduations higher than MS67 are rarer and more highly rated. Thus there are only two copies in MS68+, 154 copies in MS68 and 110 copies in MS67+. 

1943 Steel Penny D value chart

Grade2020 Value
MS68 $690-$3,360
MS67+ $396-$660
MS67 $144-$276
MS66 $45-$71

The maximum price achieved for a piece of this year and mint was $6,000, in August of this year 2020.

#3 1943-D/D – $21,275

How much is a 1943 steel penny worth
Source: coleccionistasdemonedas.com

Of the 217,660,000 1943 Lincoln Steel Pennies minted in Denver, only a few, out of 4,000, are double-minted with the initial/mint mark (“D”).
This double minting is very easy to discover since the second “D” is more displaced from the first. You can see an example in the photo below. Click to see auction record.

How much is a 1943 steel penny worth
Source: coleccionistasdemonedas.com

Out of 4,000 known coins with this double “D” variant, only 200 units have an MS65 or higher graduation, and therefore are much more valuable and coveted by collectors. There is only one piece in the maximum graduation, MS67+.

The prices reached by the highest graduations these last two years have been:

1943 Steel Penny D/D value chart

Grade2020 Value2019 Value
MS67 $6,250 $6,000
MS66+   $3,643
MS66 $1,800  
MS65   $600-$780
MS64   $360-$384
MS62 $408  

The record price for a copy of this variant was reached in 2011 for an MS67 quality, $21,275.

#4 – 1943-S Penny – $207,000

San Francisco was the mint with the lowest number of units produced of the 1943 Lincoln Steel Penny, over 190,000,000. However, the valuable specimens in MS65 graduations or higher reach 20,000 specimens, a figure very similar to the 24,000 specimens of the 1943-D Lincoln Steel Penny registered in these same qualities.
The maximum price for a 1943-S penny was $207,000 in 2010 for a VF35 graded copy.

Earlier this year 2022 we have seen a 1943-S Steel penny MS68 PCGS top out at $3,720 (source).

1943-S Penny value chart

Grade2020 Prices
MS68+ $16,313
MS68 $2,820-$4,320
MS67+ $360-$396
MS67 $168-$288
MS66 $131-$401

#5 – 1943 Copper Lincoln Penny

How much is a 1943 steel penny worth
Source: Ngc

Scarcer than the 1943 Lincoln Steel Penny is the 1943 Lincoln Penny made from copper, with an unknown coinage. It was minted in the three mints, Philadelphia, Denver and San Francisco.
It had its origin in the unused plates of the previous year, 1942 (click here to know about 1942 wheat penny), which were still minted in copper, and in the use of these.

Very few known specimens remain and its value, independently of the graduation, is of several hundreds of thousands of dollars. In 2014 an AU55 specimen was auctioned for $329,000.

Due to its high economic value, it is a type of variant that is very falsified either by the copper plating of a 1943 Lincoln Steel Penny or by modifying the dates of the 1945, 1948 and 1949 Lincoln Pennies for the rarer date of 1943.
For the first counterfeit (copper coating) a simple magnet will be enough to detect it since the 1943 Lincoln Steel Penny will attract to the magnet.

In the year 1944 something very similar happened but in reverse. Some steel dies from the previous year’s Lincoln Steel Penny were used to manufacture 1944 copies in steel. A copy of the 1944 Lincoln Steel Penny MS64 was auctioned off in 2013 for a price of $158,625.

The public’s rejection of the 1943 Steel Lincoln Penny

The Lincoln Steel Penny was not well accepted by the American population who had to use it in everyday life. One of the main reasons was its confusion with the 10 cents in circulation at that time due to its silver appearance. The consequences were that on many occasions, merchants lost 9 cents in change.
Another reason for the rejection of the 1943 Lincoln Steel Penny was that the zinc oxidized quickly, leaving the coin dark gray and almost black. It used to start at the edge of the coin, where the manufacturing process left the steel bare.

Images: www.pcgs.com

How much is a 1943 steel penny worth

Numismatic collector with a passion for history, particularly Spanish history.
I have a degree in Business Administration and Management and numismatics studies at the University of Murcia (Spain).

What is the most valuable 1943 steel penny?

There are also some significant varieties among the 1943 steel cents, including the 1943-D/D repunched mintmark. This widely collected variety is worth more than $100 in Extremely Fine-40 and upward of $400 in Mint State-63.

How can I tell if my 1943 steel penny is worth anything?

The easiest way to determine whether or not your 1943 Cent has collectible value—to see if it is possibly bronze rather than steel—is simply to test it with a magnet. If the coin is magnetic, then it is, unfortunately, the common steel version and is not valuable in most cases.

How much is a 1943 copper steel penny worth?

The Rare 1943 Penny If your 1943 penny is made out of copper, it is worth quite a bit of money, generally $10,000 or more! The reason is that the 1943 copper penny is an error coin. The United States Mint accidentally used the wrong planchet metal when striking the coin.

Which steel penny is worth the most?

That would imply each coin is worth about 20 cents on average. Meanwhile, the 1943 S penny, in particular, could get quite scarce in high grades. According to PCGS, one of those pennies graded in “MS68+” sold for a whopping $19,200 in a March 2021 auction.