What is the value of a 1943 steel penny?
A circulated 1943 steel penny is valued between $0.05 and $2. Gem Mint State versions of the coin are typically sold for $30 each. But they can be worth up to $7000 if they're in pristine condition and originate from the San Francisco mint – 1 of 3 mints that produced the wheat pennies that year. 1943 wheat pennies made of copper are much rarer than the zinc-plated steel versions and are therefore much more valuable. One of these sold for $1.7 million in 2010 and was purchased by the co-chairman of the Texas Rangers baseball team.
How to Find the Value of a 1943 Steel Penny
Check if the steel penny is silver, copper-colored, or rusty. If it's bright silver, it could either be uncirculated and in perfect condition or recoated to make it appear new. Copper-colored coins could be genuine copper or normal steel coins recoated in copper to look authentic. Rusty coins are old steel wheat pennies that have been in circulation and have a low value. If the penny has been recoated in silver or copper, this layer should be easy to detect, as the sheen on the coin will be duller and the coin will look like it's been dipped in color.
Ensure it's a real steel penny by holding a magnet to it. A true steel penny has a steel base plated with zinc to keep it from rusting. If the coin sticks to the magnet, you're off to a good start at a $0.05-$2 value. If the coin doesn't stick, it may be fake and worthless on the market or a rare copper 1943 penny. A rare copper 1943 wheat penny will not adhere to a magnet. It will also not have a "dipped" appearance like it's been recoated. Finally, it will weigh 3.11 g, whereas a genuine 1943 steel penny weighs 2.7 g. If you have one of these, expect it to be worth hundreds of thousands of dollars or even up to $1 million.
Look for a doubled die error on the obverse side of the steel penny. Occasionally, coin-making dies become misshapen or misaligned during minting and cause a double imprint of a letter, number, or symbol on one side of the coin. This occurred with some of the 1943 steel pennies, like this Lincoln wheat cent with a doubled bold mintmark. Because of their rarity, doubled-die coins can be worth hundreds, thousands, or even millions of dollars more than normal coins. One 1958 doubled-die penny sold for $1.136 million in 2023. Often, though, the price increase for these error coins isn't quite that dramatic. For example, a 1972 doubled-die cent was valued in 2024 at $175 in Extremely Fine Condition and just $650 in Mint State 66 – a $475 difference.
Check the mintmark to identify which mint the steel penny was made in. Only 3 mints produced the 1943 steel pennies: Philadelphia, Denver, and San Francisco. The mint in San Francisco made slightly fewer steel pennies than the others, making those coins a bit more valuable. Pristine, uncirculated 1943 steel pennies from the San Francisco mint can sell for as high as $7000.
Send them to a coin grading service to determine their value. Coin-grading services like PCGS, NGC, and CAC grade coins on a scale of 1-70. Steel pennies that are in good enough condition and low enough circulation can achieve a Mint State (Gem) score between 60 and 70. The higher the grade, the higher the value. The price difference between an ungraded, circulated coin and a mint, uncirculated coin is huge. For example, a normal steel penny you found in the street – rusted and used – might be worth up to $2. But a Gem Mint State penny – pristine and never having been circulated – can sell for as much as $30. The price to send in a coin to be valued by PGCS, NGC, or CAC varies depending on the coin type and age and what else you want them to do to it, like imaging or first strike designation. Expect to pay at least $15-$25 at each website to get started.
Where to Buy & Sell a 1943 Steel Penny
Buy and sell 1943 wheat pennies on coin marketplaces online. Some popular websites include MA Shops and VCoins, both of which offer authenticity guarantees. MA Shops edges out VCoins in our ranking for screening and certifying their dealers. You're also more likely to find more serious buyers as a certified dealer. The only downside to selling MA Shops is their certified dealer requirements are challenging to fulfill. They include: Offering worldwide shipping Paying $39 monthly administration fee Numismatic references Minimum coin value of $25,000 in coins VCoins has less red tape to join as a seller, but you do have to adhere to their VCoins Code of Ethics. The Code of Ethics requires sellers to (among other things) vouch for the authenticity of the coins they sell and accept returns at any time if a coin they sell is found to be inauthentic.
Bid on 1943 steel wheat pennies on eBay. eBay is a great place to find or sell rare items like old coins. To put your wheat penny up for Auction or as a Buy It Now item, create a seller profile and upload pictures and details about your coin. Then, set a reasonable price by checking the penny's value NGC or PCGS. If you're in the market for a coin, just be aware that eBay sellers aren't authenticated or verified coin dealers. Look at the images of the coins carefully to verify they're genuine and compare the price to the coin's value on NGC or PCGS to ensure you're not overpaying.
Look for 1943 steel pennies at antique stores and estate sales. Antique stores sometimes put rare coins on display and sell them (once again, compare their price to the prices on NGC or PGCS to verify they're giving you a fair deal). Estate sales can also yield unexpected treasures, as relatives go through their loved ones' things and sell them at a low price simply to get rid of them.
What are steel pennies?
Steel pennies were minted in 1943 to save nickel and copper for World War II. Up until 1943, the US government minted its coins in nickel or copper. But when they began making munitions for the Allies to fight Adolph Hitler and the Axis powers in Europe, they switched to steel to conserve those valuable metals.
How rare is a 1943 steel penny?
The 1943 wheat steel penny is a common coin to find. Millions of them were made and once in a while, you will find one in circulation when you get change from a transaction or a withdrawal from the bank. It's much, much rarer to find a 1943 copper penny. If you do, you may be able to sell it for a pretty penny (no pun intended). Copper wheat pennies from 1943 are rare because when the mints in the US switched to steel planchets (flat pieces of metal in which coins are stamped), they accidentally left some copper planchets out. Because of this error, at least 16-21 copper pennies are known to have been produced by the steel penny mints in Philadelphia, Denver, and San Francisco.
How rare are 1944 steel pennies?
1944 steel pennies are much rarer than 1943 steel pennies. In 1944, the US went back to minting coins in copper. When they did – much like with the copper planchets in 1943 – the mints accidentally used some steel planchets left over from the previous year. They realized the error and switched to copper, but not before some steel pennies were already made. The Philadelphia mint may have gotten the steel planchets mixed up with the copper ones because they were also producing 2-franc coins for Belgium simultaneously. The value of a 1944 steel penny ranges from $35,000-$43,500 for circulated ones to $175,000 for an uncirculated coin in pristine condition.
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