Penny coins : The world of coin collecting can be filled with fascinating stories and rare treasures, but few coins have captured the imagination like the 1943 copper penny.
During World War II, when copper was in high demand for the war effort, a few copper pennies were accidentally struck, rather than the steel cents that were required for that year. These rare coins are now among the most valuable of all American coinage items ever made, and genuine examples bring extraordinary prices on the collector market.
Background: America at War
By 1943, the United States was knee-deep in World War II. The war effort needed vast amounts of copper for ammunition casings and other military hardware.
In order to save this vital metal, the U.S. Mint was instructed to mint pennies out of zinc coated with steel instead of their previous copper composition.
These resulting “steel cents” or “steelies” bore a unique silver color that had never graced a U.S. coin before. About 1 billion steel pennies were struck by the Philadelphia, Denver and San Francisco mints.
But during that tremendous production run, a small number of 1942 copper planchets (the coin blanks before stamping) had seemingly stayed in the presses or in bins feeding the coin-stamping machinery.
The Accidental Minting
Details about how these copper rarities were made and where they came from are somewhat shrouded in mystery. The most common explanation is that several leftover copper planchets from the previous year were mistakenly fed into the presses.
These copper blanks had probably been stuck in the corners of storage bins or had been stuck in the equipment when the switch to steel happened.
Only around 40 genuine 1943 copper pennies are known to exist from all three mints, with the Philadelphia Mint striking the greatest number of them (presumed 10-15 confirmed examples).
Even fewer were made at the Denver and San Francisco mints, where the 1943-S copper cent became the rarest of them all.
The Discovery and Recognition
These copper pennies remained undetected for years after their mere production. But rumors started to spread about their existence, and by the late 1940s collectors were on the hunt.
The first well-documented discovery of a 1943 copper cent came in 1947, when a teenager from Massachusetts found one in his pocket change.
The U.S. Mint first denied that any copper pennies were struck in 1943, believing these coins were simply copper-plated steel cents. But the examples kept appearing and were confirmed (at least crudely), and the Mint finally admitted their inadvertent production.
Identifying True Specimens
Authentication is important for 1943 copper pennies, because many counterfeits exist. Genuine 1943 copper cents:
Not attracted to a magnet (the opposite of the steel versions)
Weigh about 3.11 grams (compared to 2.7 grams for steel cents)
The Needs (Not Just the Surface Plating) Are All the Same Copper ColorHave the same copper color throughout
Display era-appropriate die characteristics and strike quality consistent with other coins of that period
The most frequent counterfeit is a copper-plated steel cent or a modified 1948 penny, where the “8” has been altered to appear as a “3.”
Also, tear-up serious collectors NEVER make a substantial buy without professional affirmation from leading acceptance vendors, for example, PCGS or NGC.
Record-Breaking Values
Real 1943 copper pennies have appreciated over the years. Although the frequently cited price of $54 million for one penny is a ridiculous exaggeration, these pennies still bring incredible prices.
The most valuable 1943 copper cent ever sold was the finest known example from the Simpson Collection, which brought $1.7 million at auction in 2010.
Other recorded sales include:
$282,000 for a 1943-S copper cent in 2018
$1 million for a 1943-D copper cent in 2010 (among the most sparse, with only a handful known)
$204,000 for a Philadelphia fish in 2019
Even in circulated condition, a verified 1943 copper penny would probably be worth several hundred thousand dollars. With their legendary status in numismatic circles, the market for these coins keeps growing.
Famous Examples and Owners
There are a few famous specimens with gripping stories. One of the most famous is owned by the family of Don Lutes Jr., who discovered his 1943 copper penny among the change he received in his school cafeteria in 1947.
Though he was offered the coin, Lutes held on to it until he died in 2018, after which it sold for $204,000.
And a famous example belonged to the copper magnate Ira Reed, who is said to have paid $250 for his in the 1950s — quite a bit of money back then.
The legendary coin collector Louis Eliasberg owned a piece too, as part of his historic complete collection of U.S. coins.
The Great Penny Search
The potential value of these coins has led to what some might term “The Great Penny Search,” with millions of Americans mining through penny jars, change drawers and inherited collections in hopes of hitting the jackpot.
The search has endured over the generations, with children and grown-ups alike scouring their coins for the telltale copper sheen on a date in 1943.
The prospect that undiscovered specimens could still be out there adds to the allure.
Though a great deal of luck would be required to find one in a handful of pocket change today, it is far from impossible. A few of the known examples did also come into circulation decades after minting.
The Cultural Impact
The 1943 copper penny has become an American cultural icon that transcends its role as just currency. It is the purest form of “needle in a haystack” — treasure that is within reach of just about anyone.
This story of easy wealth has been repeated through decades of coin collecting magazines, newspaper articles, and collecting guides showing their worth.
The coin has come to symbolize wartime anomalies and historical production errors. While many valuable coins get their worth from purposeful limited mintages, the 1943 copper penny gets its worth through pure accident — making it a fascinating case study on how sometimes errors can be unbelievably valuable.
Myths and Misconceptions
There are several myths about these pennies:
Henry Ford Myth: There was an enduring urban myth that Henry Ford would give a new car to whoever could show him a 1943 copper penny. Ford Motor Company has roughed up this rumor, time and time again.
Exaggerated Value: The $54 million figure commonly cited for the amount a Sworn Translator can make is misleadingly exaggerated; your, or a translator’s, value can be higher, but invariably not that dollar figure. Sold, never before in history, a single coin for this amount.
Widespread Misconceptions of Abundance: It is often considered by individuals that these coins are just rare and not exceptionally rare. In fact, they are some of the rarest U.S. coins from the 20th century.
Simplicity of Authentication: A simple naked magnet test is sufficient for many to validate. While this could eliminate copper-plated steel cents, you need the help of professionals to help authenticate one since some fakes are very sophisticated.
The Collector’s Perspective
To serious numismatists, the 1943 copper penny is the crown jewel of 20th-century error coins. Its mix of historical significance, extreme rarity and beguiling origin story make it uniquely desirable.
Most collectors will not get the chance to own one, and will instead admire examples in museum collections or at major auctions.
For the average collector, the quest for a 1943 copper cent is likely more a matter of thrill-a-poolin’-shop than realistic expectation. Still, this quest has brought millions of people into the hobby of coin collecting over the years.
Looking Toward the Future
The upward trajectory in the value of these pennies is likely to continue as they gain more broader recognition beyond just the collector community.
And as fewer specimens are available on the market (many of these are now in long-term collections, or museums), prices may start to rise even higher.
The steady influx of wealthy collectors who concentrate on building the finest collections of American coins guarantees rarefied competition whenever a few examples become available.
The next top-tier specimen to come up at auction could easily exceed $2 million, some numismatic experts believe.
The 1943 copper penny is one of the greatest tales in all of numismatics — a cocktail of historical context, extreme rarity, and public interest.
Though they aren’t worth the sometimes-claimed $54 million, authentic specimens do fetch thousands of dollars, enveloping the price in a continued upward trend with every year passing.
These coins, to most Americans, embody something greater, beyond their monetary value: the lingering possibility that extraordinary treasure might lie buried in the most ordinary locations.
They evoke the accidents of history that occasionally create its most valuable artifacts, and they remind us that, maybe, just maybe, a life-altering find may lie buried in a long-dormant jar of pennies or tucked away in an inherited assemblage.
If you never find one of these copper rarities in the palm of your hand, the history of the 1943 copper penny will nevertheless add to the richness of American numismatic history, encouraging new generations of collectors to inspect their spare change just a bit more carefully.