1943 Copper Penny: What It’s Worth And Why It’s Rare

Do you think about millions of dollars while talking about pennies? What if you find a penny worth millions? Well, this is exactly the case with the 1943 copper penny, one of the rarest coins in American history. During the Second World War, the US Mint stopped minting copper pennies to conserve the metal that was extensively used in warfare.

The pennies struck in 1943 were supposed to be made of steel and not copper. However, a small mistake slipped in some copper blanks along with the steel ones, leading to copper pennies. They mysteriously entered circulation and continue to be some of the rarest coins ever.

A small mistake increased the 1943 copper penny value so much that they are worth millions of dollars today. You never know, you may have one of these in your treasury without knowing their importance!

     History and Rarity Of The 1943 Copper Penny

The fundamentals of economics tell us that anything rare is high in value. Add historical significance to this, and the value of a 1943 copper penny shoots up!

Before World War II, pennies were struck in a copper alloy, mainly containing copper and bronze. When the war began, copper was needed in great quantities for ammunition. These circumstances led the US Mint to experiment with many other metals and alloys to replace copper. From plastic to galvanized metals, no option seemed to work out for the pennies. Finally, the mint finalized striking these coins in steel.

Everything continued smoothly until 1943 when a few copper pennies made their way into the US coinage. While no one knows the exact reason behind this, it is commonly believed that these coins were minted with the copper left behind in the machines as they made the switch. 40 such pennies are believed to have been produced this way, 12 of which are certain to exist today.

This is what makes a 1943 copper penny rare. These coins are so rare and valuable that the 1943 copper penny value has often surprised coin collectors and investors.

In 1958, one of these coins was sold for $40,000. A 1943 copper penny in 2004 was sold for a whopping $200,000!

     How to Identify an Authentic 1943 Copper Penny?

If you see copper on a 1943 penny, it is either an extremely rare coin or completely fake! It is important to know the difference between a genuine 1943 copper penny and counterfeit coins. For this, you should be aware of the fake coins that may deceive you.

The most common fake coins in this series are the copper-plated steel pennies. The best way to uncover the truth here is through the magnet test. If you hold a magnet over a copper-plated steel penny, the coin will stick to the magnet. A copper coin should not do that.

Smart counterfeiters have also tried to pass on 1948 copper pennies as 1943 coins. They do so by rubbing away parts of the number 8 that it looks like a 3. If your coin passes the magnet test, put it under a magnifying glass. Your 1943 copper penny is genuine only if the last digit of the date (3) extends slightly below the other numbers.

If you want a genuine 1943 copper penny, you should also beware of the Chinese counterfeiters. These counterfeiters use copper blanks to produce these coins, making them pass the magnet and magnifying glass tests.

While telling these coins apart is difficult, you can rely on trusted third-party coin grading services for the same. The professionals here use stereo microscopes to detect subtle differences between an authentic 1943 copper penny and a Chinese counterfeit coin.

Here is a table summarizing the 1943 copper penny values across different mints:

1943 Copper Penny Value 95% copper and 5% tin and zinc (an alloy called bronze)	NGC Price Guide
1943 BRONZE 1C MS (Copper 95% 5% Tin and Zinc, MS: Mint State, No Mint Mark - Philadelphia Mint)	$60,000 (VF), $525,000 (Grade 62)
1943 D BRONZE 1C MS (Copper 95% 5% Tin and Zinc, MS: Mint State, D Mint Mark - Denver Mint)	$1,750,000 (Grade 64)
1943 S BRONZE 1C MS (Copper 95% 5% Tin and Zinc, MS: Mint State, S Mint Mark - San Francisco Mint)	$150,000 (VF), $1,100,000 (Grade 62)

     Copper vs Bronze Pennies: What is the Difference?

Differentiating between a copper and bronze penny can be difficult for a layman just by looking at the coins. The key difference lies in the composition and durability.

Copper pennies are made of nearly 100% fine copper. These coins were largely minted before 1864. As they lack the strength of an alloy, copper pennies are not too durable.

Bronze pennies, on the other hand, are more durable because of their alloy. These coins are made of 95% copper, 5% zinc, and tin (the bronze alloy). The presence of zinc and tin strengthens these pennies, making them more durable and resistant to wear and tear than pure copper coins.

     Factors that Affect the 1943 Copper Penny Value

Let us now have a look at the key factors affecting the value of a 1943 copper penny:

Coin Condition

The grading of a 1943 copper penny determines its final value. Pennies in their mint state (MS) or uncirculated conditions are much more valuable than the ones that have already been in circulation. Coin grading services like PCGS and NGC use dedicated grading scales to determine the value of these coins.

Mintmarks

The mintmark on a penny, i.e., the mark of where the coin was minted(mint name), also determines its value. Generally, coins produced at the San Francisco and Denver Mints are more valuable than the ones coming from the Philadelphia Mint.

Rarity

1943 copper pennies are extremely rare, significantly increasing their value. The rarer a coin is, the higher its value will be.

Market Demand

The forces of demand and supply act on these coins as well, determining their value at any given point in time. While higher demand increases the 1943 copper penny value, a dip in the demand reduces the same.