⚔️ World War II Numismatic History

1943 Steel Penny Value —
Wartime Cent Price Guide & Key Errors

1943 Steel Penny Value by Grade and Mint Mark

A common circulated 1943 steel penny is worth roughly a quarter to a few dollars. Uncirculated examples start around $8–$15, and the scarcest high-grade coins, especially the 1943-S, climb into four figures. The chart below breaks values down by grade and mint mark, and the sections after it explain what drives the differences.

For other dates in the series, see our Wheat Penny Value Chart, browse general coin prices, or use What's My Coin Worth? to get a quick read on a coin you already own.

Coin	VF-20	EF-40	MS-63	MS-65	MS-67+	Shop
1943 (Philadelphia)	$0.25–$1	$1–$3	$8–$15	$25–$50	$500–$3,000+	eBay →
1943-D (Denver)	$0.50–$2	$2–$5	$10–$20	$35–$75	$600–$5,000+	eBay →
1943-S (San Francisco)	$1–$3	$3–$8	$15–$30	$60–$150	$1,000–$10,000+	eBay →

Values are approximate ranges for reference. High-grade certified examples command the upper end, and rusted or cleaned coins sell for far less. The rare 1943 copper and 1944 steel error coins are covered separately below with reported auction results, since they don't follow a normal grade-by-grade price scale. Always verify current values against completed eBay sales or the PCGS and NGC price guides.

1.09B Steel Cents Minted in 1943

~20 Genuine 1943 Copper Cents (Est.)

$1.7M 1943-D Copper, Private Sale 2010

1944 Return to Copper Alloy

Why the U.S. Mint Switched to Steel in 1943

In 1943, every penny struck for circulation in the United States was made of steel instead of copper, a wartime emergency measure that produced one of the most recognizable coins in American numismatic history. The coin spent less than twelve months in production, yet it never stopped capturing the imagination of collectors.

By late 1942, the United States was fully committed to a global war that was consuming raw materials at a staggering rate. Copper, the primary component of the one-cent coin, was in critically short supply. The metal was essential for shell casings, electrical wiring in military equipment, communications infrastructure, and dozens of other defense applications.

The U.S. Mint tested a range of alternative materials, including plastics and glass, before settling on low-carbon steel coated with a thin layer of zinc. The steel planchets were cheaper, domestically available in abundance, and could be struck on the existing presses with minimal modification. Congress authorized the change in December 1942, and production of the zinc-coated steel cents began at all three operating mints in early 1943. What the government didn't fully anticipate was the public reaction.

According to the National WWII Museum, the steel cent program saved enough copper to manufacture roughly 1.25 million artillery shells, a calculation that made the substitution an easy wartime decision even if the public found the new coins jarring.

The 1943 Steel Penny: What Was Minted and Where

All three active U.S. Mint facilities struck steel cents in 1943. Combined production came to roughly 1.09 billion coins, making the 1943 steel penny one of the most heavily produced Lincoln cent issues of the 20th century. Despite that enormous mintage, the coins were unpopular in circulation.

Philadelphia

No Mint Mark 684,628,670

The largest producer of the three. Philadelphia cents carry no mint mark and are the most common date in the series, though high-grade certified examples in MS-67 and above remain genuinely scarce.

Denver

1943-D 217,660,000

The second-highest mintage. Denver steel cents are slightly scarcer than Philadelphia in high grades. The 1943-D is also home to the most valuable Lincoln cent ever sold, covered in the copper error section below.

San Francisco

1943-S 191,550,000

The lowest mintage of the three and the scarcest steel cent in high grade. The 1943-S is the series key in MS-65 and above, commanding a clear premium over its Philadelphia and Denver counterparts.

1943-S Steel Penny Value: The Key to the Series

If you searched for "1943 S penny value," the short answer is that a circulated 1943-S steel cent is worth only a few dollars. The San Francisco Mint struck 191,550,000 of them, and steel cents were saved in large numbers, so worn examples are easy to find. Where the 1943-S separates itself is in gem Mint State condition.

Steel cents rusted quickly, and many were cleaned to remove the corrosion. An uncleaned, unspotted 1943-S in MS-65 or better is a genuinely difficult coin, which is why certified examples in top grades can bring hundreds or thousands of dollars, as the chart above shows. For a budget-friendly approach, a problem-free MS-63 gives you the mint mark and the wartime story without the gem-grade premium.

The mint mark, an "S," sits below the date on the obverse. Don't confuse the common steel 1943-S with the extremely rare 1943-S copper error, which is estimated at only five to seven known examples and belongs to an entirely different price tier.

Public Confusion and the Problem With Steel Pennies

The 1943 steel cents were controversial from the start. The silvery-gray color of the zinc-coated coins caused widespread confusion. People regularly mistook them for dimes, and vending machines of the era, calibrated to reject non-copper coins, frequently refused them. Slot machines, parking meters, and coin-operated phones all presented problems.

The rust problem proved even more serious. Zinc is a reasonable corrosion inhibitor but not an impervious one, and millions of steel cents exposed to moisture, sweat, and everyday handling began rusting within months of issue. Rumors also spread that the coins were magnetic, which was true and caused further machine rejections. Some Americans believed the government was quietly debasing the currency.

Why the 1943 Steel Cent Failed in Circulation

Color confusion — the silvery-gray appearance led many to mistake steel cents for dimes
Vending machine rejection — most coin-operated machines were calibrated for copper alloy coins
Magnetism — steel's magnetic properties caused additional mechanical issues in coin-counting equipment
Rust — the zinc coating failed under normal handling, producing unsightly corroded coins
Public distrust — some Americans believed the government was circulating inferior currency

The Mint responded quickly. In 1944, copper alloy returned to cent production using salvaged brass from spent military shell casings. The steel cent experiment lasted exactly one year.

The 1943 Copper Error Cents: America's Most Famous Mint Mistake

🚨 The Million-Dollar Error: 1943-D Copper Lincoln Cent

$1,700,000

During the switch from copper to steel in early 1943, a small number of bronze planchets left over from 1942 stayed in the press hoppers and were struck with 1943 dies. The result was a handful of 1943-dated Lincoln cents in copper, the metal that was supposed to have been replaced completely.

PCGS estimates that fewer than 20 examples were struck in bronze at Philadelphia and San Francisco combined, and only one 1943-D bronze cent is known. That unique Denver coin, graded PCGS MS64 Brown, sold privately through Legend Numismatics in September 2010 for $1.7 million, a record for any Lincoln cent. Every accepted genuine example carries PCGS or NGC certification, so treat any uncertified coin claimed to be a 1943 copper cent with extreme skepticism.

Coin	Grade	Reported Result	Year	Shop
1943-D Copper (unique)	PCGS MS64 BN	$1,700,000 (private sale)	2010	Replicas →
1943-S Copper	PCGS MS63 BN	$504,000 (Heritage)	2020	Replicas →
1943 Copper (Philadelphia)	MS62 BN	$348,000 (Heritage)	2021	Replicas →

Results are as reported by auction houses and third-party summaries, and they vary by individual coin. A result for one certified rarity is not a price guide for any other coin. Shop links go to replica searches only, because no genuine example should be bought without PCGS or NGC certification. Check the PCGS Auction Prices database for current records.

How to Tell If Your 1943 Penny Is Steel, Copper, or a Fake

Nearly every 1943 penny found in circulation is a common steel cent. Its silvery color also explains the popular "1943 silver penny" nickname, but the coin contains no silver at all. It is zinc-coated steel worth face value to a few dollars. Start with the simplest test and work up from there.

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Magnet Test

Steel cents stick firmly to a magnet, and a genuine 1943 copper cent will not. A copper-colored 1943 cent that does stick is a plated steel cent, not a rarity. A coin that doesn't stick still needs further testing.

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Weight Test

A 1943 steel cent weighs 2.70 grams and a genuine copper cent weighs 3.11 grams. Use a precision scale accurate to 0.01g. Weight is a screening step, not proof of authenticity.

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Altered-Date Check

The most common fake copper 1943 is an ordinary bronze cent with the last digit altered, often from a 1948. Under magnification, look for tool marks, an oddly shaped "3," or a date that sits differently than the other digits.

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Professional Certification

For any coin that passes the magnet and weight tests, PCGS or NGC certification is the only definitive authentication. Submit it before making any purchase or valuation decision.

The Reverse Error: 1944 Steel Cents

The mismatch also worked in the other direction. After copper production resumed in 1944, a small number of steel planchets were struck with 1944 dies, producing 1944-dated steel cents. PCGS estimates the surviving population at roughly 25 to 30 coins, about double the known population of 1943 bronze cents. Its CoinFacts entry notes that some of these blanks may have come from planchets meant for a Belgian 2-franc coin the Mint was striking that year, since they are nearly identical to the 1943 steel planchets.

Two of them stand out. Only two 1944-S steel cents are known, and one graded PCGS MS66 sold for $408,000 in 2021, the current auction record for the issue. A Philadelphia 1944 steel cent in PCGS MS64 reached $180,000 at Heritage Auctions in June 2021. Like the copper errors, these exist because the transition between planchet types, at enormous production volumes, made a few mismatched planchet-and-die combinations nearly inevitable.

Collecting 1943 Steel Pennies: Where to Start

The 1943 steel cent series is one of the most accessible entry points in Lincoln cent collecting, and one of the most interesting for its historical context.

Building Your 1943 Steel Cent Collection

Type coin approach — a single circulated 1943 steel penny represents the wartime series in a general collection; common Philadelphia examples cost under $5
Three-coin set — Philadelphia, Denver (1943-D), and San Francisco (1943-S) in matching grades; budget around $10–$50 for circulated and $50–$300+ for matched MS-63 examples
High-grade registry collecting — the 1943-S in MS-66 or MS-67 is a legitimate challenge coin, and certified examples in top grades are genuinely scarce
Avoid cleaned coins — steel cents are frequently cleaned to remove rust, and cleaned examples carry heavy discounts
PCGS and NGC certification — recommended for any example costing more than a few dollars, since altered-date and plated fakes exist

Where to Buy 1943 Steel Pennies

Zinc-coated steel cents aren't a bullion product, so eBay and Amazon are the most practical sources for raw, certified, and reference-book purchases. Always check recent sold comps before buying.

eBay — Raw, Certified & Key Dates

Thousands of listings from all three mints, from circulated type coins to PCGS and NGC certified MS-63 through MS-67 examples. Graded holders protect against cleaned and altered coins.

Browse All 1943 Steel Cents → Shop PCGS & NGC Certified → Shop the 1943-S Key Date →

Amazon — Collector Guides

Reference books on Lincoln cents, wheat pennies, and steel cent varieties. The 1943 Steel Pennies Collector Guide is a solid starting point for new collectors.

Shop Amazon Books →

Wheat Penny Value Chart

Every year and mint mark of the Lincoln wheat cent from 1909 to 1958, with key dates and error varieties.

View the Chart →

1909-S VDB Lincoln Cent

The most famous penny in the series and the classic key date every Lincoln collector chases.

Read the Guide →

Error Coins Value Guide

See how the 1943 copper error fits into the wider world of mint errors, doubled dies, and off-metal strikes.

Explore Error Coins →

Coin Prices Guide

Current market values across U.S. coin series, from circulated grades through Mint State.

View Coin Prices →

Top 10 Rarest U.S. Coins

The legendary rarities of American numismatics and the stories behind them.

See the List →

Investing in Rare Coins

How collectors approach rare coins as long-term holdings, and what to know before buying.

Learn More →

🪙 Shop 1943 Steel Lincoln Cents on eBay

Find certified and raw 1943 steel cents (Philadelphia, Denver 1943-D, and San Francisco 1943-S) from trusted dealers and collectors.

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Lincoln Cent Books on Amazon

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Frequently Asked Questions: 1943 Steel Penny

Why did the U.S. Mint make pennies out of steel in 1943?

Copper was a critical war material in 1943, needed for artillery shell casings, electrical systems in military equipment, and communications infrastructure. Congress authorized alternative cent compositions in December 1942, and the Mint chose zinc-coated steel to conserve copper for the war effort. Production returned to a copper-zinc alloy in 1944, using recycled brass from spent military cartridges.

How much is a 1943 steel penny worth?

Common circulated 1943 steel pennies from Philadelphia are worth roughly $0.25 to $3, depending on condition. The 1943-S from San Francisco is the scarcest of the three in high grade and carries a premium in Mint State. Certified examples in MS-65 or above bring meaningful premiums, and a 1943-S in MS-67 can reach $1,000 or more. The rare 1943 copper error cents are worth hundreds of thousands of dollars, and the unique 1943-D sold for $1.7 million.

What is a 1943-S penny worth?

A circulated 1943-S steel cent is typically worth $1 to $8. In MS-63 it runs roughly $15 to $30, in MS-65 about $60 to $150, and in the highest certified grades it can reach $1,000 or more. An authentic 1943-S struck in copper is a completely different coin, with only a handful known and reported sales around $500,000.

How do I tell if my 1943 penny is copper or steel?

The quickest test is a magnet. Steel cents stick firmly, so if your 1943 penny sticks, it's a common steel cent, or a plated one if it looks copper-colored. A genuine 1943 copper cent will not stick and should weigh about 3.11 grams instead of 2.70. If yours passes both tests, have it authenticated by PCGS or NGC before drawing any conclusions, because altered-date fakes are common.

How many 1943 copper pennies exist?

PCGS estimates that fewer than 20 were struck in bronze at Philadelphia and San Francisco combined, and only one 1943-D bronze cent is known. Older counts put Philadelphia at roughly 10 to 11 examples and San Francisco at five to seven. Every accepted genuine example is certified by PCGS or NGC. If you believe you have one, submit it for certification before assuming anything about its value.

Is a 1943 silver penny made of silver?

No. The "silver penny" nickname comes from the silvery-gray color of the zinc coating on 1943 steel cents. They contain no silver. The same nickname is sometimes used for the very rare 1944 steel cent, which is a valuable error coin rather than a silver one.

How can I spot a fake 1943 copper penny?

The most common fakes are ordinary bronze cents with an altered date, often a 1948 changed to read 1943, and copper-plated steel cents. Plated steel cents still stick to a magnet, and altered dates usually show tool marks or uneven digits under magnification. Because both fakes are convincing to the naked eye, PCGS or NGC certification is the only reliable confirmation.

Why do 1943 steel cents rust?

The zinc coating on 1943 steel pennies was thin and easily damaged by normal handling. Once moisture reached the steel through scratches or contact with sweat and humidity, oxidation began quickly. This was a major complaint during the coins' year of circulation and contributed to the return to copper alloy in 1944. Uncleaned, uncorroded 1943 steel cents in high grades are harder to find than the mintage figures suggest.

1943 Steel Penny Value —Wartime Cent Price Guide & Key Errors