Imagine discovering that a simple penny in your pocket is worth a fortune. The 1943 Lincoln Wheat Penny, a rare coin minted during World War II, has fetched prices up to $270,000 at auctions.
This elusive coin is considered one of the holy grails of coin collecting and could be hiding in your change right now.
In this article, we’ll delve into what makes this penny so valuable, how to identify it, and highlight other rare Lincoln Wheat pennies that could be worth thousands.
The 1943 Lincoln Wheat Penny
In 1943, the U.S. Mint produced pennies using zinc-coated steel to conserve copper for the war effort. However, a small number of pennies were mistakenly struck on copper planchets, resulting in the rare 1943 copper penny.
These coins were minted in Philadelphia (no mintmark), Denver (“D” mintmark), and San Francisco (“S” mintmark), with the Denver-minted copper penny being the rarest—only one known specimen exists.
Why Is the 1943 Copper Penny So Valuable?
Several factors contribute to the immense value of the 1943 copper penny:
- Rarity: Approximately 20 to 40 authentic examples are known, making it one of the rarest U.S. coins.
- Historical Significance: Minted during World War II, this penny represents a unique period when resource conservation led to changes in coinage materials.
- Collector Demand: Coin enthusiasts highly prize minting errors, especially those with such historical context.
- Condition: Coins in superior condition (graded Mint State 65 or higher) command premium prices.
How to Identify a 1943 Copper Penny
To determine if you possess this valuable coin:
- Check the Date: Ensure the penny is dated 1943.
- Magnet Test: Copper is non-magnetic. If the coin sticks to a magnet, it’s a common steel penny.
- Color Examination: Copper pennies have a distinctive reddish-brown hue, whereas steel pennies appear silvery.
- Weigh the Coin: A genuine 1943 copper penny weighs approximately 3.11 grams, compared to 2.7 grams for a steel penny.
- Professional Authentication: Due to the prevalence of counterfeits, it’s advisable to have the coin authenticated by a reputable grading service.
Other Valuable Lincoln Wheat Pennies
Beyond the 1943 copper penny, other Lincoln Wheat pennies are highly sought after:
- 1909-S VDB Penny: The inaugural year of the Lincoln cent featured designer Victor David Brenner’s initials (“VDB”) on the reverse. Due to low mintage and initial controversy over the prominent initials, these coins can fetch over $300,000.
- 1955 Doubled Die Penny: A minting error caused a noticeable doubling of the date and inscriptions. Well-preserved examples have sold for tens of thousands of dollars.
- 1944 Steel Wheat Penny: In contrast to the 1943 copper penny, some 1944 pennies were mistakenly struck on steel planchets. These rare coins have fetched up to $373,750 at auction.
| Coin Type | Key Feature | Estimated Value | How to Identify |
|---|---|---|---|
| 1943 Copper Penny | Mistakenly struck in copper instead of steel | Up to $270,000 | Non-magnetic; reddish-brown hue; weighs 3.11 grams |
| 1909-S VDB Penny | Features designer’s initials; low mintage | Over $300,000 | “S” mintmark below date; “VDB” initials on reverse near rim |
| 1955 Doubled Die Penny | Doubling of date and inscriptions | Tens of thousands | Noticeable doubling on date and inscriptions like “LIBERTY” and “IN GOD WE TRUST” |
| 1944 Steel Penny | Struck on steel planchets instead of copper | Up to $373,750 | Magnetic; silvery appearance; weighs 2.7 grams |
Discovering a rare penny in your possession can be both exciting and financially rewarding.
Regularly inspecting your change and being aware of key identifying features can increase your chances of finding these hidden treasures. If you believe you’ve found a valuable coin, seek professional appraisal to confirm its authenticity and value.
FAQs
What makes the 1943 copper penny different from other 1943 pennies?
Most 1943 pennies were made of zinc-coated steel due to copper conservation during World War II. The rare 1943 copper pennies were mistakenly struck on leftover copper planchets, making them highly valuable.
How can I tell if my 1943 penny is copper or steel?
Perform a magnet test: steel pennies will stick to a magnet, while copper pennies will not. Additionally, copper pennies have a reddish-brown color, whereas steel pennies appear silvery.
Are there other valuable Lincoln Wheat pennies I should look for?
Yes, coins like the 1909-S VDB penny, 1955 Doubled Die penny, and 1944 steel penny are also highly sought after by collectors due to their rarity and unique features.