Find out What Makes This Penny Worth $1 Million (2024)

James Bucki

James Bucki is a nationally-recognized coin collector and numismatic expert and author, sharing his knowledge and specialized training in coin grading, minting errors, and collection techniques. He has over 50 years of numismatic and writing experience, including a monthly magazine column for the American Numismatic Association.

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Updated on 08/16/22

Find out What Makes This Penny Worth $1 Million (2)

In September 2012, Legend Numismaticsof Lincroft, New Jersey has announced that collector Bob R. Simpson, co-chairman of the Texas Rangers baseball club, paid $1 million for the finest known 1943-S Lincoln Wheat cent on a bronze planchet. All 1943 Lincoln cents were supposed to be made of steelplanchetscoated with zinc. However, some bronze planchets left over from 1942 slipped into the production process. These error coins are extremely rare and highly sought after by error coin collectors.

According to a press release, it was successfully acquired by Legend after "determined negotiations" with an East Coast dealer representing the seller who is described only as "a long-time collector," according to Legend President Laura Sperber. "Mr. Simpson said, 'It's a beautiful coin.' As he held it he reminisced about the 1943 'copper' Lincoln cent he found in change when he was a youngster, but that turned out to be a fake," said Sperber. The MS62 coin is the finest of four known 1943-S bronze cents, and it is an upgrade to an example graded PCGS AU58 that was in Simpson'sregistry set.

What Is an off Metal Error?

When the United States Mint manufactures coins, they are produced with tight tolerances as defined by law. Specifications in the law include diameter, thickness, metal composition, and design requirements. When a new law dictates a change to the coinage, the Mint must adjust its production process to accommodate the requirements of the new law.

In this instance, the United States Congress passed a law that specified pennies produced in 1943 will be made out of steel instead of bronze. Additionally, the steel will be plated with a thin coating of zinc to inhibit rust. The thickness and diameter specifications remained unchanged.

How did this Error Coin Happen?

Each production facilities of the United States Mint is a factory that produces coins for the United States of America. Much activity goes on in these facilities that enable them to produce billions of coins every year. While they pay close attention to the process to achieve world-class quality, some mistakes do happen.

In this instance, coin experts believe that planchets from the previous year (1942) which were made of bronze were still lingering in the production process. Although it cannot be proven, another explanation for this error coin is that a mint employee purposefully struck a few 1943 pennies on bronze planchets. Although illegal, sometimes these do escape the security procedures of the Mint.

Why Is It So Expensive?

Since Lincoln cents are one of the most collected United States coins, demand for them is extensive. Given the unusual look of a 1943 steel Lincoln cent, a 1943 Lincoln cent made out of bronze is one of the "Holy Grail" of Lincoln error collectors. Compounding the pressure of a highly collectible coin with the fact that there are only five known examples of a 1943-S Lincoln cent made in bronze, the price will skyrocket!

Learn more:

Mr. Simpson's Collection of Lincoln Cents Off-Metal Strikes
How Much is a 1943 Penny Worth?
1943 Copper Penny - Is Yours Genuine or Fake?

FAQs

Which penny is worth $1 million dollars? ›

A 1958 penny just sold for over one million dollars. The penny, which had a mistake shown on some of its letters, sold for a record $1,136,250.

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What makes a 1943 penny so valuable? ›

This is particularly evident in that year's penny, one of the most unique coins of all time. There are several reasons why the 1943 penny enjoys this reputation. One is that it's the only steel penny that was ever mass-produced in the United States. It also comes in rare varieties, some of which are extremely valuable.

How to check 1943 steel penny? ›

Using a kitchen scale that measures to the hundredth of a gram, weigh your penny. If it weighs 2.70 grams, it has the right weight for a 1943 steel penny. If it weighs 3.11 grams, examine the date and look for signs of alterations. If there are no signs of alterations, it might be a valuable error coin.

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What penny sold for $2.5 million? ›

1: Discover the ultra rare 1792 Birch Cent, worth up to $2.5 million.

What 1958 penny is worth $1,000,000? ›

"The million-dollar penny is known as a 'doubled die' and it is the finest of only three known 1958 U.S. cents that have severe doubling of letters in the motto IN GOD WE TRUST and the word LIBERTY on the front of the coin," explained Ian Russell, president of GreatCollections of Irvine, California (www. ...

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What penny is worth $250000? ›

The 1943 copper penny is worth more than its face value. Due to its rarity and unique composition, this coin can fetch a high price of $100,000 to $250,000.

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Why is the 1944 penny rare? ›

The 1944 Lincoln penny is particularly desirable in the eyes of collectors not only because of its design, but also due to its scarcity. Being that there are no more 1944 Lincolns being produced, the scarcity of these coins is constantly on the rise, thus making the coins more valuable.

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What year of penny is 100% copper? ›

History of composition

Years	Material	Weight (grams)
1795–1857 †	~100% copper	10.89
1856–1864	88% copper, 12% nickel (also known as NS-12)	4.67
1864–1942	bronze (95% copper, 5% tin and zinc)	3.11
1943	zinc-coated steel (also known as 1943 steel cent)	2.72

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Can you pick up a 1943 steel penny with a magnet? ›

Although they continued to circulate into the 1960s, the mint collected large numbers of the 1943 cents and destroyed them. The steel cent is the only regular-issue United States coin that can be picked up with a magnet.

Is a 1943 penny that sticks to a magnet worth anything? ›

How do I know if I have the copper 1943 Wheat Penny? This is a very simple test. Go get a magnet. If the coin sticks to the magnet, it's made of steel and worth about 10 cents.

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What does a fake 1943 penny look like? ›

If the tail of the last digit in the date, the number 3, does not extend well below the bottom of the other numbers in the date, it is probably a cut-in-half 8 (see the photo above). If the 3 in your date looks like half of an 8, your coin is not a genuine 1943 copper penny.

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Is a 1947 penny worth $1.7 million? ›

A rare coin found by a high schooler in his lunch money has been valued at almost $1.7million, following the owner's death. Don Lutes, Jr., of Pittsfield, Massachusetts, found the bronze 1943 Lincoln cent in the change he was given at his school cafeteria in 1947, according to sellers Heritage Auctions.

What US coin is worth $1 million dollars? ›

1943 Bronze Lincoln Penny. Now we're getting into some serious money. The 1943 Bronze Lincoln penny has gone for hundreds of thousands of dollars, but it could go for as much as $1 million in perfect shape, according to Urban Aunty — as long as it's missing a mint mark (and thus from Philadelphia).

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Why is the 1942 penny worth money? ›

These pennies are collectible not only because of their age and historical significance, but because they are rare and growing rarer by the day. The coin's obverse features in the center the profile of former President Abraham Lincoln.

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