Rare 1943 Penny Sells for $1 Million (2024)

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Rare 1943 Penny Sells for $1 Million? ›

A 1943 Lincoln penny that soared in value because it was made from the "wrong" material reportedly has sold for $1 million. The penny was erroneously made of bronze instead of zinc-coated steel at the San Francisco Mint, according to UPI news agency.

A 1943 bronze Lincoln cent graded Mint State 63 Red by Professional Coin Grading Service and stickered by Certified Acceptance Corp. as being superior for the grade sold in a private transaction recently for more than $1 million. Images courtesy of PCGS CoinFacts.

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. If the penny does not stick to the magnet, you've got one.

For a Lincoln cent, however, the 1943 copper penny is extremely valuable, with circulated examples selling at auction in the past two years bringing between $240,000 and $336,000. The unique 1943-D copper penny is held in a longterm collection and carries an estimated value of over one million dollars.

The 1943 copper penny is extremely rare and valuable. Only a couple dozen pieces were made and exist today, and each is worth about $100,000. The record price for a 1943 copper Lincoln penny is over $1,700,000 at auction in 2010.

Average value

According to Gainesville Coins, most circulated 1943 steel pennies trade for around 10 to 25 cents each. Uncirculated examples can be worth $1 to $5, with top-level specimens in Mint State-67 or better sometimes fetching hundreds or even thousands of dollars​ (Gainesville Coins)​.

If your 1943 penny is made out of copper, it is worth quite a bit of money, generally $10,000 or more! The reason is that the 1943 copper penny is an error coin. The United States Mint accidentally used the wrong planchet metal when striking the coin. But very, very few of these left the U.S.

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.

Due to the copper shortage at the beginning of WW2, in 1943 pennies were struck in steel, (the color is silver, not the metal), hence the ferrous quality of steel is why the coin is attracted to a magnet. An average condition 1943 steel cent is maybe worth 15 cents. An uncirculated one is maybe worth 2–4 dollars.

Double Die Error: Some 1943 steel pennies were struck with a double die error, like the 1943/2-S, resulting in a distinct doubling of the date and other features on the coin. These are considered rare and appealing to collectors.

What is the error on the 1943 Steel Penny? ›

The 1943 Lincoln, Steel cent should stick to a magnet and the red is a form of oxidization (rust) - the missing 4 is the result of a grease filled die (where the sunken area of the die is filled and prevents a design element from being fully struck). Today these minor errors sell for $2.50 to $4 in online auctions!

Coins with mistakes, such as a double die or missing letters, can be worth significantly more than their regular counterparts. Another way is to look for specific years known to be scarce or have low mintage numbers. Collectors also value wheat pennies with a high level of detail and minimal wear.

One of the rarest pennies cost a Beverly Hills man a pretty penny. At an auction last Thursday, Kevin Lipton shelled out $2,585,000 for the Birch Cent, a penny made in 1792 that is named after its engraver, Robert Birch. It's the most money ever paid for a one-cent piece.

One of the most astonishing transactions occurred in 2010 when a 1943 copper penny sold for a staggering $1.7 million. While not every 1943 copper penny will fetch such a high price, they generally trade for hundreds of thousands of dollars.

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.

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.

The piece was a 1943 Lincoln bronze cent, a coin that was with the man from 1947 to 2018, when he gave it to the auction house before he died.

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.