How Much is a 1943 Steel Penny Worth? | 1943 Steel Penny Values

 

1943 Steel Penny Value

Although the composition of the U.S. penny has changed considerably over time, the one-cent piece has almost always featured some percentage of copper. Pennies produced prior to 1982 were minted with 95% copper, and even modern pennies include a nominal amount (2.5%) of pure copper. But there is one penny in U.S. history that stands completely alone. Today’s article is about the 1943 steel penny, a classic coin in American numismatics and one of the most accessibly priced coins for new collectors. 

As you’ve probably guessed from the coin’s date, the 1943 steel penny was at the height of World War II, about a year after the United States was pulled into the conflict. The coin’s steel composition is an excellent example of total war, which describes a war in which the entire civilian and government sector contributes to the success of their nation. 

Because pennies used copper in 1943, and because copper was such an important metal to the war effort, the U.S. Mint began minting cents using zinc-coated copper to preserve more copper for the military. The regular 95% copper alloy returned shortly after in 1943, making the 1943 steel penny an exceptionally unique piece of American history.

But how much is a 1943 steel penny worth? Most steel cents are worth only a nominal premium over face value, with the majority of 1943 steel pennies selling for ten cents or less. However, steel pennies in excellent condition can sometimes sell for thousands of dollars, and rare error specimens can market for tens of thousands of dollars or more. 

On this page, learn more about the history and value of the 1943 steel penny. 

About the 1943 Steel Penny

The 1943 steel penny is one of several examples of the intersection between American currency and history. As the coin’s name suggests, it was minted using primarily steel for one year – 1943. Today, steel pennies are popular among coin collectors, particularly numismatists interested in something we call wartime coinage. 

At its core, the 1943 steel penny is a direct result of World War II. Because U.S. pennies prior to 1982 were minted with 95% copper and the U.S. military needed copper to produce a wide range of weapons, armor, and vehicles necessary to win World War II, the U.S. Mint was forced to change the composition of the pennies it produced in 1943. 

The result? The first-ever U.S. steel penny!

Wartime Coin Overview

World War II was an example of total war. During a period of total war, the entirety of a country is mobilized to assist with the war effort, which is typically considered an existential threat. During World War II, the unprecedented size and resource drain of the conflict led to a strain on several key resources. This forced the United States homefront to increase production and, in some cases, decrease consumption to preserve resources for the ongoing war effort. 

The United States Mint was not exempt from the total war effort during World War II. In fact, the U.S. Mint has always been one of the biggest national consumers of valuable metals, chiefly gold, silver, and copper. So it makes sense that, during a time when the U.S. military needed all of the country’s copper to win the war, the mint would have to adjust.

Steel cents aren’t the only popular collector’s coins that were produced with alternative metals to aid in the war effort. The so-called wartime nickel, produced from 1942-1945, contained 35% silver in order to conserve more nickel for the military’s manufacturing arm. As we’ll discuss later on this page, steel cents and wartime nickels are often collected together as war-related circulated currency.

Copper Shortages and the Steel Penny

While the wartime nickel was composed with a copper-silver-manganese alloy to conserve aluminum for the war effort, 1943 steel pennies were minted to increase the available supply of copper to the warfront. Both copper and nickel were considered valuable wartime metals during World War II. 

Copper and nickel can be combined into an alloy called cupronickel, which is both malleable enough to form into tools, weapons, and even vehicles and durable enough to withstand damage during large-scale conflicts. Even outside of the cupronickel alloy, copper was especially important for the projection of ammunition, which was often composed of lead with a copper jacket. 

By 1943, copper shortages on the warfront inspired American companies, businesses, and government agencies to scale back their consumption of the metal. This included the United States Mint, which used tons of copper each year to mint circulating pennies to introduce into the U.S. economy. Why were steel pennies made? The United States Mint briefly switched to zinc-coated steel for pennies produced in 1943 to make more copper available to the U.S. military during World War II.

How Much is a 1943 Steel Penny Worth?

Although the 1943 steel penny is one of the most interesting stories in American coinage history, the coin is seldom worth much more than its face value of one cent. Simply put, too many steel pennies were produced in 1943 to make them particularly valuable to collectors. 

There were 684,628,670 steel pennies minted in 1943, meaning that they are anything but rare to find. In fact, you can sometimes find steel pennies in your change, on the ground, or in bank-sealed rolls of cents. The value of a steel penny is buoyed by the fact that the coin is popular among collectors. So while a 1943 steel cent is easy to find in the wild, these coins are often worth just a few cents because of their collectability.

That being said, certain 1943 steel pennies can be worth thousands of dollars – or even more. Two main factors can impact the value of a 1943 steel penny:

1. Condition
2. Rare Errors/Varieties

Factors That Impact Steel Penny Values

Like most circulated U.S. coins, the single most impactful factor in the value of a 1943 steel penny is its condition. Given the coin’s extremely high mintage figures, it is common to find in most circulated grades. For high mint-state grades, however, the 1943 steel penny can be very rare and valuable. In fact, one exceptional steel penny graded MS68+ sold for a mouthwatering $33,600 at an auction by Stack’s Bowers.

Aside from condition, rare errors and varieties can also play a role in the value of a 1943 steel penny. A very, very small number of 1943 pennies were struck on copper planchets instead of the new steel ones, and these 1943 steel cents sell today for hundreds of thousands of dollars.

Let’s take a closer look at how condition and rare errors/varieties can impact the value of a 1943 steel cent.

Condition 

A 1943 steel penny’s value depends chiefly on its condition. In most circulated grades, a 1943 steel cent is only worth a few cents if you take it to your local coin shop. But in exceptionally pristine condition, these coins can sometimes be worth thousands of dollars or more. In uncirculated condition, most 1943 steel cents can be extremely valuable to collectors – and some have even set auction records!

If you suspect that your 1943 steel penny may be nearly uncirculated, it may be worth sending it off to a grading company for a second opinion. We generally recommend only having coins professionally graded if they seem likely to receive a grade that would increase their value by more than the cost of the grading service.

Unfortunately, the vast majority of 1943 cents are not worth very much money. Hundreds of millions of steel cents were manufactured in 1943, so they’re not rare enough to justify a large premium on their own.

Rare Errors and Varieties

Several rare errors and varieties are also featured in the limited minting run of the 1943 steel cent. The absolute king of these errors is known as the 1943 copper cent. A very, very small number of 1943 steel cents were mistakenly minted on copper planchets instead of the intended zinc-coated copper ones. 

1943 copper cents are valuable in any grade. If you suspect you may have one, be sure to reach out to an expert for a second opinion. But beware – these coins are commonly counterfeited due to their high value and exceptional rarity. 

Collecting Steel Pennies

Steel pennies have been popular among collectors for decades. The coin’s relationship to World War II, its unique composition, and a general fascination with wartime currency coins have driven demand for the 1943 steel cent. The good news is that the steel penny’s high mintage makes it relatively common (and affordable) in most grades. 

When you sell a steel penny, expect to receive just a few cents, unless your coin is in exceptionally good condition. As for buying, premiums at most coin shops mean that you could pay anywhere from a few cents to $1 for your average-condition steel penny. Not a bad price to pay to own a piece of American history, right? 

Rare errors, varieties, and the coveted 1943 copper cent are different stories, however. These coins can cost thousands of dollars or more, depending on the error and its rarity. 

Where to Buy 1943 Steel Cents

You can buy 1943 steel cents from most online and local coin dealers. Some dealers may also sell steel cents in bulk, which is a great way to save more money while grabbing new ungraded pieces for your collection. Finally, you can sometimes buy steel pennies bundled with other unique American coins, including the silver ‘wartime’ nickel.

Steel Cents and Silver Nickels – The U.S. Wartime Collection

Steel cents and the wartime nickels produced with 35% pure silver are commonly called wartime coins. These two iconic and unique coins are often sold together, sometimes inside of specialty cases showcasing each piece’s mintage year and other relevant details. 

Final Thoughts: Is Your 1943 Steel Cent Valuable?

The 1943 steel cent is a fascinating coin that gives collectors insight into one of the most difficult periods of American history. Minted during 1943 using steel in order to preserve copper for the war effort, the 1943 steel cent is an excellent example of the strategy of total war employed by nations dealing with a largescale conflict.

Although this coin is historically important and remains popular among collectors, it typically carries only a small premium over face value. You can usually sell circulated steel cents to a local coin shop for between $0.05 and $0.20 each. Uncirculated steel cents in great condition sell for quite a bit more, with some BU gem specimens selling for tens of thousands of dollars at auction. 

While the steel cent usually isn’t particularly valuable, it’s a great conversation piece and a fantastic circulated coin to collect. 

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