Money Singh
In the middle of World War II, the United States Mint made a big change to the humble penny. Instead of the usual copper, they made it out of steel. Today, these “silver pennies” are a favorite among collectors.
This guide explains why these coins exist, how to spot a real one, and what they are worth in 2025.
Why Is the 1943 Penny Made of Steel?
During World War II, the U.S. military needed copper to make ammunition and shell casings. To save this precious metal for the war effort, the U.S. Mint replaced the copper in pennies with zinc-coated steel.
These coins look silver, which often confuses people into thinking they are dimes or rare silver coins. However, they are magnetic and have a unique history.
- Nickname: “Steelies”
- Composition: 99% steel, covered in a thin layer of zinc to prevent rust.
- Mints: Produced in Philadelphia, Denver, and San Francisco.
1943 Steel Penny Value Chart (2025 Market Estimates)
Most 1943 steel pennies are not rare. The Mint produced over 1 billion of them, so many are still around today. However, their value depends heavily on their condition.
| Condition | 1943 (No Mint Mark) | 1943-D (Denver) | 1943-S (San Francisco) |
|---|---|---|---|
| Circulated (Worn) | $0.10 – $0.50 | $0.15 – $0.60 | $0.20 – $0.75 |
| Uncirculated (MS60-63) | $3 – $10 | $5 – $15 | $8 – $20 |
| High Grade (MS65) | $25 – $40 | $30 – $50 | $40 – $70 |
| Top Grade (MS67+) | $200+ | $250+ | $500+ |
Note: Prices fluctuate based on the specific “eye appeal” of the coin. Rusted or corroded coins are worth very little.
How to Identify a 1943 Steel Penny (Real vs. Fake)
Because steel pennies can rust, some people “re-plate” them with fresh zinc to make them look new. These altered coins are worth much less than original ones.
The Magnet Test
This is the easiest way to check your coin.
- Step 1: Hold a strong magnet near the penny.
- Step 2: If it sticks, it is a steel penny. This is normal for 1943.
- Step 3: If it does not stick, you might have something extremely rare (see below).
Checking for “Reprocessed” Coins
Collectors prefer original coins. If a steel penny looks unnaturally shiny or the edges are completely silver (without the steel core showing), it may have been re-plated. Original coins often have a duller, soft grey luster.
The “Holy Grail”: The 1943 Copper Penny
The most famous error in coin collecting is the 1943 Copper Penny. By accident, a few copper blanks from 1942 were left in the machines and struck with the 1943 date.
- Rarity: Only about 40 are known to exist.
- Value: These coins sell for life-changing amounts. It is worth noting that a 1943-D copper penny sold for $1.7 million at an auction in 2010, setting a record for the series.
- How to Spot: If your 1943 penny is copper-colored, use the magnet test. If it does not stick to a magnet, it could be the rare error. However, most are just 1948 pennies with the ‘8’ filed down to look like a ‘3’.
Conclusion
The 1943 Steel Penny is a wonderful piece of history that you can hold in your hand. While most are affordable for any budget, finding a high-quality example is a fun challenge. Always check your change—you never know when a piece of WWII history might show up.
