In the world of numismatics, few coins capture the imagination quite like the rare 1943 copper Lincoln Wheat Penny.
While pennies are everyday coins handled by millions without much thought, a very small number of these seemingly ordinary pieces are actually worth millions. The Lincoln Wheat Penny, produced from 1909 to 1958, is a key collectible in American coin collecting.
Some of these pennies have gained iconic status due to their rarity and value. Among them, the 1943 copper penny stands out as especially famous—mainly because it wasn’t supposed to exist.
The History of the Lincoln Wheat Penny
The Lincoln Wheat Penny was first introduced in 1909 to honor the 100th anniversary of Abraham Lincoln’s birth. Created by Victor David Brenner, it was notable for being the first U.S. circulating coin to display a real person’s portrait, moving away from the traditional Liberty figure.
The front of the coin (obverse) features Lincoln’s profile, while the back (reverse) shows two wheat stalks framing the inscriptions “ONE CENT” and “UNITED STATES OF AMERICA,” with “E PLURIBUS UNUM” along the top edge.
These pennies were widely used in daily commerce for nearly 50 years, until 1958, before the design changed to the Lincoln Memorial on the reverse in 1959. Most Lincoln Wheat Pennies were made with a composition of about 95% copper and 5% tin and zinc, giving them a characteristic reddish-brown color.
The 1943 Anomaly: When Steel Replaced Copper
During World War II, copper was considered a vital resource for the war effort, especially for making ammunition and other military supplies. To conserve copper, the U.S. Mint changed the penny’s material in 1943, producing pennies from zinc-coated steel instead of copper. These “steel pennies” are silver in color and are sometimes called “silver pennies” because of their shiny appearance.
The Lincoln Wheat Penny Valued at $21 Million, Still in Circulation
Despite this material change, a rare mistake happened. A few copper blanks from 1942 accidentally remained in the Mint and were struck with 1943 dies, resulting in the creation of the rare 1943 copper penny—a coin highly prized by collectors and investors.
The Rarity Factor: How Many Exist?
The extraordinary value of the 1943 copper penny comes from how few exist. Experts estimate that only about 20 to 30 authentic copper pennies from 1943 survive, spread among the three mint locations that produced pennies that year:
| Mint Location | Estimated Surviving Examples | Notes |
|---|---|---|
| Philadelphia (no mint mark) | Around 20 examples | Most common variety |
| San Francisco (S mint mark) | About 6 examples | Very rare |
| Denver (D mint mark) | 1 example | The rarest of all |
This extreme scarcity, combined with the coin’s unique backstory, drives strong demand among collectors.
Record-Breaking Values
Authentic 1943 copper pennies have sold for astonishing amounts over the years:
| Example | Grade | Sale Price | Year Sold |
|---|---|---|---|
| 1943-D (Denver) | PCGS MS64 Brown | $1,750,000 | 2010 |
| 1943 Philadelphia | Finest known | $1,000,000+ (est.) | – |
| 1943-S (San Francisco) | PCGS MS63 Brown | $500,000 | 2023 |
| 1943 “Gumball Machine” specimen | AU50 | $329,000 | 2014 |
The Denver mint’s unique penny sold for $1.75 million in 2010. Experts believe that today’s best examples could reach as high as $3.8 million at auction, ranking it among the most valuable coins of small denominations.
Authentication: Separating Genuine Coins from Counterfeits
Because of their high value, 1943 copper pennies are often counterfeited. Several tests can help tell a real coin from a fake:
- The Magnet Test: Genuine 1943 copper pennies are not magnetic and won’t stick to a magnet, unlike steel pennies which will.
- The Weight Test: Copper pennies weigh about 3.11 grams, while steel ones are lighter, around 2.7 grams.
- Professional Authentication: The surest way to confirm authenticity is through expert grading services such as PCGS (Professional Coin Grading Service) or NGC (Numismatic Guaranty Corporation), which have the tools and knowledge to verify coins properly.
Could You Find One?
The chance that an undiscovered 1943 copper penny is still circulating has fueled the curiosity of collectors and the public for decades. Most known examples were found between the late 1940s and 1970s, but discoveries continue. One famous example, the “Gumball Machine” penny, was found in a Philadelphia gumball machine in 1976, initially sold for $1,000, and later fetched $329,000 at auction.
The Lincoln Wheat Penny Valued at $99 Million, Still in Circulation?
Although the odds are extremely low, they are not zero. Experts recommend checking family coin collections, old jars, and estate sales, especially collections made before the 1960s when the coin’s value was widely known.
Other Valuable Lincoln Wheat Pennies
Besides the 1943 copper penny, other Lincoln Wheat Pennies are also highly prized by collectors:
| Year/Type | Estimated Value (Depending on Condition) |
|---|---|
| 1909-S VDB | $1,000 – $100,000+ |
| 1914-D | $300 – $5,500+ |
| 1922 Plain (No D) | $500 – $25,000+ |
| 1931-S | $100 – $200+ |
| 1955 Doubled Die Obverse | $1,000 – $15,000+ |
| 1944 Steel (Error) | $75,000 – $400,000+ |
Collecting Lincoln Wheat Pennies
For those captivated by the 1943 copper penny but unable to afford such rarities, collecting Lincoln Wheat Pennies remains a popular and accessible hobby. Most dates are affordable, allowing beginners to start collecting easily, while advanced collectors pursue the more challenging and valuable variations.
Building a full Lincoln Wheat Penny collection (excluding the rare 1943 copper variety) is possible with some dedication and a reasonable budget. Collectors often aim to acquire one coin from each year or try to collect all mint mark variations.
Preserving Your Coins
If you own valuable Lincoln Wheat Pennies, proper care is important to maintain their condition and worth:
- Handle coins only by their edges.
- Store them in acid-free holders or coin flips.
- Keep coins in a stable, low-humidity environment.
- Consider professional conservation for any damaged coins.
Useful Resources
- Professional Coin Grading Service (PCGS)
- Numismatic Guaranty Corporation (NGC)
- American Numismatic Association
- U.S. Mint
- CoinWeek
FAQ
How can I tell if my 1943 penny is made of copper?
The easiest test is the magnet test—copper pennies won’t stick to a magnet, but steel ones will. Also, copper pennies have a reddish-brown color, unlike the silvery steel cents.
What makes the 1943 copper penny so valuable?
Its rarity and historical background make it so valuable. The Mint switched to steel pennies during World War II, so copper pennies from 1943 were accidental and extremely rare.
Where can I get my coins authenticated?
Services like PCGS and NGC provide expert coin authentication and grading. For coins potentially worth thousands or millions, professional verification is crucial before selling.
Bottom Line
The 1943 copper Lincoln Wheat Penny is a remarkable example of how historical events and minting errors can create extraordinary treasures. Its rarity and wartime backstory make it one of the most prized coins in American numismatics.
Though unlikely to be found, the hope that one might still be hidden in loose change or old collections continues to inspire collectors everywhere—proving that sometimes, incredible value lies in the most ordinary places.
Janice R. Phillips is a seasoned finance writer with a keen eye for simplifying complex financial concepts. With over a decade of experience covering personal finance, investing, and economic trends, she empowers readers to make informed money decisions. Janice specializes in creating content that bridges the gap between financial theory and real-world application, making her a trusted voice for both novice and experienced investors.