How much is a 1943 steel penny worth?

In circulated condition, $0.05 to $2.00. Uncirculated: $5 to $40. Gem grades (MS-67+): $60 to $25,000. The rare bronze/copper error: $100,000 to $2,600,000.

Is a 1943 penny worth more with an S or D mint mark?

Yes, slightly. San Francisco (S) has the lowest mintage and highest values. Denver (D) is in the middle. Philadelphia (no mark) is most common and least valuable.

1943 Steel Penny Value Guide (2026)

Coins

Photo: Jaclyn Nash, National Numismatic Collection, Smithsonian Institution, Public Domain

In 1943, the United States was burning through copper. Shell casings, ammunition, wiring - the war effort consumed everything. So the Mint did something it had never done before: it made pennies out of steel. Over a billion of them. They looked like dimes, rusted in your pocket, and confused everyone. But a handful of copper blanks from the year before got left in the presses. Those mistakes - about 20 to 30 coins that were never supposed to exist - are now worth more than most houses.

Quick Value Summary


Item	1943 Lincoln Steel Cent
Year	1943
Category	Coins - U.S. Cents
Composition	Zinc-coated steel (99% steel)
Weight	2.70 grams
Diameter	19mm
Mints	Philadelphia (no mark), Denver (D), San Francisco (S)
Total Mintage	1,093,838,670
Condition Range
Circulated (G-4 to VF-20)	$0.05 – $2.00
About Uncirculated (AU-50)	$0.90 – $8.00
Uncirculated (MS-60 to MS-65)	$1.75 – $40.00
Gem (MS-67)	$60 – $200
Superb Gem (MS-68+)	$575 – $25,000
1943 Bronze/Copper Error	$100,000 – $2,600,000
Record Sale (Steel)	$33,600 (MS-68+, Stack's Bowers)
Record Sale (Bronze Error)	$2,600,000 (2024)
Rarity	Common (steel) / Extremely Rare (bronze error)

The Story

The United States entered 1943 deep in World War II. Copper was critical - every pound went to shell casings, munitions, and artillery wiring. The Mint made an unprecedented decision: switch penny production from the traditional bronze composition (95% copper, 5% tin and zinc) to zinc-coated steel for one year only.

All three mints cranked out steel cents at wartime capacity. Philadelphia struck 684.6 million. Denver produced 217.7 million. San Francisco added 191.6 million. Over a billion steel pennies flooded into circulation in a single year.

People hated them. The zinc coating wore off quickly, leaving the coins dull and prone to rust. They stuck to magnets. They looked almost identical to dimes - same silver-gray color, similar size - causing endless confusion at cash registers. Vending machines rejected them. By 1944, the Mint went back to copper, this time using recycled brass shell casings.

But here's the part everyone cares about. During the changeover, a small number of bronze planchets from 1942 production remained in the presses. Nobody caught them. Somewhere between 20 and 30 copper 1943 pennies slipped through across all three mints. They weren't supposed to exist. Today, one sold for $2.6 million in 2024.

How to Identify It

The Basics

A 1943 steel penny is easy to spot. It's the silver-gray one that doesn't look like any other penny you've ever seen.

Color: Silver-gray (when the zinc coating is intact) to dull gray or brownish (when corroded/rusted)
Weight: 2.70 grams - noticeably lighter than a normal copper penny (3.11 grams)
Magnet test: A genuine steel penny sticks to a magnet. This is the single most important test.

Mint Marks

Check below the date on the front (obverse) of the coin:

No letter = Philadelphia (684.6 million minted - most common)
D = Denver (217.7 million - middle)
S = San Francisco (191.6 million - least common, commands slight premium)

The Bronze Error - Is Yours Copper?

This is what everyone wants to know. If your 1943 penny looks copper-colored instead of silver-gray:

Magnet test first. If it sticks to a magnet, it's a copper-plated steel penny - someone plated it as a novelty or to deceive. Worth face value.
Weigh it. Steel = 2.70 grams. Bronze = 3.11 grams. A kitchen scale accurate to 0.1 grams will tell you instantly.
Look at the date carefully. Many "1943 copper pennies" are actually 1948 pennies with the 8 altered to look like a 3. Check for tool marks and inconsistent digit spacing.

If it doesn't stick to a magnet AND weighs 3.1 grams AND the date looks right - stop touching it. Put it in a safe place. Get it to PCGS or NGC for professional authentication immediately.

Value by Condition

Steel Cents - Philadelphia (No Mint Mark)

Grade	Value
G-4 (Good)	$0.05 – $0.25
VF-20 (Very Fine)	$0.35 – $0.50
AU-50 (About Uncirculated)	$0.90 – $3.00
MS-60 (Mint State)	$1.75 – $12.00
MS-63 (Choice)	$8.00 – $16.00
MS-65 (Gem)	$18.00 – $24.00
MS-67 (Superb Gem)	$85 – $100
MS-68	$575 – $3,200

A PCGS MS-68 Philadelphia sold for $6,600 at Heritage Auctions in January 2025. Another MS-68 brought $4,560 in November 2024.

Steel Cents - Denver (D)

Grade	Value
G-4	$0.10 – $0.35
VF-20	$0.60 – $1.00
AU-50	$1.25 – $11.00
MS-60	$5.00 – $12.00
MS-63	$12.00 – $16.00
MS-65	$24.00 – $28.00
MS-67	$60 – $90
MS-68	$185 – $1,900
MS-68+	$14,400

A PCGS MS-68+ Denver sold for $14,400 at Heritage Auctions in January 2025 - the record for a Denver steel cent.

Steel Cents - San Francisco (S)

Grade	Value
G-4	$0.20 – $0.50
VF-20	$0.75 – $2.00
AU-50	$2.00 – $8.00
MS-60	$6.00 – $10.00
MS-63	$15.00 – $18.00
MS-65	$28.00 – $40.00
MS-67	$75 – $200
MS-68	$4,000 – $7,000
MS-68+	$25,000

San Francisco steel cents command the highest premiums in top grades. A PCGS MS-68+ CAC San Francisco sold for $19,200 at Stack's Bowers in March 2021. The all-time record for any steel cent is $33,600 for an MS-68+.

1943 Bronze/Copper Error

Grade	Value
Low Grade (AG-G)	$100,000 – $250,000
Fine to VF	$250,000 – $500,000
AU-55	~$329,000 (2014 auction)
Higher Grades	$1,000,000+
Record	$2,600,000 (2024)

Previous record: $1,700,000 in 2010. The market for these continues to climb.

Key Variations and Errors

1943-D/D Repunched Mint Mark (RPM)

The Denver mint mark was punched into the die twice, slightly offset. Under magnification, you can see a doubled "D" below the date. The most collected variety of the 1943 steel cent.

Value: $100 to $21,000+ depending on grade and RPM strength.

Doubled Die Obverse (DDO)

Doubling visible on the date, "LIBERTY," or "IN GOD WE TRUST." Less dramatic than the famous 1955 DDO but still collectible.

Value: Several hundred dollars in higher grades.

Off-Center Strikes

The harder steel planchets shifted more easily during striking than copper, making off-center errors more common in 1943 than most other years. Value depends on how far off-center and whether the full date is visible.

Die Cracks and Cuds

Wartime production pushed dies hard. Cracks in the die transferred as raised lines on the coin. Retained cuds - where a piece of the die broke away - are especially collectible.

Reprocessed Steel Cents

Steel cents that have been stripped and re-plated with fresh zinc to look uncirculated. Sometimes sold fraudulently as "proof" specimens. No proof 1943 cents were ever made - proof production was suspended from 1943 to 1949. If someone claims to have a proof 1943 steel cent, it's either reprocessed or fake.

Authentication & Fakes

The 1943 bronze error is one of the most counterfeited coins in U.S. numismatics. Here's what to watch for.

Common Fakes

Copper-plated steel cents. The most common fake by far. Someone takes a regular 1943 steel penny and plates it with copper. Looks copper-colored, but sticks to a magnet. Instant fail.

Altered date coins. A 1948 penny with the "8" reshaped to look like a "3." Under magnification, you'll see tool marks, inconsistent spacing between digits, and a slightly different font for the altered number.

Reprocessed cents. Steel cents re-plated to look mint fresh. Not a bronze error - just a polished-up steel cent being sold for more than it's worth.

Cast counterfeits. Poorly made copies with incorrect weight, mushy details, and sometimes visible seam lines along the edge.

How to Protect Yourself

Magnet test. Always. Steel sticks, copper doesn't.
Weigh it. 2.70g = steel. 3.11g = bronze. No exceptions.
Magnify the date. Look for tool marks, inconsistent digits, or signs of alteration.
For any potential bronze error: Submit to PCGS, NGC, or ANACS before buying or selling. The authentication fee ($30–$65) is trivial compared to the stakes.

Be extremely skeptical of "1943 copper pennies." The vast majority - well over 99% - are fakes. But the real ones do exist. That's what makes them exciting.

Condition Guide for Steel Cents

Steel cents age differently than copper. The zinc coating is the key.

Good (G-4): Heavy wear. Lincoln's outline visible but details are smooth. Wheat stalks are flat on the reverse. The zinc coating is mostly gone, and the coin may show significant rust or corrosion. Still identifiable, still collectible.

Very Fine (VF-20): Moderate wear on the high points. Lincoln's cheekbone and jawline show wear but major features are visible. Wheat stalks show some separation. Zinc coating partially intact.

About Uncirculated (AU-50): Light wear only on the very highest points - Lincoln's cheekbone and hair above the ear. Most original zinc luster is present.

Mint State (MS-60 to MS-63): No wear. Full zinc luster. May show bag marks from Mint handling. MS-63 has good eye appeal with only minor blemishes.

Gem (MS-65): Strong luster, good strike, minimal marks visible to the naked eye. This is where steel cents start commanding real premiums.

Superb Gem (MS-67): Near-perfect. Exceptional luster and strike. Only tiny imperfections under magnification. Bright, original zinc coating fully intact.

MS-68 and above: Virtually perfect. Full strike, blazing luster, essentially flawless. Extremely rare for steel cents because the soft zinc coating damaged easily during handling. These are the coins worth thousands.

Where to Sell

Common Steel Cents (under $50)

eBay - Best for individual coins or small lots
Local coin shops - Quick cash, expect wholesale pricing
Coin shows - Browse multiple dealers, compare offers

High-Grade Steel Cents ($100+)

Heritage Auctions - Handles most record-setting steel cent sales
Stack's Bowers - Strong for high-grade Lincoln cents
eBay - Surprising results for certified coins with good photos

Bronze Error Cents

Heritage Auctions or Stack's Bowers exclusively. A coin worth six or seven figures needs a major auction house with reach and credibility. Do not sell a bronze error on eBay or to a local dealer.

Before selling any high-value coin: Get it graded by PCGS or NGC first. A raw (ungraded) coin - even a genuine one - sells for a fraction of its slabbed value.

Not sure what you have? Upload a photo to Curio Comp for a free AI estimate. Upload a photo →

Common Questions

How much is a regular 1943 steel penny worth?

In circulated condition, $0.05 to $2.00. They're common - over a billion were minted. Uncirculated examples in original condition are worth $5 to $40. The real money is in MS-67 and above ($60–$25,000) or the ultra-rare bronze error ($100,000–$2,600,000).

How can I tell if my 1943 penny is copper or steel?

Use a magnet. Steel pennies stick to magnets. Copper doesn't. If your 1943 penny sticks to a magnet, it's steel (even if it looks coppery - someone may have plated it). If it doesn't stick, weigh it: 2.70g = steel, 3.11g = bronze. A non-magnetic penny weighing 3.1g is worth getting authenticated.

Were any proof 1943 steel cents made?

No. The U.S. Mint suspended proof coin production from 1943 through 1949. Any "proof 1943 steel cent" is either a reprocessed coin (re-plated to look mint fresh) or a fake. Don't pay a premium for one.

Is my 1943 penny worth more with an S or D mint mark?

Yes, slightly. San Francisco (S) steel cents are worth the most at every grade level because they had the lowest mintage (191.6 million). Denver (D) cents are in the middle. Philadelphia (no mint mark) had the highest mintage and lowest values. The differences are small in circulated grades but significant in MS-67 and above.

I have a 1943 penny that looks copper. What should I do?

First: magnet test. If it sticks, it's copper-plated steel - worth face value. If it doesn't stick, weigh it on a scale accurate to 0.1 grams. If it weighs 3.1 grams and the date looks correct (not altered from 1948), put it somewhere safe and contact PCGS or NGC for authentication. Do not clean it, polish it, or handle it excessively.