What is the value of a 1943 US steel penny?

Answer 1

These unusual coins aren't valuable except in top condition. Look on the front of the coin to see if there's a small mint mark letter below the date. It may be blank or there may be a D or S.

Numismedia lists the following approximate retail values as of 01/2013:

No mint mark (Philadelphia):

Very worn condition - $0.06

Moderately worn - $0.17

Slightly worn - $0.26

Almost no wear - $0.70

Uncirculated - $1.04 to $1190.00 depending on quality

"D" mint mark (Denver):

Very worn - $0.07

Moderately worn - $0.24

Slightly worn - $0.40

Almost no wear - $0.80

Uncirculated - $1.44 to $1530.00

"S" mint mark (San Francisco):

Very worn - $0.08

Moderately worn - $0.32

Slightly worn - $0.46

Almost no wear - $1.20

Uncirculated - $3.45 to $2690.00

Why steel?Prior to 1982 US cents were made of bronze which is 95% copper. That metal was needed for making ammunition so the Mint switched to making cents out of low-grade steel not suited to the war effort. The coins were coated with zinc to discourage rust.

Unfortunately they proved unsatisfactory almost from the start. When new they had a silver color that almost matched that of a dime which caused a lot of errors in making change. After a while the zinc changed to a deep gray color, leading to the false rumor that the coins were being made from lead. Months later the zinc began to wear off and the underlying steel corroded.

By 1944 there was enough scrap copper in the form of spent ammunition that the mint returned to the old bronze composition. Because most 1944 an '45 cents are made out of old artillery shells, these were known as "shell case cents".

By accident, a few 1943 cents were struck on leftover bronze blanks and similarly a few 1944 cents were made out of steel. These are quite valuable and any such coin has to be checked by an expert to make sure it's not a fake.

DISCLAIMER: The retail values quoted are the best available as of the date shown, but may vary due to market fluctuations. Also the wholesale (buying) price of a coin will be less than the selling (retail) price. A reputable coin dealer will be able to give a more accurate valuation based on inspection of the coin.

$1.67