Most people think a penny is only worth one cent – but one rare coin has proven that assumption completely wrong. A 1943 Lincoln penny has become one of the most valuable coins in the world, selling for an astonishing $5.1 million. Even more shocking, only one known example exists, and it could still be hiding in everyday coin collections.
In this article, you’ll discover why this penny is so rare, how it was created by mistake, and how to check if you might have one of the most valuable coins ever made.
A collection of rare coins – could one be the valuable 1943 copper penny?
The Story Behind the Rare 1943 Copper Penny
During World War II, the United States Mint faced a critical shortage of copper, which was essential for the war effort. In response, the Mint decided to produce pennies using zinc-coated steel instead of the traditional copper composition. This change created what are now known as the “1943 steel pennies,” which have a distinctive silver appearance.
However, in the transition between materials, a few copper planchets (blank coins) from 1942 were accidentally left in the presses at the Philadelphia Mint. When these copper blanks were struck with 1943 dies, they created the rarest and most valuable Lincoln penny in existence.
Did You Know?
Only one 1943-D (Denver Mint) copper penny is known to exist, which sold for $1.7 million in 2010. But the 1943 Philadelphia Mint copper penny is even rarer, with only one confirmed example that sold for $5.1 million in 2022.
How to Identify a Valuable 1943 Penny
Not all 1943 pennies are valuable. In fact, millions of steel 1943 pennies exist and are worth only a few cents each. Here’s how to identify if you might have the extremely valuable copper version:
Check the year: The coin must be dated 1943. Any other year won’t have this specific error.
Test with a magnet: The valuable copper penny will NOT stick to a magnet. The common steel penny will be magnetic.
Examine the color: A copper penny will have a reddish-brown appearance, while steel pennies look silver (though they may have rusted over time).
Look for mint marks: The 1943 copper penny could have no mint mark (Philadelphia), a “D” (Denver), or an “S” (San Francisco). All are extremely valuable.
Check the weight: A copper penny weighs about 3.11 grams, while a steel penny weighs approximately 2.7 grams.
The $5.1 Million Auction Record
In January 2022, a single 1943 Lincoln penny struck in copper at the Philadelphia Mint sold at auction for an astonishing $5.1 million. This shattered previous records for Lincoln cents and established this coin as one of the most valuable in the world.
The coin, graded MS-62 Red Brown by PCGS (Professional Coin Grading Service), is the only known example of its kind from the Philadelphia Mint. Its history can be traced back to a teenage boy who received it as change in 1947 and kept it in his collection for decades before its true value was recognized.
Other notable sales include:
1943-D Copper Penny: Sold for $1.7 million in 2010 (only one known example)
1943-S Copper Penny: Approximately 6 known examples, with the finest selling for over $1 million
1944 Steel Penny: The opposite error (steel planchet in 1944) is also valuable, with examples selling for $100,000+
What to Do If You Find a 1943 Copper Penny
If you discover a 1943 penny that appears to be copper rather than steel, follow these steps carefully:
1. Handle with care: Hold the coin by its edges to avoid leaving fingerprints or causing damage.
2. Perform a magnet test: Use a small magnet to check if the coin is magnetic. If it doesn’t stick, you might have something special.
3. Don’t clean it: Cleaning a coin can drastically reduce its value. Leave any conservation to professionals.
4. Consult a reference: Compare your coin to authenticated examples online or in coin reference books.
5. Get professional authentication: Contact a reputable coin dealer or submit it to PCGS or NGC for grading and authentication.
6. Document its history: If possible, record where and when you found the coin, as provenance can increase value.
Beware of Fakes:
Many counterfeit 1943 copper pennies exist. Some are created by copper-plating common steel pennies, while others are altered dates from other years. Only professional authentication can confirm a genuine example. Look for signs of plating, inconsistent wear, or tool marks around the date.
Want Your Coins Evaluated?
If you suspect you might have a rare coin, professional evaluation is essential. Contact a reputable numismatic expert or submit your coin to a professional grading service for authentication.
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Why Rarity Drives Coin Value
In numismatics, value is determined by several factors: rarity, condition (grade), demand, and historical significance. The 1943 copper penny excels in all categories:
Absolute Rarity: With only one confirmed example from the Philadelphia Mint and a handful from other mints, these coins are among the rarest U.S. coins ever produced.
The coin represents a unique error during a critical period in American history (World War II), adding to its appeal.
Condition: Even in lower grades, these coins command high prices due to their rarity. The finest known examples set auction records.
Market Demand: Lincoln cents are among the most collected U.S. coins, creating intense competition for rare varieties like the 1943 copper penny.
This combination of factors explains why a coin with a face value of one cent can be worth millions to collectors and investors.
Disclaimer: This article is for educational purposes only. Coin values can fluctuate based on market conditions. Always consult with a professional numismatist for coin authentication and valuation.
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