1943 Steel Penny Value: How Much is it Worth Today?

The 1943 Penny was a Wheat Cent, named for the design on its tails side. Also, technically, all 1943 Pennies were meant to be Steel Cents aka Steelies. But because it was a transition year, some varieties were coined in bronze, and this drastically raised their prices! So we’re going to look at both these metal compositions as we explore the 1943 Steel Penny Value.

1943 Steel Penny Value Chart
Mint Mark	Good (G 4)	Fine (F 12)	Extremely Fine (EF/XF 40)	About Uncirculated (AU 50)	Low Mint State (MS 60)	Mid Mint State (MS 65)
1943 (P) No Mint Mark Steel Penny Value	$0.17	$0.33	$0.45	$0.56	$2.81	$9.13
1943 (P) No Mint Mark Bronze/Copper Penny Value	–	–	$141,198	$219,503	$399,635	–
1943-D Steel Penny	$0.22	$0.39	$0.50	$0.85	$3.30	$11
1943-D Boldly Double Mint Marked D/D RPM Steel Penny Value	$17	$45	$91	$121	$227	$1,713
1943-D Bronze/Copper Penny Value	–	–	$440,374	$741,583	$886,123	$2,251,252
1943-S Steel Penny Value	$0.28	$0.45	$0.85	$1.13	$6.65	$23
1943-S Bronze/Copper Penny Value	–	–	$246,227	$428,400	$579,631	–

 

1943 Steel Penny Specifications

We often think of the penny as a copper coin. And initially, it was. But in 1857 it had 12% nickel and in 1864 it switched to 5% zinc and/or tin. In both cases, the bulk of the coin was copper. Then in the war years (1942 to 1945), the military needed copper for ammunition and equipment so we switched to steel cents: 99% low-grade carbon steel topped with zinc.

It’s sometimes known as the Steel War Penny, Wartime Cent, Steelie, or Zinc Cent. The zinc plating was intended to prevent rust, but since the top coat was applied to the planchet sheet before punching, that didn’t always work. As the planchet went into the blanking machine to be cut into blank discs, the ungalvanized edges of the coin got exposed by the slicing action.

This meant as the coins circulated, people would touch the edges with sweaty fingers and the moisture would cause these surfaces to rust. Interestingly, steel wasn’t the first alternative they tested. Starting in 1942, the mint experimented with pennies made from fiberglass, plastic, aluminum, lead, tempered glass, hard rubber, white metal, bakelite, and manganese.

Unusual 1943 Pennies

At least one example exists in 86.41% tin with 8.37% antimony. Someone found it in the yard in 1969 and used a vice to straighten it, not knowing it was a priceless rarity! And as we said before, some bronze coins were accidentally minted. Since they’re worth a lot, bronze 1943 pennies are commonly counterfeited by coating steelies in copper. Use a magnet to confirm!

How? Fake 1943 bronze cents will have a steelie underneath, so you can pick them up with a magnet. Conversely, a genuine bronze cent has no iron or steel content so it won’t react to a magnet. Also, weigh the coins. Steelies are 2.7g while bronze coins are 3.11g, so with or without copper plating, the difference in mass is a dead giveaway. But back to the steelies.

As we’ve just mentioned, the wartime cent was magnetic, so it stymied counterfeit detectors in vending machines. These machines were built for copper coins, so they were programmed to catch steel fakes aka slugs. And some citizens mistook these steelies for dimes. Steelies were meant to run for the entire war period but due to these issues, they only lasted a year.

Counterfeit Copper Coins

A few steelies were inadvertently minted in 1944 using the same metal mixes and dies as 1943 cents. The rest of the 1944 to 1946 cents were minted on brass planchets made from the salvaged shell casings gathered on the battlefield. This brass was strengthened with pure copper. Many steel cents were recalled and melted by the mint, but some are still circulating.

While the public disliked steel pennies, the mint appreciated their profitability, since their seignorage was way higher than copper/bronze cents. Seignorage is the difference between the production cost and the face value of currency. This price difference provides revenue for the mint. Also, as you collect and sell 1943 Steel Pennies, look out for sneaky coin alterations.

Unscrupulous dealers will sometimes ‘reprocess’ a coin by removing the original zinc coat and adding new zinc and/or chrome. The coin might then be graded as Brilliant Uncirculated (BU) and you might pay more for it if you’re unfamiliar with this practice. We’ll talk more about BU grades later in this article, but first, let’s explore the 1943 Steel Penny’s features.

The Obverse of the 1943 Steel Penny

The obverse (heads side) of the 1943 Steel Penny shows Abraham Lincoln facing right. The motto In God We Trust runs along the rim above his head. On the right, in front of his chest, is the date and mint mark. On the left, behind his back, is the legend Liberty. The designer’s initials, VDB for Victor David Brenner, are on the shoulder cut-off line in Lincoln’s portrait.

The Reverse of the 1943 Steel Penny

The reverse (tails side) of the 1943 Steel Penny features two sheaves of wheat. They’re arranged towards the left and right rims of the coin, framing the legends and mottos on the coin. At the top, E Pluribus Unum runs between the wheat tips, followed by One Cent in a large font. Below the denomination is the legend United States of America in a medium font.

1943 Steel Penny Varieties and Value Guide

Most coins are either proof strikes or regular strikes, also called business strikes. The latter are intended for everyday use and are referred to as circulation coins. Other strike varieties include Special Mint Sets (SMS), Uncirculated Sets, Enhanced Uncirculated Sets, and Specimens aka Special Proofs (SP). In 1943, the mint had regular strikes in steel and bronze.

• Category: Wheat Pennies
• Mint Branches: Philadelphia, Denver, San Francisco
• Total Mintage: 1,093,838,670
• Obverse Designer: Victor David Brenner
• Reverse Designer: Victor David Brenner
• Steel Composition: 99% Steel, 1% Zinc
• Bronze Composition: 95% Copper, 5% Zinc and/or Tin
• Diameter: 05mm (0.75 inches)
• Thickness: 5mm (0.06 inches)
• Steel Weight: 7g
• Bronze Weight: 11g
• Edge: Smooth

Steel is harder than copper, so 1943 penny presses were set to strike at higher pressure. This meant dies wore out faster and were regularly replaced. And since most 1943 steelies were struck firmly and with newer dies, their details were sharper and clearer. That’s why it’s easier to find them in high grades. A lot were melted though, so the coins aren’t as common.

1943 (P) No Mint Mark Steel Penny Value

In 1943, the Philadelphia Mint coined 684,628,670 Steel Pennies without mint marks. In January 2010, an AU 58 sold for $218,500. But an MS 68+ was $33,600 in November 2020.

• Type: Steel Wheat Penny
• Edge: Smooth
• Mint Mark: None
• Place of Minting: Philadelphia
• Year of Minting: 1943
• Face Value: 1 Cent
• Highest Price: $218,500 in January 2010
• Quantity Produced: 684,628,670
• Designer: Victor David Brenner
• % Composition: 99% Steel, 1% Zinc
• Mass:7g
• Diameter: 05mm

Only three MS 68+ are known, and their 2023 value estimate is $35,000. But in December 2022, an MS 68 sold for $7,200. PCGS has graded 80 and estimates their price as $4,500.

1943 (P) No Mint Mark Bronze/Copper Penny Value

In 1943, the Philadelphia Mint coined 20 Bronze/Copper Pennies without mint marks. Being a copper-based coin, it’s color-graded RD for red, RB for reddish-brown, and BN for brown.

• Type: Bronze/Copper Wheat Penny
• Edge: Smooth
• Mint Mark: None
• Place of Minting: Philadelphia
• Year of Minting: 1943
• Face Value: 1 Cent
• Highest Price: $1,000,000 in 2011
• Quantity Produced: 20
• Designer: Victor David Brenner
• % Composition: 95% Copper, 5% Zinc and/or Tin
• Mass:11g
• Diameter:05mm

In February 2021, an MS 62 BN was $372,000. But in September 2022, an MS 64 RB was only $60. Only one MS 63 RB exists and PCGS estimates its value as $1,000,000 in 2023.

1943-D Steel Penny Value

In 1943, the Denver Mint coined 217,660,000 Steel Pennies with the D Mint Mark. In August 2022, an MS 68+ sold for $14,250 on eBay. Only 6 are known and their estimate is $15,500.

• Type: Steel Wheat Penny
• Edge: Smooth
• Mint Mark: D
• Place of Minting: Denver
• Year of Minting: 1943
• Face Value: 1 Cent
• Highest Price: $14,250 in August 2022
• Quantity Produced: 217,660,000
• Designer: Victor David Brenner
• % Composition: 99% Steel, 1% Zinc
• Mass:7g
• Diameter:05mm

In December 2022, a PCGS-graded MS 68 sold for $2,640, and a month earlier, an NGC-graded MS 68 was $180. Coins in this grade are common, with over 150 submitted to PCGS.

1943-D Bronze/Copper Penny Value

In 1943, the Denver Mint only made 1 Bronze/Copper Penny with the D Mint Mark. Oddly, a second one recently popped up on eBay. It was graded MS 67 RD and only sold for $125.

• Type: Bronze/Copper Wheat Penny
• Edge: Smooth
• Mint Mark: D
• Place of Minting: Denver
• Year of Minting: 1943
• Face Value: 1 Cent
• Highest Price: $840,000 in January 2021
• Quantity Produced: 1
• Designer: Victor David Brenner
• % Composition: 95% Copper, 5% Zinc and/or Tin
• Mass:11g
• Diameter:05mm

The eBay coin sold in October 2021, but the earlier 1943-D Bronze Penny was graded MS 64 BN. Since it was the only known sample at the time, it sold for $840,000 in January 2021.

1943-S Steel Penny Value

In 1943, the San Francisco Mint coined 191,550,000 Steel Pennies with the S Mint Mark. In March 2004, an AU 58 sold for $138,000, but in October 2022, an MS 63 PL was only $204.

• Type: Steel Wheat Penny
• Edge: Smooth
• Mint Mark: S
• Place of Minting: San Francisco
• Year of Minting: 1943
• Face Value: 1 Cent
• Highest Price: $138,000 in October 2004
• Quantity Produced: 191,550,000
• Designer: Victor David Brenner
• % Composition: 99% Steel, 1% Zinc
• Mass:7g
• Diameter:05mm

The highest known grade is MS 68+ and it sold in March 2021 for $19,200. PCGS has graded five of them and estimates their 2023 value at $25,500. But MS 68 is only $3,500 in 2023.

1943-S Bronze/Copper Penny Value

In 1943, the San Francisco Mint coined 5 Bronze/Copper Pennies with the S Mint Mark. In November 2020, an MS 63 BN sold for $504,000. PCGS estimates its value at $1,000,000.

• Type: Bronze/Copper Wheat Penny
• Edge: Smooth
• Mint Mark: S
• Place of Minting: San Francisco
• Year of Minting: 1943
• Face Value: 1 Cent
• Highest Price: $504,000 in November 2020
• Quantity Produced: 5
• Designer: Victor David Brenner
• % Composition: 95% Copper, 5% Zinc and/or Tin
• Mass:11g
• Diameter:05mm

To date, PCGS has only graded one MS 63, one AU 58, and two AU 55. Their 2023 estimate for AU 58 is $350,000 and AU 55 is $275,000. An AU 55 was $211,500 in January 2016.

Grading 1943 Steel Pennies

The top coin appraisers are PCGS (Professional Coin Grading Service), NGC (Numismatic Guaranty Company), and ANACS (American Numismatic Association Certification Service). They all use variants of the Sheldon Coin Grading Scale, which goes from PO 1 (Poor) to Mint State 70 (MS 70). Proofs are graded PR by PCGS and PF by NGC. Specimens are graded SP.

In addition to these grades, when you submit coins in bulk, NGC sometimes uses descriptive grades instead of numbers. You can request this for common coins. Let’s review them below.

• Details – Coins that were cleaned, chemically improved, or damaged e.g. XF Details.
• Brilliant Uncirculated (BU) – Cleaned, damaged, or altered MS 60 to MS 70.
• Choice Uncirculated – Cleaned, damaged, or altered MS 63 to MS 70.
• Gem Uncirculated (GEM UNC / BU) – Cleaned, damaged, or altered MS 65 to MS 70.

You might get confused when you look at online auction records because some countries use different lettering systems. For example, the UK uses UNC (Uncirculated) instead of AU (About Uncirculated), and some countries use FDC (Fleur de Coin) instead of MS. If you’re unsure, check the coin details to see which country it was graded in, and where the seller is.

You might also see PL for Proof-Like, DPL for Deep-Proof-Like, or DMPL for Deep-Mirror-Proof-Like. These shiny mirror-like coins were struck on non-proof planchets using non-proof dies, which means the dies and planchets were not polished or burnished before the coins were struck. They’re part of the regular strike, but have sharp details and a satin-finish.

1943 Steel Penny Errors List

Mint errors can raise the investment value of any coin, and at least 20 are listed by Cherry Pickers. The most common ones are doubling or tripling errors when the second or third strike lands on a slightly different spot from the first strike. They happen if the planchet or the die move in mid-strike. Off-center errors are when the planchet shifts before striking.

1943 Steel Penny DDR Error

DDR means doubled-die reverse. It happens when the reverse hub slightly misses its second strike on the die, and the error is repeated on every coin the die strikes. In January 2020, an MS 66 DDR sold for $1,293. PCGS has graded three and estimates their value as $1,300 in 2023. But the highest known grade for DDRs is MS 67, and PCGS has listed two of them.

1943 Steel Penny DDO Error

DDO means doubled-die obverse. It happens when the reverse hub slightly misses its second strike on the die, and the error is repeated on every coin the die strikes. In May 2019, a DDO graded AU Details sold for $5,999 on eBay. And in October 2020, an MS 67 sold for $2,150. Meanwhile, an MS 65 went for $775 in October 2022. PCGS has graded two MS 67+ steelies.

1943 Steel Penny D/D RPM Error

RPM means re-punched mint mark. It’s a doubling or tripling error that happens when the second or third strike of the hand punch hits a slightly different spot. You can see traces of the prior mint mark underneath. RPMs are written as D/D (D over D) or S/S (S over S). In February 2011, an MS 67 was $21,275 and in August 2022, an MS 67+ was only $12,600.

1943/2-S DDO Error

This San Francisco coin has two errors – a doubled-die obverse and an overdate (1943 over 1942). You can see the 2 peeking out below the 3, and the combined error dramatically raises the value of this coin. An MS 67 was auctioned for $10,000 on eBay in October 2022. But PCGS gives a more realistic price estimate of $2,15o for the five MS 67+ coins it has graded.

Additional 1943 Steel Penny Errors
Type of Error	Error Description	Grade	Price
Wrong Planchet	Struck on an Experimental Brass Planchet Made of Salvaged Shell Casings from the Battlefield and Intended for 1944 to 1946 Pennies	MS 63 RD	$164,500
Wrong Planchet	Struck on a Copper/Bronze Planchet Intended for 1942 Bronze Pennies	Genuine Damaged	$88,125
Wrong Planchet	Struck on a Silver Planchet Intended for a Dime	AU 532	$14,100
Double Denomination	Overstruck on a Cuban 1 Centavo Coin That Had Already Passed Through the Coin Press	MS 62	$38,200
Double Struck, 80% Off-Centre	Coin Struck Again While Exiting the Coin Press, 2nd Strike is 80% Off-Centre Deforming the Coin	MS 64	$1,760
Obverse Die Cap	Previous Coin Stuck onto the Obverse Die and Obscured the Coin Below, Blurring its Design	MS 64	$2,185

 

1943 Steel Penny FAQs

Which 1943 Steel Penny is Valuable?

In 2022, a 1943-D Steel Penny graded MS 68+ sold for $14,250 on eBay, so Denver coins are a good bet at the moment. But 1943 Bronze Pennies are rarer so they’re much more valuable.