Expert: PAPAJACK - 1/4/2007

Question
Sir, I am an amateur con collector and recently came across a 1943 penny. Some one told me that it is rare but I am not convinced. I think it is not copper as it sticks to a magnet. Would appreciate your advice.  

Answer
Hello Arvind,   

The coin That is RARE is the COPPER 1943 Cent. Not the Steel Cent.

The 1943 copper cent is one of the most sought after items for coin collectors, as all circulating cents at that time were struck in zinc-coated steel because all the copper was needed for the war effort.

Supposedly 12 pieces were to have been mistakenly struck by the different Mints by mistake when some copper-alloy 1-cent blanks remained in the bins or hopper when production began on the new steel pennies.

A 1943 copper cent was sold in 1958, bringing more than $40,000. A subsequent piece sold for $10,000 in 1981. The highest amount paid for a 1943 copper cent was over $112,000 in 1999.

Because of its collector value, the 1943 copper cent has been counterfeited by coating steel cents with copper or by altering the dates of 1945, '48 and '49 pennies.

Since yours sticks to a magnet it is a steel cent. All three Mints made the Zinc Coated Steel one cent coins.
Philadelphia produced 684,628,670 of them.

Denver Mint produced 217,660,000 of them.

San Francisco produced 191,550,000 of them.

It is very likely there are rolls of them left. Collecting 50 to 100 of them would have been easy in the 1960's to 1970's. I don't see too many in circulation any more. A lot of them rot away if exposed to the elements.

Their value ranges from .20 cents for lower grade specimens to about $3.00 in brilliant Uncirculated condition to collectors.

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Thank You and Good Luck

PapaJack