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The 1943 steel cent was a special version of the U.S. Lincoln cent. Rather than the standard bronze alloy, it was minted in zinc-plated steel. This was done as part of U.S. government efforts to conserve copper for use in ammunition and other military equipment during World War II. The steel cent is the only circulating United States coin that can be picked up with a magnet.
However, problems began to arise from the mintage. Freshly minted, they were often mistaken for dimes. Because the galvanization process didn't cover the edges of the coins, oils from the body would quickly rust the metal, turning the coins into a rusty mess. After public outcry, the Mint developed a process where salvaged brass shellcasings were augmented with pure copper to produce an alloy near the pre-war specifications. In 1945 the mint began withdrawing steel cents from circulation and sending them to the San Francisco Mint where the coins were dumped into the Pacific Ocean.
The 1943 copper cent
Right behind the 1955 doubled die cent, the 1943 copper cent is one of the notable error rarities of the Lincoln cent series. An estimated 40 examples are believed to have been struck, with 12 confirmed to exist. The error occurred when copper planchets were left in the press hopper and press machines during the changeover from copper to steel blanks. Examples were discovered in the late 1940s, with the first two discovered in 1947, and another in 1958. An example first sold in 1958 for $40,000; one mint state specimen sold for over $200,000 in 2004. Many people have counterfeited the coin by either copper-plating normal 1943 cents (sometimes as novelties with no intent to defraud), or altering cents from the period, usually 1945-, 1948-, or 1949-dated coins.
The copper cents differ from their steel counterparts in four ways:
- Genuine 1943 copper cents will not be attracted to a magnet. Copper-plated steel cents will exhibit a strong magnetic attraction.
- Copper cents weigh 3.11 grams. Steel cents weigh just 2.7 grams.
- The numeral "3" in "1943" has the same long tail as the steel cents. Alterations from later-dated copper cents will be noticeable when compared side-by-side with genuine steel cents.
- The quality of the strike is exceptionally sharp, especially around the rim, because the soft copper planchets were struck with the same (higher) pressure used for the steel cents.
Third-party authentication should be sought if all 4 parameters above are met.
Through a similar error, a few 1944 cents were struck on steel planchets, but are not in high demand as their 1943 copper counterparts.
Novelty Coins
Since many steel cents corroded and became dull soon after entering circulation, some dealers who sold the coins as novelties improved their appearance by "reprocessing" – stripping off the old zinc coating and then replating them *. These reprocessed coins have little or no numismatic value.
Likewise, due to the allure of the 1943 copper cent, many dealers replated steelies with copper to produce 1943 "Copper" cents. While many plated these as novelties without intent to defraud, some people intentionally defrauded unsuspecting collectors by offering such coins as the real thing.
Portions of this article uses info from the US Mint website, which is in the public domain.
"1943 steel cent"