If you’ve always put your spare coins in a jar and never touched it for decades, you might be holding one of the most sought-after pennies. Some pennies, especially the old ones, hold a significant amount of value. For example, a Lincoln Wheat Penny sold for $840,000 in 2021 via Heritage Auctions.
Here’s what makes some of these 1943 pennies so valuable and how to tell if you’re holding one.
Why the 1943 Copper Penny Is So Valuable
During World War II, copper was needed for ammunition and military equipment. To conserve metal, the United States Mint switched penny production from copper to zinc-coated steel. However, a handful of old bronze planchets were stuck in the machine. That’s why a handful of 1943 pennies were mistakenly made of bronze instead of steel.
Because they were never meant to be made, collectors consider them the most valuable error coins in American history. It’s believed that no more than 20 coins are in circulation, which makes them rare coins.
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How To Tell if You Have a Valuable 1943 Penny
If you have some 1943 pennies, here are a few tips to help you identify if they’re valuable coins:
- Check the color: Most 1943 pennies are silver-gray steel. A brown or copper-colored penny could mean something.
- Use a magnet to test: Steel pennies stick to a magnet due to their iron content, while bronze pennies don’t. If your 1943 penny doesn’t stick to a magnet, you may have something valuable.
- Look at the date: There are several fake 1943 pennies now. Authentic 1943 pennies feature a distinctive long tail on the number 3. Many counterfeits use altered dates, like changing 1948 to 1943.
- Weight: A genuine 1943 bronze penny weighs roughly 3.11g, while steel pennies weigh about 2.7g. Use a precise scale to measure the weight.
- Get it verified: Before assuming you’ve found a valuable penny, submit it to a professional grading service to confirm whether it’s real or fake.
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This article originally appeared on GOBankingRates.com: Here’s What Makes a 1943 Penny Worth $840,000 — and How To Identify It
