Do you know how to spot this penny? Coins are one of those things that are hidden everywhere, and they can occasionally be worth far more than their face value. And, most lately, news outlets have reported that this coin is worth a good penny!
According to Coin Trackers, the New York Post, KHOU, and the Daily Mail UK, a mint condition 1943 copper wheat cent might fetch more than $85,000! According to KHOU (who spoke with Royal Coin and Jewelry, a Houston dealer dealing in rare coins), in 1943, pennies were constructed of steel and zinc-plated to prevent rust. According to Coin Week: “Because copper was needed for purposes relating to World War II, all 1943 cents were planned to be struck on zinc-coated steel planchets.”
However, at some time during that year, a few copper blanks were introduced into the minting process—and it is these “mistake” coins that are currently being sold for amounts in the five and six figures. As previously stated, these 1943 copper wheat pennies must be in mint condition to be worth almost $85,000. However, even in less favorable situations, they have been selling for an average of $60,000 (according to Coin Tracker). Saul Teichman, an expert on U.S. Mint faults, discusses (via Coin Week) how collectors push up the value of the coin.
“1943 copper cents have a special cachet with collectors. As for market value, the 1943 cents sell for much more than other errors struck around the same time. ” “Many other World War II errors are rarer than 1943 copper or 1944 steel cents but bring a fraction of a price as they lack that special cachet.”
According to media reports, coin collectors should be wary of 1943 copper wheat penny dupes.
Now that these pennies have received a lot of attention, the market is flooded with counterfeits. Coin Trackers said that many fraudsters will file off the left side of the number 8 on a 1948 copper penny to make it appear to be a genuine 1943 coin. Others will coat an ordinary steel pennies with copper to make it appear authentic. If you’re concerned about a counterfeit coin, Coin Trackers recommends using a magnet to examine it.
