1943 Steel Penny Value Guide

The 1943 Steel Penny Value

The 1943 steel penny has consistent values across its Philadelphia (no mint mark), Denver (“D” mint mark), and San Francisco (“S” mint mark) versions. Their values are low for all grades except the mid-to-high Mint-State grades.

An N/A for a value below indicates no publicly known examples of that version of the 1943 steel penny with that grade, or no value information (or not enough) exists for it yet.

Additionally, all values are conservative estimates based on research. Please note all values are subject to change due to the market or circumstances unaccounted for during research and publication. We always recommend doing further research or consulting with a professional.

Melt Value

The 1943 steel penny’s melt value is approximately negligible. The melt value will fluctuate with the market.

Circulation Strike Value Chart

	Coin Names And Coin Values
Grade Names	1943 Steel Penny	1943-D Steel Penny	1943-D/D Steel Penny	1943-S Steel Penny
Good – G	$0.05	$0.20	N/A	$0.20
Very Good – VG	$0.15	$0.25	N/A	$0.25
Fine – F	$0.25	$0.30	N/A	$0.30
Very Fine – VF	$0.30	$0.40	N/A	$0.40
Extra Fine – XF	$0.70	$0.75	N/A	$0.85
About Uncirculated – AU	$0.80-$4	$0.80-$4.50	N/A	$1-$5
Mint State – MS	$6-$4,100 (68)	$6-$2,400 (68)	$381-$9,300 (67)	$7-$21,000 (68+)

What Makes A 1943 Steel Penny Valuable?

Grading, rarity at the higher grades, error coins, and die varieties make 1943 steel pennies valuable.

Let’s start with grading.

Grading

Like all coins, higher grades make these steel pennies more valuable. 

However, 1943 steel pennies are numerous. Even About Uncirculated grades (50-58+) are worth a few dollars or less. 

You’ll need a Mint-State 1943 steel penny to start seeing values in the double digits and beyond. Note that because the Mint minted over 1 billion of these pennies, it is highly likely you’ll be able to locate one of them at a higher grade than coins with lesser mintages.

Of these, Mint-State 68 grades and up are the most valuable as they are the rarest and best quality. 

Rarity

The Mint minted 1943 steel pennies approximately 1,093,838,670 times across all of its versions. Please see the following list for the breakdown for each version:

• 1943: 684,628,670 minted in Philadelphia^1,4
• 1943-D: 217,660,000 minted in Denver^2,5
• 1943-S: 191,550,000 minted in San Francisco^3,6

The over 1 billion mintage significantly detracts from their value due to their lack of rarity. 

However, this high minting amount also means you’re far more likely to locate a 1943 steel penny of the grade and kind you want.

Mint Marks

The U.S. Mint minted this steel penny in the following locations:

• Philadelphia (no mint mark)^1,4
• Denver (“D” mint mark)^2,5
• San Francisco (“S” mint mark)^3,6

They minted the San Francisco version (1943-S) the least. Compared to the Denver version (1943-D), they minted over 26 million fewer coins. Compared to the Philadelphia version (1943), they minted hundreds of millions fewer coins.

This does make the 1943-S steel penny the most valuable of the three. However, the difference in value between it and the other two versions is cents for most grades. It only becomes more significant at the highest Mint-State grades. 

Strike Types

The 1943 only has a circulation-strike version.^9,10 This does not add to the value.

Design Variations

This coin has no design variations.

Special Designations

This coin has no special designations.

Error Coins 

Errors can add value to even the least valuable coins. This is also true for the 1943 steel penny.

The most valuable errors for 1943 steel pennies come from the material used to make the pennies. These pennies were supposed to be made from steel and zinc, but this wasn’t always the case.

Let’s start with the 1943 transitional error copper penny.

1943 Transitional Error Copper Penny

The Mint made 1942 pennies from copper. The Mint left this copper in some machines when switching from copper to zinc-coated steel for the 1943 steel pennies.¹⁴ This commonly happens and results in transitional error coins, which is when the Mint strikes the current year’s coins on the previous year’s planchets (the plain metal discs the Mint presses the coin’s design into).^17,18

Transitional error coins can be very valuable, which is also the case for the 1943 copper penny. The true number of this rare and valuable error coin is unknown, but it’s likely over 20.^11-16,18

These are extremely valuable versions of the 1943 steel penny, ranging from hundreds of thousands to over a million dollars.^11-16 

Find out more details about this error coin in the 1943 Copper Penny article.

1944 Steel Penny

1944 steel pennies are another transitional error coin. The Mint switched from zinc-coated steel to copper and brass shell casings for their 1944 pennies, which resulted in some 1944 steel pennies.¹⁹

It’s unknown just how many 1944 steel pennies there are. However, the amount is approximately between 25 and 35.^23-25 

Their values range from tens of thousands to hundreds of thousands of dollars.^20-25

You can find out more imformation about this error coin in the 1944 Steel Penny Value Guide.

Die Varieties

The most valuable 1943 steel penny die variety is the repunched D variety. Sometimes known as the D/D variety, you can see what makes this coin a variety without magnification.^7,8 

The coin has two “D” mint marks, one faint and the other redone, just slightly offset from it.^7,8 

These coins are significantly valuable.

Other die varieties exist as well, such as doubled-die varieties.²⁶ These are not as valuable as the 1943-D/D variety, but they do add some value to the coins.^27,28

Composition

1943 steel pennies are zinc-coated steel. This makes their composition value so low it’s not worth considering in terms of melting one or even many down. 

In other words, melting a 1943 steel penny down yields very little value. It would be better to sell the coin as is, especially if you have one in the mint-state grades.

How Do You Know If You Have A Valuable 1943 Steel Penny?

The best way to know if you have a valuable 1943 steel penny (or any coin) and to get that value out of it is to have it professionally certified.

However, you can look for many elements to get you started in determining what coin you have.

Let’s start with grading.

Grading

The most valuable coins in terms of grading are the ones at the highest Mint-State grades. These coins have very few imperfections or mistakes.

Mint Marks

Look under the year on the front of your 1943 steel penny to identify its minting location.^1-6 

No mint mark means the penny is from Philadelphia.^1,4

A “D” means the penny is from Denver.^2,5

An “S” means the penny is from San Francisco.^3,6

The San Francisco version is the most valuable of the three.

Strike Types

The 1943 only has a circulation-strike version, so you won’t need to look for anything to determine if it’s that version or another.

Design Variations

This penny has no design variations.

Special Designations

This penny has no special designations.

Error Coins

Unfortunately, 1943 steel penny error coins are prone to counterfeiting since the 1943 copper penny and 1944 steel penny are worth so much money.

Here’s how to determine their legitimacy.

1943 Copper Penny

1943 copper pennies are not magnetic.^29,30 So, you can test their legitimacy with a magnet. If the penny doesn’t stick, then that’s a good sign. 

You can also weigh the penny. Copper pennies weigh 3.11 grams, and steel pennies weigh 2.70 grams. This is another good sign.

Additionally, look at the year on the coin’s obverse. Some counterfeiters will alter 1948 copper pennies, so the 8 looks like a 3. Marks or an odd-looking 3 may point to a counterfeit coin.

Lastly, check the coin’s certification or get it certified. If someone is trying to sell you this coin, it should already have a certification and be for a price that makes sense.

1944 Steel Penny

1944 steel pennies are magnetic.³¹ So, you can test their legitimacy with a magnet. If the penny sticks, then that’s a good sign.

You can also weigh the penny. Steel pennies weigh 2.70 grams, and copper pennies weigh 3.11 grams. It’s another good sign if it weighs the correct amount. 

Also, like with the 1943 copper penny, you can check the coin’s certification or get it certified. Someone trying to sell you this coin should already have it certified, and it should be for a price that makes sense with the market.

Die Varieties

The 1943-D repunched steel pennies (the D/D pennies) are the 1943 steel penny’s most valuable die variety. These are easy to determine, even without magnification.

Look beneath the year on the coin’s obverse, where the mint mark should be. You should see two “D” mint marks there. One is more faint, and the other is layered over it, slightly offset.^7,8

Double-die varieties are similar in that some parts of the coin’s design are doubled, although perhaps not as noticeable.^26-28,32

Additional Information About The 1943 Steel Penny

History

World War II created the need for the 1943 steel penny. 

During this time, the military needed copper for the war effort. The U.S. Mint still needed to mint pennies, and they eventually settled on zinc-coated steel as their copper substitute.

However, the steel composition of the coin presented several problems. These ranged from moisture wearing down the zinc covering and rusting the steel underneath to people mistaking the coins for dimes. 

Due to these issues, the U.S. Mint replaced these steel pennies the following year with pennies made from brass shell casings augmented with copper.

^{Sources: 1,4,33}

The Coin’s Obverse Side

The 1943 steel penny’s obverse depicts Abraham Lincoln’s profile as the coin’s centerpiece. The words “In God We Trust” contour the coin’s rim above Lincoln’s profile. “Liberty” sits to Lincoln’s left, and “1943” sits to his right, both offset from one another.

Denver-minted and San-Francisco-minted versions of the 1943 steel penny feature a mint mark just below the year. Denver shows a “D,” and San Francisco shows an “S.”

^{Sources: 1-6}

The Coin’s Reverse Side

“One Cent” and “United States Of America” fill the back of the 1943 steel penny. Two pieces of wheat curve around these words, following the rim. The words “E Pluribus Unum” fill the rest of the space above these elements, meaning “Out of many, one.” This is the motto of the United States Of America.

^{Sources: 1,4}

Has The United States Of America Made Any Other Steel Coins?

No, the United States Of America has not made any other steel coins.³³ This doesn’t mean they never will again. However, they have yet to do so.

Sources

1943 Steel Penny Value Guide Sources