Imagine finding a penny in your loose change that turns out to be worth nearly $1 million. Sounds unbelievable, right? Yet, this isn’t a fantasy—it’s a real possibility with the 1943 Lincoln Wheat Penny made of copper, not steel. Only a few of these rare coins were accidentally minted, and experts believe a handful might still be out there, waiting to be discovered.
Let’s break down everything you need to know about this remarkable coin—from what makes it so valuable to how you can identify one and what to do if you think you’ve found one.
The $980,000 Lincoln Wheat Penny: What Makes It So Special?
| Key Details | Information |
|---|---|
| Coin Type | Lincoln Wheat Penny (One Cent) |
| Year | 1943 (Copper version) |
| Mint Mark | None (Philadelphia Mint) |
| Estimated Value | Up to $980,000 |
| Reason for Value | Extremely rare minting error (copper) |
| Still in Circulation? | Extremely unlikely, but possible |
The World War II Coin Mix-Up
In 1943, during World War II, the United States Mint stopped using copper for pennies to conserve the metal for war production, particularly for ammunition and equipment. Instead, they issued that year’s pennies in zinc-coated steel, which appeared silver or gray.
However, a small batch of copper blanks (planchets)—meant for 1942 pennies—was mistakenly fed into the minting machines. As a result, only an estimated 10 to 15 genuine copper 1943 pennies are known to exist today, making them among the rarest and most valuable coins in U.S. history.
Why Is This Coin Worth Nearly $1 Million?
The rarity of the copper 1943 penny is its biggest draw. Because it wasn’t supposed to exist, collectors consider it a “holy grail” of American coinage. Combine that with the fact that some are in near-mint condition, and you’ve got a coin that could sell for hundreds of thousands—or even close to $1 million—at auction.
In fact, one of these coins sold for $204,000 in 2019, and experts believe that if one in pristine condition went to auction today, it could fetch up to $980,000 or more.
How to Identify a 1943 Copper Penny
Before you start digging through your piggy bank or spare change jar, here are a few steps to help determine whether you’ve found the real deal:
✅ 1. Check the Year
Only 1943 pennies made of copper are rare and valuable. Steel pennies from that year are common.
✅ 2. Use a Magnet
Steel is magnetic; copper is not. If your 1943 penny sticks to a magnet, it’s made of steel. If it doesn’t stick, you might be onto something big.
✅ 3. Look at the Color
Copper pennies have a reddish-brown hue, while steel pennies appear silvery or grayish. However, be cautious—some copper-plated steel fakes exist.
✅ 4. Check for Mint Mark
The most valuable 1943 copper penny was made in Philadelphia, so it will have no mint mark beneath the date.
Beware of Fakes
Because of its value, this coin is one of the most counterfeited coins in America. Many steel pennies have been coated with copper to try to deceive buyers. Others have had their dates altered to look like “1943.” That’s why if you think you’ve found one, get it professionally authenticated by services like the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Company (NGC).
Could This Penny Really Still Be in Circulation?
While it’s highly unlikely, it is technically possible. Most of these pennies have been found and are in private collections, bank vaults, or museums. But mistakes happen—people inherit coin collections or cash in old jars without knowing the value of what they have.
Collectors and coin roll hunters have spent decades searching for these treasures, but there’s always a chance one slipped through the cracks and is waiting to be discovered in your wallet or a coin jar at home.
What to Do If You Think You’ve Found One
If you believe you’ve discovered a 1943 copper penny, here’s what you should do:
🚫 Don’t Clean It
Cleaning can actually damage the surface and dramatically reduce its value.
📦 Store It Properly
Place it in a soft cloth or a protective coin holder to prevent scratches.
🔍 Get It Appraised
Reach out to PCGS, NGC, or a reputable coin dealer for a professional evaluation.
🧾 Sell It the Right Way
If it’s real, don’t try selling it online to the highest bidder. Work with a specialized auction house like Heritage Auctions, which deals with rare and valuable coins.
Other Valuable Pennies to Look For
If you’re interested in coin collecting or simply want to check your change more often, keep an eye out for these other rare U.S. pennies:
-
1955 Doubled Die Penny – Value: Up to $25,000
-
1969-S Doubled Die Penny – Can fetch $50,000+
-
1974 Aluminum Penny – Only a few exist, worth over $250,000
Each of these coins is valuable due to unique minting errors or extremely low mintage, much like the 1943 copper penny.
Frequently Asked Questions (FAQs)
❓ How many 1943 copper pennies exist?
Experts estimate that only 10 to 15 exist, but not all may have been discovered yet.
❓ Why were they made in copper?
The U.S. Mint accidentally used leftover copper planchets from 1942, resulting in these ultra-rare coins.
❓ Are all 1943 pennies valuable?
No. Only the copper ones. Steel 1943 pennies are common and typically worth less than $1.
❓ Has anyone found one recently?
Yes. One was found in 2017 in a family coin collection, proving these treasures can still be hiding in plain sight.
❓ Could one really sell for $980,000?
Absolutely. If the coin is genuine and in excellent condition, collectors are willing to pay top dollar.
Final Thoughts
The 1943 Lincoln Wheat Penny is more than just spare change—it’s a million-dollar mystery. While it’s unlikely you’ll stumble across one, it’s not impossible. And that small chance is enough to make coin collecting a thrilling hobby.
So next time you’re handed some pennies with your change, take a second look. One of them might just be the legendary $980,000 Lincoln penny hiding in plain sight.