Wheat Pennies and 1943 Steel Pennies: What to Look For

Short answer: Lincoln wheat pennies were made from 1909 through 1958. Most were made from a copper-based alloy, but ordinary 1943 pennies were zinc-coated steel because copper was needed for World War II. Most common wheat pennies have modest collector value, while certain dates, mint marks and rare errors can be worth considerably more.

What makes a wheat penny

The Lincoln cent, designed by Victor David Brenner, first appeared in 1909. PCGS explains that for its first 50 years, 1909 through 1958, the reverse carried the words ONE CENT between two wheat ears, which is where the nickname “wheaties” comes from. In 1959 the reverse changed to the Lincoln Memorial, and the ANA notes that the change marked the 150th anniversary of Lincoln’s birth.

For nearly all of those years, the cent was struck in a copper alloy that PCGS lists as 95 percent copper, weighing 3.11 grams. There is no silver in any Lincoln cent.

The 1943 bronze and 1944 steel cents are extremely rare errors, not regular issues.

The 1943 steel cent

In 1943, copper was a critical wartime material. The ANA explains that cents that year were made of zinc-plated steel instead, that the new coins were easily confused with dimes, and that copper was brought back in 1944.

Are ordinary 1943 steel pennies valuable? Usually not very. More than a billion were made, and PCGS confirms that regular 1943 steel cents remain common. Many people assume every steel penny is rare because it looks unusual, but most worn examples carry only a modest premium.

The famous rarities run the other way. PCGS calls the “off metal” strikes the kings of all Lincoln cent errors: a very few 1943 cents were struck in bronze instead of steel, and a few 1944 cents were struck in steel instead of bronze, at all three mints.

How can you tell if a 1943 penny is valuable?

Here are two simple things to check:

• Try a magnet. A regular 1943 steel penny will stick to a magnet. A genuine 1943 bronze penny will not.
• Check the weight. A steel penny weighs about 2.7 grams, while a bronze penny weighs about 3.11 grams.

Be careful, though. Some 1943 steel pennies have been copper-plated to look like the rare bronze version, and some ordinary pennies have altered dates. A coin that passes these first checks still needs professional authentication. If you find a 1943 penny that doesn’t stick to a magnet, bring it in for an evaluation before assuming it’s valuable.

Key dates and errors to look for

Look at the date first, then the mint mark, the small D or S just under the date on the front. No letter means Philadelphia.

• 1909-S VDB. The first cents carried Brenner’s initials, VDB, at the bottom of the reverse. PCGS notes that public criticism got them removed later that year, and that just under half a million cents were struck in San Francisco with the initials. It is one of the “big three” Lincoln key dates.
• 1909-S. The San Francisco cents struck later in 1909 without the initials are also scarce and worth a close look.
• 1914-D. Also one of the big three, with a mintage of just over 1 million, and most went into circulation, per PCGS.
• 1931-S. The third of the big three, with only 866,000 made during the Depression.
• 1922 “no D”. PCGS explains that Philadelphia struck no cents in 1922, and Denver, using worn and reworked dies, struck a few coins with no trace of the D mint mark.
• 1955 doubled die. A defective die produced boldly doubled lettering on the date and legend. PCGS estimates that around 20,000 to 24,000 were made.

Watch for altered coins. NGC calls the 1909-S VDB the most commonly altered and counterfeited collectible coin in the world, for example a plain 1909 VDB cent with an S added. We do not quote values for these coins, because grade and authenticity decide everything. If you think you have one, bring it in for a free evaluation, and we’ll tell you whether it’s worth sending to a grading service for authentication.

Why aren’t old copper pennies sold for scrap?

Although most wheat pennies are 95 percent copper, federal regulations generally prohibit melting US pennies for their metal value. You can read the rule in 31 CFR Part 82. That’s why wheat pennies are bought and sold for their collector value rather than as scrap copper.

The good news is that some wheat pennies are worth considerably more than one cent because of their date, mint mark, condition or rarity. PCGS notes that many mint-marked dates from the teens and twenties carry a premium, so it is worth looking through a jar of wheat pennies for the dates above.

Selling wheat pennies in Greenville

Bring rolls, folders or the whole jar, and please do not clean them, since cleaning can lower the value of a collectible coin. We examine your coins for their date, mint mark, condition and potential collector value, and we’ll walk you through your offer before you decide whether to sell. A free, no-pressure coin evaluation is available if you just want to know what you have.

No appointment is needed; bring a valid photo ID, which South Carolina requires. New to selling coins? Start with our guide on how to sell coins in the Upstate, or see what we buy on our sell coins page.

Greenville Gold & Silver is a family-run shop at 1637 Woodruff Rd in Greenville, serving the Upstate since 2012, with 4.9 stars from 800+ Google reviews. We’re open Monday to Friday 10 to 6 and Saturday 10 to 3. Stop in, or call 864-901-7975.