Why Finding This One Penny Can Make You Staggeringly Rich

They say a penny saved is a penny earned. However, if you save one penny in particular, it could earn you a substantial windfall. While spare change can be annoying to deal with — especially when it comes to the humble penny, a coin that already runs the risk of being discontinued in the United States — change can be good. In this case, it's really good.

Believe it or not, the profitable penny in question isn't a centuries-old coin, but rather, a moderately aged piece of currency that dates back to the World War II era. If you're inspired to go digging through your change drawer or hunting between your couch cushions, be on the lookout for an especially lucky penny minted in 1943. Though it was originally worth just one cent, a rare few 1943 Copper Lincoln Wheat Pennies can fetch hundreds of thousands of dollars, giving you all the more reason to save your pennies. 

First minted in 1909, the Lincoln Wheat Penny was designed to commemorate the 100th birthday of Abraham Lincoln and was the first U.S. coin to feature a portrait of a real-life person, replacing the mythical image of Liberty that had graced American coins since the late 1700s. Revered as a popular "gateway coin" for collectors, per Bullion Exchanges, the Lincoln Wheat Penny was minted through 1958. The front side of the coin mirrors the modern penny, featuring a profile portrait of Lincoln circa 1864 under the arching words "In God We Trust." The tail side is engraved with two wheat stalks framing the words "One Cent," which looms over the inscription "United States of America."

What makes a 1943 Lincoln Wheat Copper Penny unique and valuable is how it was made. In 1943, copper was in short supply due to the demands of producing ammunition and other copper-based military supplies during World War II. As a result, pennies were made with zinc-coated steel rather than copper. However, when the switch was made, there were still copper plates on the presses, and a few dozen copper pennies were printed, which makes those pennies rare and valuable. The U.S. Mint estimates around 40 Copper Pennies from 1943 are still out there.  

Those lucky enough to find an authentic 1943 Copper Penny have auctioned them at record-breaking values in the last few years. In 2020, one went for $504,000, and in 2021, another sold for $372,000. That same year, a 1943 Copper Penny minted in Denver commanded one of the highest prices ever for the collectors' item at $840,000, according to Bullion Exchanges. 

As for the steel penny, it proved to be a suitable substitution until the zinc coating began to wear off, leading the silvery coins to be mistaken for dimes. After just one year, the 1943 steel penny was discontinued with approximately 1.1 billion in circulation.

Due to the shiny allure of its value, finding a counterfeit 1943 Lincoln Copper Penny isn't uncommon. In fact, many 1943 steel pennies have been covered in copper plating to emulate the rare batch of copper pennies produced that year. A simple way to determine if you have your hands on a 1943 copper penny is the magnet test. If it sticks to a magnet, it's made of steel, not copper. If you have the proper scale handy, you can also check the weight of the penny. A copper penny from 1943 would weigh approximately 3.11 grams, while a steel penny from 1943 would be a bit lighter at approximately 2.7 grams.

If the test results determine steel, unfortunately, the value doesn't amount to much. Depending on the condition, most 1943 steel pennies are only worth a few cents or dollars. However, if you come across a steel penny from the following year, you're in luck. Similar to the accidental production of copper pennies in 1943, a few steel pennies were produced in 1944 after the U.S. Mint had returned to making copper pennies. Steel pennies identified from 1944 are also a highly-coveted item in the world of coin collecting, with a value of around $35,000 to $43,500 if it's been in circulation, or if it's in "pristine, uncirculated condition," it could be worth $175,000, according to NGC Coin. Now that's a pretty penny.