.A 1943 silver penny is actually the nickname many people use for the 1943 steel cent, a one-year type of Lincoln cent produced during World War II. Despite the name, it contains no silver at all — its silvery appearance comes from a zinc coating over a steel core.
In 1943, copper was needed for wartime materials such as shell casings and electrical wiring. To conserve copper, the U.S. Mint switched to striking pennies from low-carbon steel, plated with zinc to prevent rust.
Composition: Steel core with a thin zinc plating (0% silver content)
Weight: About 2.70 grams (lighter than copper cents, which weigh 3.11 g)
Color: Silvery-gray when new, but can dull or develop dark spots as the zinc wears
Mint Marks:
No mint mark = Philadelphia
“D” = Denver
“S” = San Francisco
Mintage: Over 1 billion combined across all three mints — common in circulated grades but collectible in high grades
Why Do Many People Believe It’s Silver?
People search for a “silver” 1943 penny mainly because of a mix of historical curiosity, collector interest, and misunderstanding about its composition and rarity.
1. Mistaken Belief It Contains Silver
The shiny, silvery look of a 1943 steel cent often leads people to think it’s made of silver, like older U.S. coins. In reality, it’s just zinc-plated steel — no silver at all. The nickname “silver penny” has stuck, fueling the idea it might be made from a precious metal.
2. It’s Visually Unique
It’s the only regular-issue Lincoln cent that’s not copper-colored (except for 1944 steel errors). Its unusual appearance makes it stand out in a handful of pennies and sparks curiosity, especially for casual finders.
3. Collectible Appeal
Even though over a billion were made, collectors like to own one as a piece of WWII history. High-grade examples, especially with original bright luster, are much less common and worth significantly more than face value.
4. Confusion with the 1943 Copper Penny
The real rarity from that year is the 1943 copper penny — a mint error worth hundreds of thousands of dollars. Many people see “1943” on a coin and hope they’ve found the rare copper version. That makes them more likely to keep any 1943 penny, including the steel “silver” one, just in case.
5. Connection to Error Coins
Some steel cents were struck with doubled dies, off-center strikes, or missing zinc plating, and these can be valuable. The idea that any unusual 1943 penny might be rare encourages people to check them carefully.
Comparison Steps
Here’s a quick at-home test to identify whether your 1943 penny is the common steel version, the rare copper version, or a plated fake:
Step 1 – Magnet Test
If it sticks strongly to a magnet → It’s steel (common “silver” penny).
If it does not stick → Could be copper (rare) or a non-steel counterfeit.
Step 2 – Weight Check
Use a digital scale accurate to at least two decimal places:
~2.70 g → Steel core with zinc plating (common).
~3.11 g → Copper alloy (potentially the rare 1943 copper penny).
Step 3 – Visual Inspection
Steel penny → Bright silvery-gray when uncirculated; older ones often have dark spots, rust, or dull gray tone.
Copper penny → Red, brown, or reddish-brown; even wear reveals the same copper color all the way through.
Plated fake → Copper core but with a thin silver-colored plating that may flake or show uneven color.
Step 4 – Confirm with Coin ID Scanner App
Take clear photos of both sides using the Coin ID Scanner app. It can:
Instantly identify the coin type and composition.
Provide estimated market value.
Step 5 – Professional Authentication
If your coin passes the non-magnetic test and weighs ~3.11 g, send it to PCGS or NGC for certification. Only certified examples of the 1943 copper penny sell for their full potential value.
1943 Penny Identification Guide
Feature | 1943 Steel Penny (Common “Silver” Penny) | 1943 Copper Penny (Rare Error) | Plated Fake (Altered Coin) |
Color | Silvery-gray when new; often dull gray or spotted with age | Reddish-brown or full red; color consistent throughout | Shiny silvery surface but often uneven, with copper color showing in worn spots |
Composition | Zinc-coated steel | 95% copper, 5% tin and zinc | 95% copper, 5% tin and zinc (plated with another metal) |
Weight | ~2.70 g | ~3.11 g | ~3.11 g |
Magnet Test | Strongly magnetic | Not magnetic | Not magnetic |
Edge Appearance | Steel core, sometimes visible at worn rim | Solid copper color | Copper visible where plating is worn |
Value | $0.10–$15 (higher in top grades) | $150,000+ (depending on condition) | Face value; novelty item |
How to Confirm | Magnetic test + weight check | Non-magnetic + weight ~3.11 g; needs authentication | Check for plating wear and uneven color |
Values
1. 1943 Steel Penny
Composition: Zinc-coated steel, 2.70 g
Mints: Philadelphia (no mint mark), Denver (“D”), San Francisco (“S”)
Circulated: $0.10 – $1.50
Mint State MS-60: $3 – $5
Mint State MS-65: $15 – $40
Top Grades (MS-68): $200 – $300+
Prooflike/Exceptional Luster: Can exceed $500 in registry quality
2. 1943 Copper Penny (Rare Transitional Error)
Composition: 95% copper, 5% tin & zinc, 3.11 g
Mints: Philadelphia, Denver, San Francisco
Circulated: $150,000 – $300,000+
Mint State MS-60: $350,000 – $500,000
Mint State MS-65: $700,000 – $1,000,000+
1943-D Copper (Unique): $1.5M – $2.6M+
3. 1943 Steel Penny Errors & Varieties
Doubled Die Obverse/Reverse: $50 – $500 depending on clarity and grade
Off-Center Strike: $75 – $1,000+ (more if major misalignment)
Missing Zinc Plating (exposes steel): $30 – $200 depending on coverage and grade
Struck on Wrong Planchet: Thousands of dollars (rare, such as on a dime or foreign coin blank)
4. Proof & Special Strikes
Official proof steel cents were not produced for circulation in 1943, but a few experimental and special strikes exist: Experimental Prooflike Strikes can bring $5,000 – $15,000+ depending on provenance.
Silver Coins to Look for
Some of the most expensive silver coins ever sold include legendary rarities like the 1794 Flowing Hair Silver Dollar, often considered the first U.S. silver dollar and known for bringing $10 million at auction, and the 1804 Draped Bust Silver Dollar, called the “King of American Coins,” which has fetched over $7 million in top condition.
The 1895 proof-only Morgan Dollar is another standout, with pristine examples commanding six-figure prices, while certain key-date silver quarters, such as the 1932-D and 1932-S, can reach well into the five-figure range when perfectly preserved.
These coins achieve such values because of a combination of scarcity, historical importance and collector demand.
Conclusion
The 1943 penny is the only regular-issue Lincoln cent struck primarily from steel, a direct result of wartime copper conservation measures.
The common zinc-coated steel version remains an affordable collectible but its rare copper counterpart ranks among the most valuable and famous U.S. error coins ever produced.
Accurate identification—through composition testing, weight measurement, and professional authentication—is a must, particularly given the prevalence of counterfeits and plated alterations. For collectors, the 1943 penny represents both an accessible entry point into historic coinage and, in its rarest form, a high-value investment-grade rarity.