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What is a Silver Penny? Understanding the Value and History of Silver Coinage

A silver penny is a coin crafted from silver, once a staple of British currency, dating back to the 8th century. Its value and composition have evolved, reflecting historical shifts in economy and metallurgy. Intrigued by how this coin mirrors times gone by? Discover the silver penny's journey through history and its legacy in modern collecting. What secrets might it reveal to you?
Adam Hill
Adam Hill

A silver penny is a type of one cent coin that was minted in the United States in 1943. Silver pennies were not actually made of silver, but rather of steel that had been thinly coated in zinc. For a collector’s item, these coins are relatively common, and are easily found in coin shops, even though it is rare to accidentally find a silver penny still in circulation.

The 1943 silver penny was struck in steel instead of the usual copper. This was due to the increased need to dedicate all available copper to the military during World War II. Military forces needed copper for use in ammunition and other wartime applications, and the silver penny was just part of the plan to conserve copper for the war effort.

Man climbing a rope
Man climbing a rope

Despite the patriotic motivation for this change, the results included some unforeseen problems. Steel tarnished even more quickly than copper, because of its high iron content. Rust also formed at the edges of the coin, quickly deteriorating them. Perhaps the most vexing problem was that new silver pennies could easily be mistaken for dimes when giving or receiving change for a purchase, due to their color as well as their lighter weight compared to copper pennies.

The public outcry that resulted from these problems led the US Mint to stop production of the silver penny after just one year, though there were also a few 1944 silver pennies made before the transition was completed. Large numbers of 1943 pennies were collected by the mints and destroyed, meaning that those that have survived are somewhat collectible. A 1943 silver penny that is in circulated condition is worth about $0.12 to $0.15 U.S. Dollars (USD), whereas one in brand new, uncirculated condition is worth about $0.50 USD.

The few 1944 silver pennies that were made are sometimes considered to have been minted in error, and in any case, they are much rarer that the 1943 variety, and can fetch a significantly higher price. Because of another, similar error, some of the pennies made in 1943 were minted in copper rather than steel. Like the 1944 silver penny, the 1943 copper penny is quite rare, with fewer than 50 ever made, and only about a dozen that have been located. One of these coins, still in new condition, was sold at auction for more than $200,000 USD in 2004.

In light of such prices, many counterfeit examples have been made by plating 1943 steel pennies with copper. This was also sometimes done to produce novelty items, rather than an attempt at fraud. Either way, the best method to tell a copper penny from a copper plated steel one is easy; steel is attracted to a magnet, while copper is not.

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Discussion Comments


I found a 1991 silver penny. Does anybody know what it is?


There is a chemical solution involving vinegar and some-sort calcium sulfate or nitrate that a copper penny can be left in to make it appear silver. My seventh grade science class did an experiment on it about 15 years ago.


I found a penny that looks silver but is not steel because it is not magnetic that's from 1973. i don't know if it's fake or if someone did something to make it look silver, but i didn't think they made any pennies that looked silver besides in 1943 and 1944.


i have a 2007 silver like penny. my language art teacher says it may be zinc but he's never heard of it. what is it?


I have a 1960 penny. what is it worth?


I have a 1988 silver penny. What is it worth in literally mint condition?


We found one too!


I found a 2004 silver penny? What is is worth?

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