Is Your 1963 Penny Rare If It Sticks to a Magnet?
Have you ever wondered if your old penny that sticks to a magnet is rare or valuable? Most people assume it’s a 1963 coin, but it could actually be a rare 1943 penny. This article will explore the possibilities and help you determine the true value of your coin.
Is It Really a 1963 Penny?
Your first assumption might be that you have a 1963 penny. However, on closer inspection, there’s a chance it might be a 1943 one. During World War II, copper was heavily demanded as a strategic material. To meet the needs for essential uses, silver was substituted, and coins were made from copper-plated steel, which can stick to magnets.
Prime Examples
Steel pennies were manufactured in 1943, and depending on their condition, they can range in value from $5 to $500. If you’re holding a 1963 steel penny, it’s a counterfeit/ a fraud and not worth anything. However, if your 1963 penny actually sticks to a magnet, it’s likely you’re holding onto something pretty rare and valuable.
Rare 1963 Error Coins
According to experts, a '63 penny put into circulation would not stick to a magnet. Therefore, if your 1963 penny sticks to a magnet, it could be an experiment or error that was mistakenly circulated. Such coins are often sought after by collectors, but if not genuinely rare or altered, they hold little value.
Common Mistakes
Many people confuse a 1963 penny with a 1943 one. The
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Lincoln Memorial is the primary identifying feature on the back of a 1963 penny. If your penny does not depict the Lincoln Memorial, it is probably a 1943 coin, either fake or an experimental piece. Since the mint was experimenting with coin composition in 1963, these experimental coins are extremely rare, making them valuable to collectors.
How to Identify Your Penny
Here are the steps you should take to identify your penny:
Check the back of the coin. If it features the Lincoln Memorial, it is likely a 1963 coin. If not, it could be a 1943 coin or a counterfeit.
Determine if it is a U.S. penny. It must say 1963. There were no steel pennies made in 1963 by the United States. The U.S. made steel pennies in 1943 to free up more copper for the war effort. If your penny indeed is a U.S. penny that sticks to a magnet, it is a 1943 penny. If it says 1963, it might be a misplaced error or a 1943 penny altered to appear as an error.
Conclusion
To definitively determine the value of your coin, take it to a reputable coin dealer for evaluation. Don’t be surprised if the value is much less than expected. The overwhelming likelihood is that your 1963 penny is a counterfeit or a 1943 penny with a modified year. While not without potential value, the value of such coins is heavily influenced by their condition and rarity.
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