1943 "Copper" Cent to be offered by Heritage!

Dallas, Texas: An authenticated 1943 "Copper" Cent, one of perhaps a dozen known, will be sold by Heritage Numismatic Auctions at the national convention of the American Numismatic Association, being held in Chicago in August. This Lincoln Cent rarity was the subject of recent nationwide TV coverage, after one was reportedly spent accidentally (the "lost" coin was inaccurately reported being worth more than $500,000).

The "Iowa" specimen, named after the state where it was found, comes with a colorful story. The consignor inherited the coin from his grandmother, who found it in circulation during the late 1940s. "To the best of her recollection," explained our consignor, "she received the coin in change from the paperboy. My grandmother was a very casual coin collector. She had a few coin boards, and every so often she would look through the change from my Grandfather's feed store. When I was about 12 years old, she allowed me to look at her coin boards. I noticed that this coin looked different from the other 1943 Steel cents that she had put into the adjacent holes. When asked, my Grandmother had to admit that she hadn't really noticed the difference!"

The difference truly is substantial. Auction results indicate a value range from $5,000 to $70,000 for such 1943 "Copper" rarities, depending on the mint (Philadelphia, Denver, or San Francisco) and grade (condition or wear). "We estimate that this Philadelphia rarity will realize $10,000-$15,000 at our ANA sale," noted Heritage Co-Chairman Jim Halperin. "Of course, with all the recent publicity, the coin could possibly sell for even more!"

"After my discovery of the coin," continued our consignor, "the family did a little research. We learned that many 1943 Steel cents had been copper plated, but we checked, and this one weighed properly. After my Grandmother died in 1978, my Grandfather divided her coins into three bags for the children; Granddad drew three straws from the broom, and my Mother was the lucky winner. The coin was put in a safe deposit box for more than a decade. We were convinced that it was a genuine "Copper" example, but it wasn't until a family vacation in 1993 that we took the coin to the ANA in Colorado Springs to be authenticated. They confirmed that the coin was genuine."

The 1943 "Copper" Cent rarity was created due to copper shortages during World War II. Military requirements for strategic war materiel forced the Mint to seek an alternative metal for the 1943 Cents (bronze Cents produced through 1942 were an alloy of 95% copper and 5% zinc and tin). The Mint's decision to use zinc- coated steel in 1943 was a numismatic disaster, as the zinc oxidized into a whitish powder, and the steel cores rusted. A few Cents were minted from the wrong metal in 1943. Some were probably created accidentally when bronze planchets (coin blanks) from 1942 made their way between the 1943 dies. It seems that some were also produced intentionally (at least two were sold later by the "lady friend" of Mint Engraver John Sinnock).

Wrong-metal cents were also produced in 1944, when steel planchets were struck by 1944 dies (the Cents of 1944 and 1945 used recycled shell casings, so perhaps some of the copper that escaped the Mint in 1943 made its way back). In previous auctions, Heritage has sold both 1943 "Copper" Cents and 1944 Steel Cents.

The consignor selected Heritage to sell this American treasure as a result of two converging recommendations. A coin collector friend shared a letter from Heritage with him, explaining current market conditions and the desirability of the ANA venue; a phone call to the ANA confirmed Heritage's leadership role with the ANA auctions.

The ANA, chartered by Congress in 1892, is the world's largest hobby organization for coin collectors.

Heritage is headquartered at 3500 Maple Avenue, 17th Floor, Dallas Texas, 75219-3941. Heritage's Internet website can be found at: www.heritagecoin.com. Collectors can sign up for free e-listings at the website.