In the year 1943, USA decided to stop the production of copper pennies because they needed copper at that time due to the materials needed for the war. In exchange to the usual copper penny, the country decided to produce coins that were made out of steel. It was plated with zinc to make it look shiny on the outside.
Even though the history regarding the steel penny is interesting, it does not have much value because it is still a very common coin, over a billion coins were issued and most are worth a few cents each. Some of the un-circulated ones can sell for a few dollars. The rare penny that most coin collectors would want to have been also produced in the year 1943 and it’s funny because that penny was created by mistake. That is the 1943 copper penny.
Just recently, a rare 1943 copper penny was auctioned for a million dollars, which is, of course, a staggering amount of money for most people. The reason why this particular penny has been sold for a million dollars is because it is so very rare. So many of the fakes can be found in different states so finding a genuine one can be very heart racing and exciting.
The penny is very much sought after now because of the error and only a few were produced and circulated which makes it even more desirable for coin collectors all over the world. There have already been a lot of people who have tried to make money by counterfeiting coins. The reason why this is still ongoing is because there are people who actually buy the fake coins because they think that the coins are authentic. Do not be swayed by the words of people who are selling hard to find coins especially if you do not know them that well. Here are some tips that you can follow so that you will not be fooled:
• ● A 1943 copper penny is of course the color of copper and some people immediately buy a coin when they see that the color is not the same with the usual 1943 steel penny. However, scammers usually just dip the coins in copper to lure people into purchasing them. To test if the coin is authentic, it will help if you have a magnet with you. If it is truly made out of copper, it will not stick to the magnet. If it does, it is simply a copper plated coin which does not cost much at all.
• ● Before you purchase a copper penny that does not stick to the magnet, it would be wise to check out the date of the coin first. Most counterfeiters make the 3 from the half of 8. Look at the date closely and you would be able to make out if it is truly 3 or just the half of 8. If it is the half of 8, it is not an authentic 1943 copper penny.
People would always like to think of ways to make more money or just to know if they own a very significant item. If you think you might have a coin of value, you can always look for a very reputable coin dealer or a shop that can help you appraise the real value of your coin. Most honest coin dealers would look at the value of your coin for free and would give you an idea about how much your coin is truly worth.
In order to look for a reputable coin dealer, it would be a great idea to find someone who has a good reputation and is well respected by his peers. There are some people who would pretend to be coin dealers and have recently opened up a gold buying and coin shop due to the recent boom in gold prices. Many have done this just to capitalize on recent trends in gold and silver prices and most of these people should not be trusted.
Remember that a reputable coin dealer is usually one who has had a long established business in the area. The local reputation of an experienced coin dealer would also tell a lot about how he has dealt with people. Check the reviews, if any, to see what some past customers have said about the business. The best thing to look for when you are searching for a coin dealer is that your dealer should be fair and honest. He does not simply think about how much of a profit he or she is going to make, but, rather, they are honest about the true value of coins and is there to serve his customers in the best way possible. This has always been the case at American Coin & Stamp Co. Inc. here in Clifton, New Jersey.