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JerrySpringer
Penny Hoarding Member
669 Posts |
 Posted - 11/29/2009 : 09:51:00
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Nearly a billion were minted off the 1943 year steel cents. Given that they had a silvery finish, do you think most were:
A) Hoarded/set aside in collections
B) Magnetically separated from the copper ones through the years and
melted down?
C) Still out there hiding in coin jars
You would think we would find the 1943 more often than we do. I find one every couple thousand dollars of penny sorts.
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 11/29/2009 : 10:06:06
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| If you buy bags, you won't find one. The machine catches them with a magnet. If they go into a coinstar machine, same thing, a magnet catches it. I would assume that this happens with the rolling machines also. I have found about 20. They were all in CWR's |
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misteroman
Administrator
USA
2565 Posts |
Posted - 11/29/2009 : 10:21:13
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| I would assume they were pretty much all hoarded because they were so different. |
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PreservingThePast
1000+ Penny Miser Member
USA
1572 Posts |
Posted - 11/29/2009 : 10:21:39
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You must be logged in to see this link.
Although they continued to circulate in the 1960s, the mint collected large numbers of the 1943 cents and destroyed them. [3]
The above information was found in the link I posted at top.
People didn't care for them at the time because they would not work in vending machines and there was a huge public outcry so that is why the years of 1944 - 1946 are sometimes referred to as the shell casing years for the wheat cents since the turned to spent shell casings from the war to melt down to make the pennies. I believe it was in 1946 or 1947 that the pre-war composition was resumed for the wheat pennies.
I also think because they are different that people just automatically stuck them in a treasure box or a drawer and didn't spend them like they would another penny.
I was really shocked that I didn't find a single one in the large lot of pennies I searched here recently. Found over 200 wheat cents but not a single 1943.
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JerrySpringer
Penny Hoarding Member
669 Posts |
Posted - 11/29/2009 : 10:31:27
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quote:
I was really shocked that I didn't find a single one in the large lot of pennies I searched here recently. Found over 200 wheat cents but not a single 1943.
Yeah, your post about not finding a single wheat prompted my inquiry. Who knows, the '43 cent might be the sleeper rarity decades down the road. I could see myself looking for a pristine one to add to my collection on the lark that 30 years from now it could buy a good suit or more. |
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twocents
Penny Collector Member
398 Posts |
Posted - 11/29/2009 : 11:31:46
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quote:
Originally posted by slickeast
If you buy bags, you won't find one. The machine catches them with a magnet. If they go into a coinstar machine, same thing, a magnet catches it. I would assume that this happens with the rolling machines also. I have found about 20. They were all in CWR's
I have found three steel pennies in NF String rolls, so they do exist in machine sorted/wrapped rolls. |
Just my two cents! |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 11/29/2009 : 11:42:25
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quote:
Originally posted by twocents
quote:
Originally posted by slickeast
If you buy bags, you won't find one. The machine catches them with a magnet. If they go into a coinstar machine, same thing, a magnet catches it. I would assume that this happens with the rolling machines also. I have found about 20. They were all in CWR's
I have found three steel pennies in NF String rolls, so they do exist in machine sorted/wrapped rolls.
I would think that the steel ones you found were turned in in CWR's. Then sent in to be rolled. I know that the coinstar machines have magnets. |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 11/29/2009 : 12:17:55
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Magnets are not going to work once the US switches over to plated steel. It's just a matter of time.
i'd say they get hoarded and pulled. However I doubt they will become truly rare because so many have been collected by coin collectors and the general public. Visibly unusual circulation coins rarely become rare as collector items because so many get saved. |
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uthminsta
1000+ Penny Miser Member
USA
1872 Posts |
Posted - 11/29/2009 : 12:36:28
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quote:
Originally posted by jadedragon I doubt they will become truly rare because so many have been collected by coin collectors and the general public. Visibly unusual circulation coins rarely become rare as collector items because so many get saved.
This is a good point, and entirely true. But keep in mind that these coins tend to rust badly. And many of the average savers have no idea how to keep them lookin good. Finding pristine examples (which have NOT been replated) may get a little harder. My advice is to get a few of them in BU if you are a collector. Maybe they are a little bit of a sleeper coin.
Aaron |
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Edited by - uthminsta on 11/29/2009 12:36:52 |
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Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 11/29/2009 : 12:40:51
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I pulled them out of circulation whenever I found them a few decades ago. Other collectors did likewise. They were found in change with some frequency in the '60s. Most folks looked upon them as a bad penny to be passed on to the next person, sort of like a Canadian penny here in the US. When the steel coating was disturbed, they rusted and no one wanted a rusted penny (copper rules).
Dealers would offer a premium for them (nice ones) and I suppose there are large hoards around someplace as these zincs were sold in quantity to these dealers. I was surprised when I received a nice one in change from a Chinese restaurant a few years ago. |
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cesario
Penny Pincher Member
129 Posts |
Posted - 11/29/2009 : 12:53:38
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| I encountered a roll of them about a few years back. Yes, CWR. |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 11/29/2009 : 13:29:12
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| They are out there got one last week. If they were outside to long lost they would rust away. |
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chris6084
Penny Collector Member
303 Posts |
Posted - 11/29/2009 : 16:27:06
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All my steels have been found in bank wrapped rolls. I have, however, found more indians than steels. |
Edited by - chris6084 on 11/29/2009 16:29:08 |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 11/29/2009 : 16:29:58
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I've found several in my bags. But, these came from rural banks with what I assume are older machines as they are full of dimes, nickels, and sometimes quarters. As far as the magnets are concerned, I have some setup on my Ryedale shoots and I frequently get coins that stick to my magnets. These come from "city" banks with fancy machines, although they contain dimes. I never return dimes loose because I'm paraniod I'll loose a few to the penny bag. I think sometimes the coins must slip by. Just my non-professional finds....
Deal |
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 11/29/2009 : 16:33:21
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| You guys are talking about steelies the same way they'll be talking about coppers down the road... |
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Farmall
Penny Pincher Member
USA
112 Posts |
Posted - 11/29/2009 : 19:32:28
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I found a steel in a roll last week. But it was so rusty that it looked like copper.
But I think most are hoarded away. |
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TXTim
Penny Hoarding Member
629 Posts |
Posted - 11/29/2009 : 21:06:07
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quote:
Originally posted by slickeast
If you buy bags, you won't find one. The machine catches them with a magnet. If they go into a coinstar machine, same thing, a magnet catches it. I would assume that this happens with the rolling machines also. I have found about 20. They were all in CWR's
I have found them in bags, plastic rolls and String rolls.
The pennies have to be in the rim of the tub for the magnet to catch them from the machine where I get my bags.
I'm sure it catches most of them. |
Beer is my currency. |
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Silver Miser
New Member
USA
19 Posts |
Posted - 11/29/2009 : 23:28:21
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I have hand sorted 55 boxes of pennies so far since summer and have not found a single steel cent. I found two 1983-D zinc cents with their copper missing. I found lots of wheats. Another thing I noticed is that there are relatively few 1930's wheats. I found teens and 20's and lots of 40's and 50's, but only eleven from the 1930's
Silver Miser |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 11/30/2009 : 10:08:35
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Magnets is the answer as to why you dont see very many.
I dont think they will ever have very much numismatic value because so many of them are replated and replated well. |
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www.portlandmint.com |
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copperhead57
Penny Collector Member
USA
255 Posts |
Posted - 12/09/2009 : 12:21:48
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According to "WALTER BREEN'S COMPLETE ENCYCLOPEDIA OF U.S. AND COLONIAL COINS", millions of 1943 steel cents were recalled, and were dumped in the ocean.
However, I think it probably was a very small percentage of the total mintage.
I also found the following article on 1943 steel cents.
You must be logged in to see this link. |
copperhead57 |
Edited by - copperhead57 on 12/09/2009 12:40:34 |
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marine70
Penny Pincher Member
USA
150 Posts |
Posted - 12/09/2009 : 13:07:47
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| I have been buying wheat pennies from a friend that has a very small coin shop. I buy his wheat cents for three cents each this includes the 1943 steel pennies. However some are corroded but not all. |
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What happened to all the '43 steel pennies?
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