The 1943 Steel Cent was minted for a one year period during World War II due to a severe copper shortage. Copper was being used for munitions and the government, trying to limit their use of copper, tried several different materials to replace the alloy in the penny. A zinc coated steel was finally decided upon after trying out several different metals and plastics.
Problems quickly arose as people began to mistake the now silver colored coin for a dime. Also, as the only magnetic coin ever produced, it caused major problems in vending machines. The coins also rusted very quickly. Public outcry ensued and the government quickly began recycling used ammunition shell casings for pennies.
The coin features the classic Lincoln design on the obverse. The reverse features ONE CENT over top of UNITED STATES OF AMERICA in the middle with E PLURIBUS UNUM across the top and two wheat stalks along the bottom.
There are many errors and rarities from this series, most involving errors in switching over from the copper dies. One rare steel cent sold in 2004 for $200,000.
