Friday, 22 March, 2019

Rare 1943 copper coin could fetch a pretty penny in auction

Lucky Lincoln: Rare 1943 Penny Could Fetch Over $1 Million at Auction Incredibly Rare Coin US Mint Denied Existed Found In Boy's Lunch Money Could Be Worth $1.7 Million
Orlando Vargas | 10 January, 2019, 18:43

Now, some 70 years later, the coin is being auctioned off. and the current highest bid is well over $100,000.

Intrigued by his new coin, Lutes asked the U.S. Treasury for guidance and was told it had not made any 1943 copper pennies.

Lutes Jr heard the rumors but was told they were false so kept the coin for his collection.

Don Lutes Jr, a 16-year-old coin collector from Pittsfield, Massachusetts, found one of the copper pennies in the change he received after buying lunch at a school cafeteria in March 1947. Their standard reply simply read: "In regard to your recent inquiry, please be informed that copper pennies were not struck in 1943".

The penny was produced accidentally in 1943, according to Heritage Auctions, where aspiring buyers are bidding on the coin.

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And despite a growing number of reported finds, the Mint "steadfastly denied any copper specimens had been struck in 1943", Heritage Auctions wrote.

In 1943, during World War II, pennies were minted out of steel because copper was reserved for other uses, such as shell casings and telephone wires. "All pennies struck in 1943 were zinc coated steal [sic]". While the coin wasn't purchased off the auction block, it reportedly raked in $40,000 in a private sale shortly after.

One penny, in particular, is now dubbed the "most famous error coin" by Heritage Auctions, who is auctioning the penny.

Lutes's coin, now verified, will remain on auction until January 10, according to Fox News.

Lutes came across the coin at a time when people across the country were eager to get their hands on one of the rare copper pennies. These few planchets went unnoticed when the bins were refilled with zinc-coated steel planchets in 1943. Examples of 1943 bronze cents are known from all three active U.S. Mints today, with 10-15 examples known from the Philadelphia Mint, a half dozen specimens confirmed from the San Francisco facility, and a single coin from the Denver Mint. However, in 2010, one certified by the Professional Coin Grading Service was sold for a record $1.7 million by Legend Numismatics.

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