Not all of the valuable coins being found in circulation or family collections are doubled dies. There are all kinds of errors and die varieties waiting to be found, with collector values ranging from a dollar or so to $82,500.

That $82,500 is what a 1943-D Lincoln cent struck on a bronze planchet brought in a May 1996 auction in California. What makes this coin valuable is its composition. With the entry of the United States into World War II in December 1941, metals routinely used in coins suddenly became strategic metals, used in producing ships, aircraft, tanks, guns and munitions. The composition of the Jefferson 5-cent coin was altered in 1942, and that of the cent in 1943. The cent, normally struck in an alloy composed of 95% copper, was struck in a zinc-coated steel composition. However, some planchets from 1942 remained on hand when the 1943 steel cents went into production, and a small number were struck (some accidentally, others possibly deliberately).

All three Mints then in operation - Philadelphia, Denver and San Francisco - struck 1943 Lincoln cents on bronze planchets. The rarest is the Denver variety. Just one 1943-D Lincoln cent struck in bronze has been authenticated, the piece that sold in May 1996 for $82,500. It was consigned to the auction by the family of a late Denver Mint employee. It is not known how the employee obtained the coin.

An initial bid of $50,000 was made for the coin when it was offered at auction. Two collectors bidding by telephone quickly bid the coin to its final level before one dropped. That collector quickly regretted doing so, and contacted the winning bidder through the auction house to offer him $100,000 for the coin. The winning bidder turned down the offer and said he would refuse even $200,000 for the coin.

The Philadelphia and San Francisco versions of the 1943 bronze cent have brought somewhat lower bids, ranging from a couple thousand dollars to $40,000. Most of the specimens bringing these prices were found in circulation by average collectors and non-collectors who had enough knowledge to realize what they had discovered, and how to act on it.

A word of warning. Thousands of 1943 steel cents have been plated with copper as souvenirs. Each time a genuine bronze specimen sells and is publicized, Coin World receives numerous calls from individuals who believe they have one of the rare coins. A simple magnet test generally proves that the coin is plated (if the coin is attracted to a magnet, it's composed of steel and has been privately plated). If the coin is not attracted to a magnet, look at the 3 in the date. The tail of the 3 should extend to well below the other numerals in the date. If it doesn't, the coin may be an altered 1948 cent, with the left side of the 8 cut away to resemble a crude 3. However, if your coin passes these two tests, there's a chance you have a genuine coin. We'd like to know about that, and we can advise you on what steps to take next; call (937) 498-0853.

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