WTNH News Channel 8 / News / 1999

	Rare Penny Lost - What Makes it Special? (WTNH) _ Some might call it a penny from heaven. Last week we ran a story about a rare 1943 'copper' penny worth nearly half a million dollars. We've been inundated with phone calls from people who think they may have one of these pennies. News Channel 8's Verna Collins explains what makes one penny worth so much money. These coins might not look like pennies, but in 1943, more than 1 billion steel coins were produced by the mint. That's because the government needed the copper for World War II weapons. Edward Doran, Jr., Coin Collector: "For wartime production they needed copper. As a result the mint decided not to use copper for the coins and they changed the composition." Robert Doran has been collecting, trading and selling coins for 37 years. He says before the steel pennies were made back in '43, a few copper forms were accidently left in the machines and were minted. And it's those rare pennies that have brought in tens of thousands of dollars. Doran: "Several years ago they found one in particular from the Denver mint... It was certified to be real, and they put it up for auction, and it sold in the $60,000 range." After news spread that back in August that an Idaho man had mixed one of the rare pennies with his pocket change and spent it, coin collectors like Doran started getting calls from people who had found silver colored steel 1943 pennies, and thought they were sitting on a gold mine. But in actuality, the steel pennies are only worth about a dime a dozen - each sells for about a penny and a half. Edward Doran says the price a person can get for a coin depends on not just how rare the coin is, but also what kind of condition it's in. He says there are some fakes around so you have to look for not only the copper color, but also the mint mark, which is the initial of the city where the coin was printed. Today's News Page. WTNH Home Page. ©1999 WTNH/WTNH-DT A LIN station.

Rare Penny Lost - What Makes it Special?
(WTNH) _ Some might call it a penny from heaven. Last week we ran a story about a rare 1943 'copper' penny worth nearly half a million dollars. We've been inundated with phone calls from people who think they may have one of these pennies.
News Channel 8's Verna Collins explains what makes one penny worth so much money.

Pennys These coins might not look like pennies, but in 1943, more than 1 billion steel coins were produced by the mint. That's because the government needed the copper for World War II weapons.

Edward Doran, Jr., Coin Collector: "For wartime production they needed copper. As a result the mint decided not to use copper for the coins and they changed the composition."

Robert Doran has been collecting, trading and selling coins for 37 years. He says before the steel pennies were made back in '43, a few copper forms were accidently left in the machines and were minted. And it's those rare pennies that have brought in tens of thousands of dollars.

Doran: "Several years ago they found one in particular from the Denver mint... It was certified to be real, and they put it up for auction, and it sold in the $60,000 range."

Steel and Copper penny After news spread that back in August that an Idaho man had mixed one of the rare pennies with his pocket change and spent it, coin collectors like Doran started getting calls from people who had found silver colored steel 1943 pennies, and thought they were sitting on a gold mine. But in actuality, the steel pennies are only worth about a dime a dozen - each sells for about a penny and a half.

Edward Doran says the price a person can get for a coin depends on not just how rare the coin is, but also what kind of condition it's in. He says there are some fakes around so you have to look for not only the copper color, but also the mint mark, which is the initial of the city where the coin was printed.

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