How can I tell if my 1943 penny is steel or copper?

You can use a magnet to see if your 1943 Silver Penny is steel or copper. The composition of the penny makes it magnetic — copper pennies are not. If your 1943 penny doesn’t stick to a magnet, it may be a rare copper penny or what what we believe to be worth thousands. Finally, examine the colour of the coin—steel pennies are silver gray, copper pennies copper flash. To confirm, you can consult a coin expert (or have the coin authenticated by a professional grading service.)