Are 1962 steel pennies counterfeits?
No 1962 US cents were struck in steel.
A genuine steel cent will stick strongly to a magnet. Most likely yours will stick weakly or not at all, which means it's a genuine bronze cent that's been plated with a silver-colored metal, probably for use in jewelry or as a high-school science experiment. In that case its value is only 1 cent because it's an altered coin.
Pennies are made of copper and don't rust unless they are the zinc pennies issued in 1942 and 1943. However, zinc will not rust either. The so-called steel pennies minted during World War II were made of steel and coated with zinc. If the penny becomes damaged or if the zinc coating is compromised, the underlying steel will rust if exposed to the proper elements. Pennies do corrode though.
Only a couple of these have been authenticated, and are worth over $100,000. However there are many counterfeits out there -- copper pennies that have been zinc plated. Do the magnet test -- a real 1944 steel cent will stick to a magnet. If it passes this test, and has been examined for an altered date (using a strong magnifier), then you would need to get it certified (preferably by PCGS or NGC).
It depends on which country we are talking about. For the US, there is only one magnetic coin the 1943 steel penny. For Canada, there have been some magnetic pennies made since 2000, though there were zinc pennies made until 2008. For the UK, pennies have been magnetic (copper plated steel) since 1992.
It looks like any other penny...with the exception of a small handful, all 1943 pennies were steel. If you think you have one, go to www.money.org and find a American Numismatic Association coin dealer in your area to verify it. If it is one, it can be worth more than $100,000. Beware of counterfeits.
Well i am not 100% percent sure what your 1944 penny is if it is not wheat. As all 1944 pennies were wheat. However, if your penny is steel you have a very nice piece of history. In 1943 all pennies were steel because of the lack of copper in WW11. But, in 1944 there were some 'error' pennies that were made of steel instead of copper. All 1944 pennies should be copper! If the…