If such a coin existed it would be worth thousands, except that all 1947 cents were struck in bronze. They're only worth a few cents in average condition. Your coin should not stick to a magnet.
With the exception of a few 1944-dated errors, the only steel cents were struck in 1943 when copper was needed for the war effort.
$1-$5
Well back in 1947 it was probably worth 50 cents.
50 Cents
Check that coin again. There's no such thing as a 1942 steel cent.
A US steel Lincoln cent is 5 to 10 cents in average condition.
Sorry no steel 1 cent coins dated 1907, only 1943.
The normal terminology is steel cent or wartime cent. See the Related Question for more information.
More information is needed. Several countries issued 25¢ coins in 1947. Please look for questions like "What is the value of a 1947 US quarter?", "... Canadian quarter?", etc.
"Wheat ears", but not "buckwheat". In average condition your coin is common among collectors. Please see "What is the value of a 1947 US cent?" for more information.
Steel cent values are 5 to15 cents for most coins in circulated condition. Uncirculated coins run from $1.00-$3.00 depending on the mint mark
Steel cents were only issued in 1943.The slang for a cent is a penny. "Penney" is a department store.
Wheat cents can be found in circulation. The least is .15 and the most is $3.