"Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
They were extremely common in the late '50's but it was around this time that the FED started removing them.
I never really understood why they were removed but apparently some users had a problem with them being magnetic. Only around a quarter of the mintage was retired and destroyed but many were already lost to time or rust before the FED's action.
I went through thousands upon thousands of them from circulation sources in the late 60s early 70s and never found a steelie ever. The common man seemed to always save them thinking they would be worth a ton later. Found plenty of IHCs but never one of those. You find them monthly? Now that is odd.
It is my understanding that modern counting machines reject these--so I doubt you'd find any in bank rolls or anything from the FED. However, people-rolled rolls might have them.
Definitely people rolled rolls:-) In fact the one that I showed came out of one of those wrappers that come with the do it yourself coin wrapping machines that they sell in Wal-Mart.
The last one I encountered was about a year ago. I was at the customer service counter of my neighborhood grocery store preparing to toss my completed shopping list. Lo and behold, upon glancing into the trash can, I saw a steely on top of some discarded papers. I recognized it in the 3 ft. tall can by its dark gray color from the zinc oxidizing. I guess someone received it in change at the counter and figured it was dirty or something and threw it away. It's now in my special jar for wheaties. Bud
Proud recipient of the coveted "YOU SUCK!" Award, 6/03/07, 2/03/08, and 10/27/08.
I have found about 1 every 3-4 years from circulation (no special searching).
When you say that you search "a box a week", how many rolls is that?
I am guessing that you are searching A LOT of pennies to find one a month.
All of the coins I have found were well worn and rusted. The really nice one posted earlier clearly was in some one's collection for many years. It probably was taken by some kid and spent...Too bad!
I have probably received 1 in change the past 40 years. That was about 7 years ago and is currently residing in my desk.
Jim Hodgson
Collector of US Small Size currency, Atlanta FRNs, and Georgia nationals since 1977. Researcher of small size US type - seeking serial number data for all FRN star notes, Series 1928 to 1934-D. Life member SPMC.
I have found 4 steelies over the past month. I go through 4 or 5 boxes a week. I have found some nice old ones too, 1916's through 1919's, some 1920's, alot of 1940's, and mostly 1950's. I also get some foreign change. I get my boxes straight from the bank, and they get them from the sorting/rolling company in Harrisburg, PA. If your wondering, yes I have alot of free time, I hurt my back and neck in the service and am recouping. Happy hunting The4x4man
Prior to that, I used to find them at least 3 to 5 a week, mostly in the early 60's. I had 30 rolls of them and sold all but one roll of them over the years.
I get one or two a year in change... just got one last weekend. I also have two rolls of them, have not opened the rolls. Plus a small cloth bag of the random ones I pick up. Usually the one's I get in change are from the supermarket... they have a change machine at the checkout line... it is stocked with rolled pennies - so I assume they come from the bank. Not sure why I save them, but I do always put them away. Cheers, RickO
I believe the original post was probably referring to Zinc cents with the copper plating removed......
Finding two of those every month is not surprising.......
If the original post meant 1943 Steel cents, let us know......
Retired Collector & Dealer in Major Mint Error Coins & Currency since the 1960's.Co-Author of Whitman's "100 Greatest U.S. Mint Error Coins", and the Error Coin Encyclopedia, Vols., III & IV. Retired Authenticator for Major Mint Errors for PCGS. A 50+ Year PNG Member.A full-time numismatist since 1972, retired in 2022.
<< <i>I got one in change at Wendy's about six months ago. I was so amazed I posted a thread about it. It's the only one I've ever seen in circulation. >>
<< <i>not ever, not never for me...i would say its as common as finding an IHP in circulation >>
I'm pretty sure they are more common than finding an IHP in circulation. One a month is amazing but I don't think it is out of the question. I am lucky enough to work in a bank and have seen several in the last year or two. The last one that we found was reprocessed one. I thought that was odd.
Chris
Chris My small collection Want List: '61 Topps Roy Campanella in PSA 5-7 Cardinal T206 cards Adam Wainwright GU Jersey
I think I may have found one once, but it was a loooong time ago. I assume not good, I always check my change and the only "rare" stuff I find on a semi regular basis is wheaties.
Sorry - from the post I just assumed it might be about somethin' else.......
As was said above many times - that's pretty tuff nowaday's to find steel cents!
Retired Collector & Dealer in Major Mint Error Coins & Currency since the 1960's.Co-Author of Whitman's "100 Greatest U.S. Mint Error Coins", and the Error Coin Encyclopedia, Vols., III & IV. Retired Authenticator for Major Mint Errors for PCGS. A 50+ Year PNG Member.A full-time numismatist since 1972, retired in 2022.
The last one I found was sitting in the COINSTAR reject bin...It was there with a Canadian penny.
I recognized it as a Wheat cent first. When I looked at the date...1943. On closer examination you could see that it was a dark, rusty color instead of copper.
I would agree that they are not all that uncommon in circulation.
You have to actually LOOK to find them.
Rarely are they steel white! Usually they are old and rusty and just blend in with the rest of the pennies.
Comments
Good grief, how many rolls do you go through?
<< <i>Once a month?
Good grief, how many rolls do you go through? >>
A box a week
<< <i>I have never seen one in circulation. >>
same for me
I've found more silver halves, quarters, and dimes than steel cents. Heck I've even found more v nickels and indian heads
60 years into this hobby and I'm still working on my Lincoln set!
I never really understood why they were removed but apparently some users had a problem with them being magnetic. Only around a quarter of the mintage was retired and destroyed but many were already lost to time or rust before the FED's action.
(I haven't found one in change in many, many years...)
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Bud
When you say that you search "a box a week", how many rolls is that?
I am guessing that you are searching A LOT of pennies to find one a month.
All of the coins I have found were well worn and rusted. The really nice one posted earlier clearly was in some one's collection for many years. It probably was taken by some kid and spent...Too bad!
Not exactly an easy find. All mine has been in pretty bad condition as well.
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Thats amazing. I've been keeping an eye on my change for 33 years and not once have I ever found a steel cent.
Collector of US Small Size currency, Atlanta FRNs, and Georgia nationals since 1977. Researcher of small size US type - seeking serial number data for all FRN star notes, Series 1928 to 1934-D. Life member SPMC.
If your wondering, yes I have alot of free time, I hurt my back and neck in the service and am recouping.
Happy hunting
The4x4man
Prior to that, I used to find them at least 3 to 5 a week, mostly in the early 60's.
I had 30 rolls of them and sold all but one roll of them over the years.
referring to Zinc cents with the copper
plating removed......
Finding two of those every month is not surprising.......
If the original post meant 1943 Steel cents, let us know......
<< <i>I got one in change at Wendy's about six months ago. I was so amazed I posted a thread about it. It's the only one I've ever seen in circulation. >>
it must have been really buggered
I was referring to 1943 steel cents. Cheers, RickO
<< <i>I believe the original post was probably
referring to Zinc cents with the copper
plating removed......
Finding two of those every month is not surprising.......
If the original post meant 1943 Steel cents, let us know...... >>
Yes, it was referring to regular steel cents, a box has $25 in it, and I do sometimes find some more in the coin counting machines.
"La Vostra Nonna Ha Faccia Del Fungo"
<< <i>not ever, not never for me...i would say its as common as finding an IHP in circulation >>
I'm pretty sure they are more common than finding an IHP in circulation. One a month is amazing but I don't think it is out of the question. I am lucky enough to work in a bank and have seen several in the last year or two. The last one that we found was reprocessed one. I thought that was odd.
Chris
My small collection
Want List:
'61 Topps Roy Campanella in PSA 5-7
Cardinal T206 cards
Adam Wainwright GU Jersey
Now Canadian Cents......... their a whole different matter.
Sorry - from the post I just assumed it might be
about somethin' else.......
As was said above many times - that's pretty tuff
nowaday's to find steel cents!
I recognized it as a Wheat cent first. When I looked at the date...1943. On closer examination you could see that it was a dark, rusty color instead of copper.
I would agree that they are not all that uncommon in circulation.
You have to actually LOOK to find them.
Rarely are they steel white! Usually they are old and rusty and just blend in with the rest of the pennies.