Copper-plated coins are attracted to magnets because of the iron content of the steel core, whereas bronze coins are not magnetic.
Coins are made of different materials, which is why some are magnetic, and others aren't. The most common metal in coins is copper, which is not magnetic. Other metals commonly used in coins, such as aluminum and nickel, are not magnetic. However, some coins do contain magnetic metals such as iron and steel.
The easiest way to determine if a 1943 cent is made of steel, and not copper, is to use a magnet. If it sticks to the magnet, it is not copper. If it does not stick, the coin might be of copper and should be authenticated by an expert.
The 10, 20 and 50 cent coins have no magnetic properties. The 1, 2 and 5 cent coins have a strong magnetism all over their surface.
There is one notable difference. Copper-plated coins are attracted to magnets because of the iron content of the steel core, whereas bronze coins are not magnetic. In 1998, 2p coins were struck in both copper-plated steel and bronze.
Are There Any Coins (Besides The 1943 Steel Cent) That Are Magnetic? The 1943 steel cent is the only regular-issue United States coin that contains enough iron to be magnetic. While nickel is also magnetic, there isn't enough nickel in standard United States coins to make them magnetic.
Here's the magic part (drumroll please). If a penny sticks to the magnet, check the date. A 1943 circulated penny that sticks is worth 10 cents or so.
In 1943, some pennies in the United States were made with steel. These old pennies still stick to a magnet. A magnet's force, called magnetism, attracts the metal nickel. But there isn't enough of it in U.S. nickels for a magnet to stick to those coins.
Pure gold on its own cannot stick to a magnet. However, if you have an alloy of gold, then it could stick to a magnet. An example of a gold alloy that may stick to a magnet is gold with over 20% of its atoms replaced by iron.
An easy way to detect if your coins is fake is to check to see if it's magnetic. Precious metals, such as gold, silver, platinum and palladium aren't magnetic, so if your coin is attracted to a strong magnet, such as an earth magnet, then you can be sure that it's fake.
Silver is not magnetic, not even with the strongest magnet. However, silver is diamagnetic. If you hold a silver coin at 45 degrees a suitable magnet will slide down it slowly. This is because the moving magnet sets up an 'electrical field'* that slows its fall.
The Magnet Test
"If your magnet sticks strongly to the piece, it has a ferromagnetic core and is not silver." Fake silver or silver-plated items are generally made of other metals. This is an easy test that can give you a good idea on whether your item is real silver or not.
The small amount of nickel in US coins is unlikely potent enough to be attracted to even a magnet-fishers magnet. There is only one US cent that you will be able to find magnet fishing… the 1943 Steel Penny! This penny was minted during WW2 when copper was scarce.
Coins are attracted to a bar magnet as they contain nickel.
Handling Your Collection
Wear soft cotton gloves to protect the coin's surface from fingerprints and the natural oils on your skin, which can be corrosive. While you may be tempted to polish your coins to make them look shiny and new, proceed with caution. Polishing and/or cleaning coins can reduce their value.
While registration is valuable, once the coin comes out of the case it's usually kept in, it cannot be traced back to the serial number since it's not engraved onto the coin.
1943 Wheat Penny (back)
There was still material left in the mint presses from the 1942 production so they accidentally made one batch out of copper. Only about 20-40 of those pennies are out there. A used one, as most are, can net you from $100,000 – $500,000.
Is a 1943 Copper Penny Worth $1 000 000? Yes, the PCGS-graded 1943 and 1943-S copper pennies were priced at $1 million, and the 1943-D copper penny was priced at $1.5 million. Today at auction, the standard 1943 copper penny can sell for $100,000 to $250,000.
1992 Lincoln pennies with this special reverse sell for thousands of dollars. Learn how to identify this rare and valuable coin.
The only US coin that contained enough iron to be magnetic was the 1943 steel cent.
Generally platinum is not magnetic. However, it depends on the platinum alloy: if the platinum is mixed with ruthenium, iridium or palladium then no, none of these are magnetic; if it's mixed with cobalt then yes, cobalt is magnetic so, theoretically, platinum can be attracted by a very powerful magnet.
No, silver is not magnetic.
Believe it or not, dollar bills are printed with magnetic inks as a way to reduce counterfeiting. Fold the dollar bill in half as shown and hold the neodymium magnet near the bottom of the bill. Notice how the bottom of the bill moves when the iron in the bill is attracted to the magnet.