Because only a handful of authentic examples are known today, these coins have become highly sought after by collectors. Their rarity, combined with their wartime origin, has given them lasting historical and monetary significance. At the same time, their fame has led to many imitations. Some coins have altered dates, while others are steel pennies that have been treated to resemble copper, making careful identification essential.

One commonly mentioned first step is a magnet test. Steel pennies are magnetic, while copper ones are not. If a 1943 penny is attracted to a magnet, it is almost certainly steel. If it is not magnetic, it may warrant closer inspection. Visual clues can also help: genuine wheat pennies feature wheat ears on the reverse, and a true copper coin will have a consistent copper tone rather than a plated appearance. Still, appearance alone is never enough to confirm authenticity.

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