All cents were supported to be made with zinc-coated steel in order to conserve copper for the war effort.
Lutes died in September previous year, and the coin is now up for auction.
In 1947, then 16-year-old Don Lute Jr. of Pittsfield, Massachusetts, found a rare copper penny in change he got from his high school cafeteria - but tucked the coin away after federal officials said it had no special value.
"The coin became so famous that it was once falsely reported that Henry Ford would give a new auto to anyone who could provide him with a 1943 "copper" cent", Heritage says. "Despite the mounting number of reported finds, the Mint steadfastly denied any copper specimens that had been struck in 1943".
The 1943 copper penny "is the most famous error coin", according to Heritage Auctions.
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Heritage Auctions now lists Lutes's authentic 1943 Lincoln cent at a whopping $130,000, which jumps to $156,000 with the added Buyer's Premium.
No need to pinch pennies when it comes to this coin.
Lutes's coin, now verified, will remain on auction until January 10, according to Fox News.
Don Lutes, Jr. discovered the rare 1943 coin after he received change from his school cafeteria in March of 1947, according to Heritage Auctions.
That extremely rare one-cent piece could rack up as much as $1.7 million when it's auctioned off Thursday in Dallas, the New York Post reported. These few planchets went unnoticed when the bins were refilled with zinc-coated steel planchets in 1943. Buoyed by the Henry Ford rumor, he contacted the auto firm, but they informed him it was false. When they became dislodged, they were printed and circulated with the millions of steel copies. It's thought it could fetch over $200,000, though it's so rare, a previous one sold for $1.7 million. Over the years, after many inquiries and attempts to buy it, he contacted the US Treasury, but was told the coin was "fraudulent" and that all 1943 pennies were zinc coated steel, with no exceptions. Examples of 1943 bronze cents are known from all three active U.S. Mints today, with 10-15 examples known from the Philadelphia Mint, a half dozen specimens confirmed from the San Francisco facility, and a single coin from the Denver Mint.