The phrase refers to a United States one-cent coin, specifically a 1943 Wheat Penny minted in San Francisco, that appears to be silver in color. This apparent silver hue, if genuine, results from being struck on a zinc-coated steel planchet rather than the traditional copper. The worth of such a coin is heavily influenced by its authenticity, condition, and rarity.
These particular coins are significant within numismatics due to the wartime metal shortages. Copper was needed for the war effort, leading to the temporary switch to zinc-coated steel. However, a very small number of copper planchets were mistakenly used, creating exceedingly rare and valuable 1943 copper cents. A steel cent, on the other hand, is not inherently valuable unless it’s in exceptional condition.