One of the main reasons some coins are magnetic is the metal they are made of. Iron and steel are magnetic, so if a coin contains these metals, it will be attracted to a magnet. This is why some older coins, such as pennies, are magnetic, while others, such as dimes and quarters, are not.
To collect coins, you will need a rare-earth magnet. Rare-earth magnets are very powerful and are often used in roller coasters and maglev trains. If you have a few magnetic coins, collecting them with a rare-earth magnet takes only a second. Obtain a rare-earth magnet, such as a neodymium magnet.
Remember that silver and gold are precious metals that are also non-magnetic. If you hold a magnet up to your coin, and the coin sticks, you've got a fake. When some fakes were struck, they were made primarily with copper and a very thin layer of silver plating on top.
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.
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.
Neodymium magnets are very strong and can help to test the authenticity of gold and silver bars, coins, bullion, or jewelry.
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.
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.
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.
For other coins like 20ps and 50ps, their composition is 75% copper and 25% nickel. Because copper is not magnetic and there isn't enough nickel in them, these coins won't be attracted to the magnet.
For 1p and 2p coins, it has been changed from bronze to steel with copper plating, and for 5p and 10p coins, it has been changed from copper-nickel alloy to steel with nickel plating. Hence the denominator is steel, again iron, so UK coins are also magnetic.
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.
A magnetic wallet can ruin and damage your credit card if your credit cards are using a magnetic strip for transactions. Most older bank cards utilize magnetic strip on the back to store card info and the magnet in your wallet can erase that information.
Since January 2012, the 'Silver' 5p and 10p coins have also been made from a plated steel, in turn making them magnetic. While they changed more recently than the 'coppers', you will actually find that a higher percentage of 5p and 10p coins are magnetic.
(Silver is not magnetic.)
10, 20 and 50 cent coins: They have no magnetic properties.
According to the NGC Price Guide, as of June 2023, a Wheat Penny from 1944 in circulated condition is worth between $35000 and $43500. However, on the open market 1944 STEEL Pennies in pristine, uncirculated condition sell for as much as $175000.
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.
What to do: Hold the magnet up to the gold. If it's real gold it will not stick to the magnet. (Fun fact: Real gold is not magnetic.) Fake gold, on the other hand, will stick to the magnet.
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 Anti-Counterfeiting Educational Foundation (ACEF) now provides collectors, dealers, the general public and victims of suspected fraud with a convenient and secure way to report information about counterfeit coins, bars, holders, rounds, mint products, paper money or other suspicious counterfeit related activities.
"Vending machines use light sensors to measure the size of a coin and electromagnets to detect the metal type to determine what kind of coin it is," Chan writes. "If you're not shaped like a quarter and built like a quarter, you ain't a quarter in their book."