It is said that money talks.

If that were true in a literal sense, the 1943 "copper" cent would have some intriguing tales to tell us.

While it can't speak for itself, this fascinating rarity is, without a doubt, one of the most talked-about coins ever minted. For more than half a century , it has been a conversation piece for millions of Americans, including a great many who never collected coins.

Much of the conversation has taken the form of discussion, debate and speculation as to whether such a coin really exists. It now seems obvious that it does.

The United States Mint never has acknowledged that 1943 cents made of copper -- or, more specifically, bronze -- were struck and issued. Officially, all U.S. cents dated 1943 are composed not of bronze but of zinc-coated steel -- a substitution made because copper was so scarce in that critical wartime year. Despite the Mint's disclaimers, though, '43 bronze cents have surfaced a number of times in the coin market. And, whenever they do, the debate and speculation start anew.

Through the years, auction appearances of the '43 bronze cents have been relatively infrequent. Their rarity has been one reason for this, of course -- but so, too, has been the fear of confiscation. There have been no confirmed reports of genuine examples being seized by the government, but those who own the coins are understandably wary of such an official reaction.

One of the most highly publicized sales of a '43 bronze cent took place in July 1981 at the official auction of the New Orleans convention of the American Numismatic Association. Bowers and Ruddy Galleries conducted that sale, and the coin -- described as "extremely fine" -- brought $10,000. That was said to be an all-time auction record, up to that point, for this or any other coin normally described as a mint error.

The U.S. Secret Service made no move to confiscate the coin, and that may have eased any fears being felt by the owners of other examples. Several others have come on the marketplace since then.

One of the earliest reported public offerings of a '43 bronze cent took place at a much earlier ANA auction, conducted in 1958 by Abe Kosoff. The coin was withdrawn because of a lack of interest, but it wasn't seized -- and that convinced many observers that the government wouldn't challenge private ownership of such cents.

Kosoff said at the time that elaborate tests had convinced him of the authenticity of the coin he was offering in his sale.

"I have been cautioned by many well-wishing friends and associates not to `stick my neck out' on this coin," he wrote in his catalog. "Remember, I was as skeptical as anyone. But in the face of all these tests, I ask: `Is it possible to have a silver cent of 1943? We know there are such things. Why not a copper cent? Does a copper cent require more special dispensation than one struck in silver?'

"The fact is," Kosoff said, "that the 1943 copper cent has captured the imagination of the whole fraternity of collectors -- yes, even beyond that, it has reached the general public."

Some who have studied the subject believe that the few known 1943 bronze cents came into being during the normal course of mint production. One such person is John J. Ford Jr., a longtime dealer, collector and researcher who consigned the specimen sold by Bowers and Ruddy in 1981.

"In the early 1940s," Ford pointed out at the time of the auction, "the planchet-feeding mechanism for one-cent pieces consisted of galvanized chutes with straps. Presumably, some of the bronze planchets got hung up in the straps in December 1942, when production for that year ended. Then, when the steel blanks came along early in 1943, they pushed the bronze pieces along and they, too, were struck by the presses.

"Because of the war, the Mint had trouble getting competent help," he went on. "So the quality control was not as good as usual at the time. A lot of copper cents were caught, I assume -- but others got by and proceeded to enter circulation."

Ford estimated that 20 to 30 bronze cents were inadvertently struck and issued in this manner during 1943 -- most of them at the Philadelphia Mint, with "at least one or two" being made in San Francisco -- and that possibly half that number had been identified.

The '43 bronze cent has a lesser-known "first cousin": a 1944 cent made of zinc-coated steel.

After only one year of production, the Mint abandoned the steel-cent experiment because of mounting problems, including merchants' protests that the "white cents" looked too much like the dime. In 1944, it reverted to using copper -- specifically, the metal from salvaged cartridge cases -- and the cent became red once again. But, perhaps in much the same way that bronze cents were produced in 1943, a very small number of steel cents came to be made and released the following year.

Estimates vary widely on the number of genuine pieces, and also the relative rarity, of the '43 bronzes and '44 steels. Q. David Bowers, chairman of the board of Bowers and Merena Galleries, successor firm to Bowers and Ruddy, has calculated, for example, that there are perhaps a dozen authentic examples of the '43 bronze and twice that many specimens of the '44 steel. Conversely, Kenneth E. Bressett, editor of the "Red Book," estimated that there may be fewer than a dozen '43 bronzes in existence -- and even fewer '44 steels.

Whatever the actual figures, there isn't any question that the '43 bronze commands more attention and bigger prices. This was dramatized at the ANA auction in 1981, for in addition to selling the '43 bronze cent for $10,000, Bowers and Ruddy also sold a 1944 steel cent -- and the latter realized only $3,500, even though its condition was superior (Mint State-65).

This reflects the fact that the '43 bronze has benefitted from widespread publicity -- what John Ford describes as "hype." Rumors of its existence began to circulate almost from the outset, and these were reported widely in the news media. The appearance of the "white" cents fascinated the public and triggered widespread interest in the overall subject of cents, including the possibility that '43 bronze pieces might exist.

Not surprisingly, such publicity has prompted fast-buck artists to fashion fake examples. The crudest of these, and the easiest to detect, are made by simply copper-plating '43 steel cents. Copper-plated steel is attracted to a magnet, while genuine bronze cents are not.

Shysters have also attempted to fleece the unwary by altering the date of 1948 bronze cents to make the "8" appear to be a "3." But, in most cases, this modification is obvious.

In a perverse sort of way, the many fakes serve as a sort of tribute to the '43 bronze cent. They underscore its status as a coin that is not only rare and valuable, but also highly popular.

"The '43 copper cent is a very romantic piece," Bowers declared. "It's a coin that appeals to the man in the street, and that enhances its aura and its value.

"In a way," he continued, "owning a coin like this is like owning a Rembrandt painting: It isn't necessarily better artwork than a painting by one of his contemporaries, but because it's signed by Rembrandt -- and because the man in the street has heard of Rembrandt -- it brings a much bigger price.

"You're dealing with popularity."