1950 Steel Wheat Penny

I went through a relative's coin collection today and discovered a steel 1950 wheat penny. I was not able to find any reference to this particular coin in The Red Book or through general searches. Coin does stick to a magnet. Any insight?
Thanks

 

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Plated after it left the mint and turned into a pendant. Not a true error.

 

Plated and put into a steel bezel.
Thats probably why it sticks to a magnet

 

Welcome to CT. That is plated to look like steel. Not an error.

 

Ok, thanks for responses. What a way to ruin a good ole' fashion copper penny.

 

Hey, JHemgen , Welcome to Coin Talk !! Please don't get discouraged. Keep searching and keep posting. Sooner or Later , you'll find something nice!

 

Howdy! I have the same coin. 1950 "Steel" penny. Mine sticks to a magnet as well, however it barely sticks. Must be whatever it was plated with. Grab a 1943 steel penny and try that with a magnet and it really grabs compared to the 1950. When you find something different then all the rest like that it's kind of exciting. Keep looking for that next high-value!

 

What's this, an epidemic?

 

Same high school science project.