Why is the 1983 penny so valuable?

Could you elaborate on the factors that contribute to the significant value of the 1983 penny? Is it due to its rarity? Or perhaps a special minting error? Are there any historical events associated with that year that could have driven up its demand? Additionally, has the price of the 1983 penny increased over the years, and if so, what is the reason behind this upward trend? Understanding the intricacies behind this particular coin's value would be greatly appreciated.