Every time you hold a United States penny in your hand, you are holding a piece of history. It has always been an evolving part of the country’s history. First coined by the Continental Congress in 1787, the fast ace was reissued over and over until it became the copper coin you find in your pocket today.
It all started in 1787, when Congress authorized the minting of the first coins. The resulting dime is now known as the “Fugium” and is believed to have been designed by Benjamin Franklin. The design stands out because of the unique sun shining on the gnomon and the words, “Mind Your Business” at the bottom. On the reverse are inscribed the words “We are One,” surrounded by a chain of 13 interlocking links.
The first penny was large, about the diameter of today’s dollar coin. In the purest air, it was heavy. As you can imagine, this was very difficult and difficult.
The early coins of the United States were designed and minted by various private mints, whose ratio, weight, and diameter varied greatly. Then until the US Congress created the US Mint in 1792, the United finally had a uniform currency. The first penny created by the US Mint shows the image of a woman with flowing hair as Lady Liberty. These are still made of 100% copper and are still over an inch in diameter.
In 1857, Congress approved the “Act of February 21, 1857,” which was the first of many changes to the “one-cent.” The biggest change was the formula for the poor. Instead of 100% copper, it would be a mixture of nickel (12%) and copper (88%). This penny, now the “Flying Eagle cent,” was much smaller than its predecessor, and sported the “flying eagle” on one side, and the words “cent,” surrounded by a crown on the other.
It wasn’t long before the plan changed again. In 1859 the Indian penny was created. The simulacrum of a flying eagle is replaced with the figure of an Indian queen, in full miter. On the flipside, it remained the same.
In 1864, just after Civil War, the composition of the Indian ace was changed again, to 95% copper and 5% cadmium Also at this time, the Currency Act of 1864 was passed, making the penny legal tender.
It remained the same penny for over 40 years, until the design of the Lincoln penny marked 1909, Abraham Lincoln‘s 100th birthday. Abraham Lincoln’s figure adorns one side of the ace, the first time any president or any other historical figure has been depicted on a coin. These pennies are also “wheat pennies,” because of the crowns of wheat which adorned the outside, with the words, “In God we hope.”
In 1943, the war necessitated that copper and zinc be used elsewhere. So the thin penny was reformed as an iron core covered in zinc. These “Steel Pennies” have a silvery look to them and stand out surrounded by their bronze brethren. It was easy to mistake these pennies for the first appearance of a tithe, and they corroded so easily that they lost the “face” of the coin, making it look like a slug.
The Abraham Lincoln design remained until 1959, when the mint recalled the reverse to include a portrait of the Lincoln Memorial to mark the great president’s 150th birthday.
To this day, we still use this strategy when mining new coins.
In 2005, the US Congress passed the “Presidential $1 Coin Act of 2005”, which not only allowed the US Mint to produce $1 coins with US Presidents engraved on them, but also to rebrand the penny. This new penny will commemorate Abraham Lincoln’s 200th birthday with four different coins, showing four different scenes from his life.
In recent years, many have wondered if there is still any value in having a penny around. Many government officials are asking whether a penny is worth all the time and a coin that is set on designing and minting a copper coin. Since metal trades are always fluid, sometimes the metal is worth more than one cent in a penny. I expect this discussion to continue for many years.
Sources:
http://reviews.ebay.com/The-New-2009-Lincoln-Cent-Penny_W0QQugidZ10000000002535050
http://www.alincoln-library.com/abraham-lincoln-penny.shtml
http://www.essortment.com/all/historypenny_rmor.htm
