The History of the US Penny

Recently, on a trip to a big city, I was waiting around for public transportation. I saw an older woman heading down the street, her head bent towards the ground. I noticed her because of the way she was shuffling her feet. As she turned the corner, you could see what she was busy doing was kicking a penny. It was comical to watch this elderly lady, intent on paying the one-cent a piece of her mind. Guess she never heard the coined phrase- find a penny, pick it up, all day long, have good luck. On the other hand, maybe it was on unlucky heads when she first spied the coin. The debate over the penny’s worth has been kicked about for ages. 

Reportedly, Benjamin Franklin is responsible for the penny’s design. The multi-talented inventor and statesman was also quoted as saying, “A Penny saved is a penny earned.”  These words were powerful incentive behind the penny’s gain to the buying public. We have Ben to thank for all those shiny and tarnished coppers that most every American has a piggy bank or jar full!  There are about 150 billion US pennies in circulation.

Indian Head-

From 1859 to 1909, the United States Mint produced the Indian Head one-cent coin. James Longacre was the designer. The coin states United States of America with a feathered Indian head facing left. On the flip side, it shows one cent inside a laurel wreath. In 1860, the design was changed slightly, showing one cent in an oak wreath. Three arrows were inserted under the ribbon that binds the two branches of the wreath.

Wheat pennies-

The first Lincoln penny was issued in 1909, to commemorate the 100th anniversary of Abraham Lincoln’s birthday. This was the first US coin to picture a President. These pennies were also known as "wheat pennies" because of the wheat wreath on the reverse side. The motto, In God we Trust, appeared for the first time on a coin of this denomination.

In the history of the US penny, this coin has weathered two world conflicts. During World War II, metals were denied to the Mint for the duration of the war. After much deliberation, zinc-coated steel was chosen as the best in a limited range of suitable materials.

A "1943 S" (San Francisco Mint) copper coin has gone for about $60,000 dollars at auction. The prices from the P (Philadelphia) mint range from around $10,000 in the past to $73,000 in more recent times.

The easiest way to determine if a 1943, one cent is made of steel, and not copper, is to use a magnet. If it sticks to the magnet, the penny is worth about 50 cents. If it does not stick, the coin might be of copper and should be authenticated by a coin expert.

Before you start breaking into your penny stash- only forty 1943 copper-alloy cents are known to remain in existence. Experts speculate that they were struck by accident when copper-alloy one-cent blanks remained in the press hopper as production began on the new steel pennies.

Lincoln Memorial-

The Lincoln penny took on a new look when the mint reworked the backside of the coin to include the Lincoln Memorial. This was to mark the 150th birthday celebration of our great President. 

Future of the Penny-

In addition, the mint is planning another change in 2009, the 200th anniversary of Abraham Lincoln’s birth and the 100th anniversary of the introduction of the Lincoln penny. To honor the event, the U.S. Mint, will introduce four rotating designs depicting different aspects of Lincoln’s life. These scenes will replace the engraving of the Lincoln Memorial on the “tails” side of the coin. The famous Lincoln bust remains on the “heads” side. The four scenes are his birth and childhood in Kentucky, his formative years in Indiana, his professional career in Illinois, and his presidency in Washington, DC.

Hope you have found the history of the US penny worthwhile. To add to or begin your valuable penny collection please visit- http://www.buypennies.com