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The United States one-cent coin, commonly known as a penny, is a unit of currency equaling one one-hundredth of a United States dollar. Its symbol is ¢. Its obverse has featured the profile of President Abraham Lincoln since 1909, the centennial of his birth. From 1959 (the sesquicentennial of Lincoln's birth) to 2008, the reverse featured the Lincoln Memorial. 2009 will see several designs to honor Lincoln's 200th birthday, while the coin will be re-designed in 2010. The coin is 0.75 inches (19.05 mm) in diameter and 0.061 inches (1.55 mm) in thickness. The one-cent coin is often called a penny, but the U.S. Mint's official name for this coin is "cent"[1] and the U.S. Treasury's official name is "one cent piece".[2]
[edit] History of compositionFurther information: Lincoln cent
The isotope composition of early coins spanning the period of 1828 to 1843 cents reflects that of copper from Cornwall ores from England while coins after 1850 that from the Keweenaw Peninsula, Michigan ores, a finding consistent with historical records.[3] In 1943, at the peak of World War II, pennies of zinc-coated steel were made for a short time due to war demands for copper. A few copper pennies from 1943 were produced from the 1942 planchets remaining in the bins. Similarly, some 1944 steel pennies have been confirmed. From 1944 through 1946, salvaged ammunition shells made their way into the minting process, and it was not uncommon to see coins featuring streaks of brass or having a considerably darker finish than other issues.  During the early 1970s, the price of copper rose to a point where the penny almost contained more than one cent's worth of copper. This led the Mint to test alternate metals, including aluminum and bronze-clad steel. Aluminum was chosen, and over 1.5 million of these pennies were struck and ready for public release before ultimately being rejected. The proposed aluminum pennies were rejected due to two factors. Vending machine owners complained the coins would cause mechanical problems. Pediatricians and pediatric radiologists pointed out the radiodensity of the metal inside the respiratory and gastrointestinal tracts was close to that of soft tissue and therefore would be difficult to detect in a roentgenogram.[4] One aluminum penny was donated to the Smithsonian Institution. The penny's composition was changed in 1982 because the value of the copper in the coin started to rise above one cent.[5] Some 1982 pennies use the 97.5% zinc composition, while others used the 95% copper composition. The price of copper later returned to profitable levels.[citation needed] Many people can hear the difference between the bronze and copper pennies and the newer, zinc pennies: simply flip the coin, giving it a good, solid strike. The predominantly copper pennies produce a ringing sound in the 12 kHz range. The zinc coins make a noise that is different.[6] In addition, a full 50-penny roll of pre-1982/3 pennies will weigh 5.4 oz. compared to a post 1982/83 roll which will weigh 4.4 oz. Mintage figures for the Lincoln penny can be found in the Lincoln cent article. [edit] DesignsThe coin has gone through several designs over its two-hundred-year time frame. Until 1857 it was about the size of the current U.S. dollar coins (Susan B. Anthony through present dollars).    The following types of pennies have been produced:
Small cents:
Throughout its history, the Lincoln penny has featured several fonts for the date, but most of the digits have been old-style numerals, except with the 4 and 8 neither ascending nor descending. The only significant divergence is that the 3 was non-descending (the same size as a 0, 1, or 2) in the early history, before switching to descending for one year in 1934 and then permanently (as of 2004[update]) in 1943. The Lincoln Memorial is shown on the reverse of the United States penny. In his treatise Theory and Practise of Numismatic Design, Joe Began states that because the Lincoln Memorial is shown in sufficient detail to discern the statue of Lincoln on the reverse of the penny, Abraham Lincoln was the only person to be depicted on both the obverse and reverse of the same United States coin. In 1999, the New Jersey state quarter was released, which depicts George Washington on both sides, crossing the Delaware River on the reverse side and in profile on the obverse. An additional design detail that is not readily visible to the naked eye, is found on the obverse side of the 1918 onward United States penny. The letters “vdb” stamped on the bottom sleeve of Abraham Lincoln represent the initials of Victor David Brenner, the primary designer of the Wheat cent. [edit] Lincoln centThe Lincoln cent is the current one cent coin of the US Dollar. It was adopted in 1909, replacing the Indian Head cent. Its obverse, featuring a bust of Abraham Lincoln (to commemorate his centennial), has been in continuous usage. Its reverse was changed in 1959 from a wheat stalks design to a design which includes the Lincoln Memorial (to commemorate Lincoln's sesquicentennial) and was replaced again in 2009 with four new designs to commemorate Lincoln's bicentennial. There are more one-cent coins produced than any other denomination, which makes the Lincoln cent a familiar item. In its lifespan, this coin has weathered both world wars, one of which temporarily changed its composition, due to metal needs as part of war effort. The obverse is the longest design used for any circulating American design. [edit] History[edit] Obverse designWhen the Lincoln one-cent coin made its initial appearance in 1909, it marked a radical departure from the accepted styling of United States coinage, as it was the first regular coin to bear a portrait other than the mythical Liberty, which appeared on most pre-1909 regular coins. (Even the so-called Indian Head of the Indian Head cent it replaced depicted Liberty as a Native American; the same concept was later used for the Sacagawea dollar since there are no known portraits of Sacagawea.)[citation needed] Previously, a strong feeling had prevailed against using portraits on coins in the United States, but public sentiment stemming from the 100th anniversary celebration of Abraham Lincoln's birth proved stronger than the long-standing prejudice. A variety of privately-minted tokens bearing Lincoln's image circulated as one-cent pieces during Lincoln's presidency; legitimate coinage had become scarce during the Civil War. These early tokens undoubtedly influenced the denomination, appearance, size, and composition of Lincoln cents. Theodore Roosevelt, the 26th US President, thought American coins were so common and uninspiring that he attempted to get the motto "In God We Trust," removed as offending religion, had the opportunity to pose for a young Lithuanian-born Jew, Victor David Brenner, who, since arriving nineteen years earlier in the United States had become one of the nation’s premier medalists. Roosevelt had learned of Brenner's talents in a settlement house on New York City's Lower East Side and was immediately impressed with a bas-relief that Brenner had made of Lincoln, based on a Mathew Brady photograph. Roosevelt, who considered Lincoln the savior of the Union and the greatest Republican President and who also considered himself Lincoln’s political heir, ordered the new Lincoln cent to be based on Brenner's work and that it go just in time to commemorate Lincoln’s 100th birthday in 1909. The likeness of President Lincoln on the obverse of the coin is an adaptation of a plaque Brenner executed several years earlier and which had come to the attention of President Roosevelt in New York.[8] In addition to the prescribed elements on U.S. coins - LIBERTY and the date - the motto In God We Trust appeared for the first time on a coin of this denomination. Of interest also is the fact that the United States Congress passed the Act of March 3, 1865, authorizing the use of this motto on U.S. coins, during Lincoln's tenure in office. Even though no legislation was required for the new design, approval of the Secretary of the Treasury was necessary to make the change. Franklin MacVeagh gave his approval on July 14, 1909, and not quite three weeks later, on August 2, the new coin was released to the public. In 1918, after the controversy over Brenner's name and initials on the reverse had died down, his initials were placed on the obverse with no further controversy. They are to be found in minute form on the rim of the bust, just under the shoulder of Lincoln. In 1969, the design was revised in order to make Lincoln look more like Brenner's original sculptures. [edit] Reverse design
[edit] Wheat cent (1909-1958)
A study of three models for the coin's reverse resulted in the approval of a very simple design bearing two wheatheads in memorial style. Between these, in the center of the coin, are the denomination and UNITED STATES OF AMERICA, while curving around the upper border is the national motto, E Pluribus Unum, Latin for "From Many, One." The original model bore Brenner's name on the reverse, curving along the rim below UNITED STATES OF AMERICA. Before the coins were issued, however, the initials "VDB" were substituted because officials at the United States Mint felt the name was too prominent. After the coin was released, many protested that even the initials were conspicuous and detracted from the design. Because the coin was in great demand, and due to the fact that to make a change would have required halting production, the decision was made to eliminate the initials entirely. Thus in 1909 the U.S. had six different cents: the 1909 and 1909-S Indian Head cents, and four Lincoln coins: 1909 VDB, 1909-S VDB, 1909 and 1909-S. In all cases the Philadelphia mintages far exceeded the San Francisco issues. While the smallest mintage is the '09-S Indian, the '09-S VDB is the key Lincoln date, and hence is most valuable. Its mintage of 484,000 is only 1.7% of the plain VDB. [edit] Lincoln Memorial cent (1959-2008)On February 12, 1959, a revised reverse design was introduced as part of the 150th anniversary of Lincoln's birth. No formal competition was held. Frank Gasparro, then Assistant Engraver at the Philadelphia Mint, prepared the winning entry, selected from a group of 23 models that the engraving staff at the Mint had been asked to present for consideration. Again, only the approval of the Secretary of the Treasury was necessary to make the change because the design had been in use for more than the required 25 years. The imposing marble Lincoln Memorial provides the central motif, with the legends E Pluribus Unum and UNITED STATES OF AMERICA completing the design, together with the denomination. The initials "FG" appear on the right, near the shrubbery. In his treatise Theory and Practise of Numismatic Design, Steve Crooks states that because the Lincoln Memorial is shown in sufficient detail to discern the statue of Lincoln on the reverse of the penny, Abraham Lincoln was the only person to be depicted on both the obverse and reverse of the same United States coin until the release of the New Jersey state quarter in 1999, which depicts George Washington crossing the Delaware River on the reverse. [edit] The 2009 Lincoln CentsThe Presidential $1 Coin Act of 2005 requires that the cent's reverse be redesigned in 2009. This will result in the mintage of four different coins showing scenes from Abraham Lincoln's life in honor of the bicentennial of his birth. These four designs, unveiled September 22, 2008 at a ceremony held at the Lincoln Memorial on the National Mall in Washington, D.C., are:
Special 2009 cents struck for sale in sets to collectors will have the metallic copper content of cents minted in 1909 (95% copper, 5% tin and zinc). Those struck for circulation will retain the normal composition of a zinc core coated with copper. [edit] The future (2010 - )The 2005 act that authorized the redesign for the Bicentennial stated that another redesigned reverse for the Lincoln cent will be minted which "shall bear an image emblematic of President Lincoln's preservation of the United States of America as a single and united country".[11] Eighteen designs were proposed for the reverse of the 2010 cent.[12] On April 16, 2009 the Commission of Fine Arts (CFA) met and selected a design that showed 13 wheat sheaves bound together with a ring symbolizing American unity as one nation.[13] Later this design was withdrawn due to its being similar to coinage issued in Germany in the 1920s.[14] The Citizens Coinage Advisory Committee later met and chose a design showing a Union shield with "ONE CENT" superimposed in a scroll; E Pluribus Unum was also depicted in the upper portion of the shield.[14] In June 2009 the CFA met again and chose a design featuring a modern rendition of the American flag.[14] As a part of the release ceremony for the last of the 2009 cents on November 12, the design for the 2010 cent was announced.[15] The design chosen was the one that was chosen earlier by the CCAC.[15] According to the Mint, the 13 stripes on the shield "represent the states joined in one compact union to support the Federal government, represented by the horizontal bar above."[16] The Mint also noted that the a shield was commonly used in paintings in the Capitol hallways painted by Constantino Brumidi, an artist in the Captiol active during the Lincoln Presidency.[16] The obverse of the cent will also changed to a modern rendition of Brenner's design.[15] The new Union Shield design replaces the Lincoln memorial in use since 1959.[15]The coin was designed by artist Lyndall Bass and sculpted by US Mint sculptor-engraver Joseph Menna. [edit] CompositionInitially the alloy of the Lincoln cent followed that established for this denomination with the Indian Head design in 1864, 95% copper and 5% tin and zinc. This was changed in 1943. Further information: 1943 steel cent Production of the war-time cent was provided for in an Act of Congress approved on December 18, 1942, which also set as the expiration date of the authority December 31, 1946. Low-grade carbon steel formed the base of these coins, to which a zinc coating 0.005 inch (0.127 millimeter) thick was deposited on each side electrolytically as a rust preventative. Unfortunately, this coating was applied to the steel before the blanks were made leaving the rims of these coins extremely succeptible to rust. The same size was maintained, but the weight was reduced from the standard 48 grains to 42 grains (3.1 g to 2.7 g), due to the use of a lighter alloy. Production commenced on February 27, 1943, and by December 31 of that year, the three Mint facilities had produced 1,093,838,670 of the one-cent coins. The copper released for the war effort was enough to meet the combined needs of 2 cruisers, 2 destroyers, 1,243 Flying Fortresses, 120 field guns and 120 howitzers, or enough for 1,250,000 shells for large field guns.[17][18] Numerous complaints about the gray color of the 1943 cents, especially that they could be mistaken for dimes, led to a change in composition. On January 1, 1944, the Mint was able to adopt a modified alloy, the supply being derived from expended shell casings which, when melted, furnished a composition similar to the original, but with a much smaller trace of tin. The original weight of 48 grains (3.1 g) was also restored. Shell casings were no longer used after 1946 and the original composition was again used. The composition of the coin was changed again in 1962. Mint officials felt that deletion of the tin content would have no adverse effect on the wearing qualities of the coin, whereas the manufacturing advantages to be gained with the alloy stabilized at 95% copper and 5% zinc would be of much benefit. Congressional authority for this modification is contained in an Act of Congress approved on September 5, 1962. During the early 1970s, the price of copper rose to a point where the cent almost contained one cent's worth of copper. This led the Mint to test alternate metals, including aluminum and bronze-clad steel. Aluminum was chosen, and in 1973, a total of 1,579,324 such coins were struck (dated 1974) and ready for public release. A few were distributed to members of the US Congress. Subsequently; aluminum was rejected because, among other reasons, it would not show up on X-rays should it be swallowed. About a dozen aluminum cents are believed to still be in the hands of collectors, although they are now considered illegal, subject to seizure by the Secret Service.[19] One aluminum cent was donated to the Smithsonian Institution. Another is in the hands of the family of a deceased U.S. Capitol police officer, and was certified as authentic in 2005.[20] It is known as the Toven Specimen. In mid-1982, the coin's composition changed again to copper-plated zinc. The last all-copper cents were produced by the Denver Mint on October 22, 1982. These copper-plated coins, which are still being produced today, contain 97.5% zinc and 2.5% copper, and are minted on blanks produced for the Mint by an outside manufacturer (Jarden Zinc Products). This coin is identical in size and appearance to, but at 2.5 grams is lighter than the 3.11 grams of copper cents issued before 1982, but this modification saves the Government an estimated $25 million in metal costs every year. (Both types were produced that year and all are common.) The zinc core can be readily seen if the copper plating is abraded or otherwise scraped off. It should be noted that the post-1982 cents, since copper and zinc form a galvanic cell in the presence of electrolytes, are much more susceptible to corrosion and pitting than the bronze cents made prior to 1982. Many collectors lament that even perfectly preserved post-1982 cents protected in Mint sets have begun tarnishing, developing bubbles beneath the copper coating's surface, or even corroding. [edit] Matte Proof Lincolns 1909 to 1916When the Lincoln Cent was introduced in 1909, it was discovered that the coining dies, and their curved fields were unable to be polished to proof coining condition by existing Mint equipment. In order to produce Proof coinage for collectors, the US Mint adopted the French technique of the Matte Proof, which was thought to highlight the design, while leaving the details of the coin as the designer intended. This was done by a sandblasting of the dies, prior to use. When struck by the high pressure hydraulic press of the Philadelphia Mint Medal Room, the result was a semi-rough surface, a gentle luster and strongly defined wide square rims. These coins were produced in very small numbers, and the dies quickly developed small marks, known as diagnostics. These marks are used today by Third Party Graders and Collectors to authenticate the coin. Sold for mere pennies over face during the years of production, they were not popular with collectors. When new, the coins were wrapped in a tarnish proof tissue, which over time proved to be anything but. Since many of these coins sat for decades unsold, vivid colors and toning developed. It is not unusual to see vivid blues, greens, lavender, coppery orange, deep reds and purple hues on these coins. Eagerly collected by numismatists today, they are among the most valuable Lincoln cents. Unencapsulated coins are easily identified by wide, square outer rims, quite unlike the rounded edges of business strikes. [edit] Mint errors specific to Lincoln centsThrough mint errors, a number of rare and valuable Lincoln Cents have been produced. Some random errors, such as an off-center strike, slightly increase the value of the coin, and are sought after by niche collectors. However some errors were systemic, and produced a number of coins with the exact same problem in the same year. These have become recognized varieties that are often extremely valuable and sought after by mainstream collectors. The first Doubled Die error occurred during the production of the 1909 VDB. Not identified until the 1970s, it shows the RTY in Liberty and the 190 of the date slightly doubled. This coin is extremely rare in high grades. In 1922, no one-cent coins were produced by the Philadelphia Mint. However, three pairs of Denver Mint worn and overly polished dies then produced the Weak D and No D varieties, making them appear as if they had been produced in Philadelphia. These varieties are known as the 1922 plain cents. Collectors must be wary of removed mint marks. There are a few 1943 cents that were produced in bronze, as opposed to the steel/zinc composition used that year. There are 10 to 12 known to exist.[21] Likewise, a few 1944 cents were produced in steel/zinc. In 1955, a die error caused some cents to get struck with an obverse die which showed doubling in all of the obverse devices, producing a doubling of the date, and to a less noticeable degree, the rest of the obverse. This is known as the 1955 doubled die cent. A slightly different mechanism produced 1972, 1983, 1984, and 1995 Doubled die cents. Doubled Dies are known in practically every date in the Lincoln cent series, but most are minor, and less impressive compared to the 1955 and other Doubled Die varieties. In 1990, 3,055 proof cents were struck at the San Francisco Mint without the "S" mint mark, making them appear as if they had been struck at the Philadelphia Mint. However, as no proof cents were struck in Philadelphia that year, they are easily distinguishable as errors, and highly valuable. The reverse of some Lincoln cents minted in 1992 at the Philadelphia and Denver mints and some of those minted in 1998 and 1999 at the San Francisco mint feature a smaller-than-normal gap between the first two letters of AMERICA. These coins, known as the Close AM variety are valued at $20,000 and $5,000 for the 1992 specimens in gem uncirculated condition and $3,000 and $1,000 for the San Francisco specimens in gem proof condition. The reverse of some Lincoln cents minted in 1998, 1999, and 2000 in Philadelphia feature a larger-than-normal gap between the first two letters of AMERICA. These coins, known as the Wide AM variety are valued at $10, $500, and $5, respectively, in gem uncirculated condition. [edit] ToxicityZinc, a major component of post-1982 US pennies, is toxic in large quantities. Swallowing such a penny, which is 97.5% zinc, can cause damage to the stomach lining due to the high solubility of the zinc ion in the acidic stomach.[22] Zinc toxicity, mostly in the form of the ingestion of US pennies minted after 1982, is commonly fatal in dogs where it causes a severe hemolytic anemia.[23] It is also highly toxic in pet parrots and can often be fatal.[24] [edit] Numismatics and regulationsMain article: Efforts to eliminate the penny in the United States It has been suggested that the penny should be eliminated as a unit of currency for several reasons including that many Americans do not actually spend them, but rather only receive them in change at stores and proceed to return them to a bank for higher denomination currencies, or cash them in at coin counting kiosks. Most modern vending machines do not accept pennies, further diminishing their utility, and the production cost now exceeds the face value of the coin due to increasing metal prices.[25] In 2001 and 2006, for example, United States Representative Jim Kolbe (R) of Arizona introduced bills which would have stopped production of pennies (in 2001 the Legal Tender Modernization Act, and in 2006 the Currency Overhaul for an Industrious Nation (COIN) Act).[26] At the current metal prices as of June 20, 2009, a pre-1982 penny contains $0.01487 worth of copper, which makes them an attractive target for melting by people wanting to sell the metal as a profit.[27] The US Mint, which is a part of the US Department of the Treasury, in anticipation of the business of melting down US pennies and US nickels for profit, implemented new regulations[28] on December 14, 2006 which criminalize the melting of pennies and nickels and place limits on export of the coins. Violators can be punished with a fine of up to $10,000 USD and/or imprisoned for a maximum of five years. [edit] Metal content
At one point both the US pennies before 1982 and all US nickels had a metal content at market worth more than face value of the coins. Now as of June 20, 2009, the US nickel has $0.037090 in metal content. The intrinsic value of pre-1982 US pennies, weighing 3.11 grams, are worth $0.014865, 48.65% above face value in metal content at market prices. However, post-1982 US pennies, which weigh 2.5 grams, are 97.5% zinc and 2.5% copper (coated over the zinc) by weight. These have a metallurgical value of $0.004044 as of June 20, 2009, or 40.44% of the face value. According to the US Mint, the costs of producing and shipping one-cent (penny) and five-cent (nickel) coins during fiscal year 2007 were $0.0167 per penny and $0.0953 per nickel.[29] Canada switched to making plated steel coins in 2000, where the face value of some older coins is below the metal content of those coins. In a similar move on February 8, 2008, a bill was introduced in the U.S. House of Representatives that would allow for changing the metal components in U.S. coins due to the rising cost of commodities and the declining U.S. Dollar. No such bill has yet been signed into law. [edit] See also
[edit] References
[edit] External links
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