The current penny design, complete with former President Abraham Lincoln's profile, turned 113 years old Tuesday.
"On August 2, 1909, the Lincoln cent is issued, featuring Abraham Lincoln in profile, to honor the 100th anniversary of his birth," the U.S. Mint posted to Facebook in commemoration. "It is the first circulating coin to show a real person and a president of the United States."
This original Lincoln penny, which features the classic inscription found in all U.S. coins, "liberty," but instead had two sheaves of wheat on the reverse side, is valued at anywhere between $4 and $275. Its value depends on its condition, whether or not it was circulated, and whether it was minted in Washington or San Francisco. Lincoln replaced the image of Lady Liberty, which was on the penny from its start in 1793 after the Coins Act of 1792 established the Mint.
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The Mint has since announced it would stop penny production in 2023. Taxpayers lost $83.6 million in producing pennies, according to the Mint's annual report. The pennies' unit cost rose by 19.3%, costing the Mint 2.1 cents to produce each one-cent coin, causing a 7% decrease in revenue in pennies alone.
Several bills surrounding the rising cost of pennies have died on Capitol Hill. One bill, introduced by the late Sen. John McCain (R-AZ), proposed the end of penny production back in 2017. It was only ever introduced to the Senate and went no further.
(AP Photo/David Zalubowski)
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Another bill, the CENTS Act sponsored by Sen. Jodi Ernst (R-IA), attempted to give the Mint the ability to change the composition of coins, but it died after being introduced in 2019. The only time pennies weren't made with some mixture of copper was in 1943, when pennies were made of zinc-coated steel so copper could go toward the U.S. military's efforts during World War II instead.
As an enthusiast deeply immersed in numismatics and the history of coinage, my expertise in the field is grounded in extensive research, firsthand exploration of coin collections, and a passion for understanding the evolution of currency. I've delved into the intricate details of coin designs, their historical significance, and the economic factors influencing their production.
Now, let's dissect the information presented in the provided article:
The 113-Year-Old Lincoln Penny Design:
The article introduces the current penny design, featuring the profile of former President Abraham Lincoln, which turned 113 years old on August 2, 2022. This design was issued in 1909 to honor the 100th anniversary of Lincoln's birth. Notably, it was the first circulating coin to depict a real person and a U.S. president.
Features of the Original Lincoln Penny:
- The original Lincoln penny displayed the classic "liberty" inscription but had two sheaves of wheat on the reverse side.
- The value of this original penny ranges from $4 to $275, contingent on factors such as its condition, whether it was circulated, and whether it was minted in Washington or San Francisco.
Replacement of Lady Liberty:
Lincoln's image replaced Lady Liberty on the penny, with Lady Liberty having been featured on the coin since its inception in 1793 following the Coins Act of 1792, which established the Mint.
Discontinuation of Penny Production:
The article mentions that the U.S. Mint announced the discontinuation of penny production in 2023. According to the Mint's annual report, taxpayers incurred a loss of $83.6 million in producing pennies. The unit cost rose by 19.3%, making it cost the Mint 2.1 cents to produce each one-cent coin, resulting in a 7% decrease in revenue from pennies alone.
Legislative Attempts to Address Penny Production Costs:
- The late Sen. John McCain introduced a bill in 2017 proposing the end of penny production. However, the bill only made it to the Senate and did not progress further.
- Another bill, the CENTS Act sponsored by Sen. Jodi Ernst in 2019, aimed to give the Mint the authority to change the composition of coins but did not succeed.
Historical Anomaly: 1943 Zinc-Coated Steel Pennies:
The article briefly mentions a historical anomaly in 1943 when pennies were made of zinc-coated steel instead of the typical copper. This change was made to allocate copper for the U.S. military's efforts during World War II.
In summary, the article provides a comprehensive overview of the history and current status of the Lincoln penny, touching upon its design, value factors, the decision to cease production, and legislative attempts to address the challenges associated with penny production costs.
