The ‘penny’ originated in AD 790 in Britain, called the ‘Pence” and were a hundredth of a pound, like today’s pennies are a hundredth of a dollar. “A penny saved is a penny earned,” was a phrase invented by Benjamin Franklin, and he published it in his Almanac. Franklin also designed a penny called the “Fugio Cent” but is never got anywhere, and the U.S. Mint never made any as far as is known.
“The half cent is the lowest face value coin struck by the United States. This denomination was authorized on April 2, 1792. Coinage was discontinued by the Act of February 21, 1857. All were coined at the Philadelphia Mint.” From The Red Book. There were at least a dozen varieties, all contained 140 grains of copper, but I’ve never seen one of any variety. They’re all worth in the many thousands of dollars each, and one in 1805 is worth $25,000. Not me.
A year later, in 1793, the “Large Cent” began to be minted, which contained twice as much copper as did the half cent. I’m not a coin collector, so I don’t know how large physically, the “large Cent” was, but there were many dozens of varieties. The large cent and half cent both were discontinued in 1857, when the “Small Cent” began to be coined, which I think is about the same size as the current cent. The first two years of the small cent were imprinted with a flying eagle, and in 1859, the well known “Indian Head” cent was made for 50 years, until 1909. Teddy Roosevelt introduced designer Victor David Brenner’s well known “Lincoln Cent” in 1909, to commemorate Lincoln’s 100th birthday, and Lincoln’s bust is still on the penny, although it is a far cry from its beginnings. The ‘Wheat Cent’ was made from 1909 till 1958, and I am sure we all remember them. A stalk of wheat was on the reverse.
Pennies were 100% copper until 1857, then for the next eight years were 88% copper and 12% nickel. From 1862 to 1942, they were 95% copper, and 5% tin and zinc. During WW II, in 1943, they were made of zinc coated steel, and then from 1944 to 1982, it was back to 95% copper. In 1982, it was discovered that the 95% copper in pennies was worth two cents, and I think today they have copper worth three cents. That’s why, whenever I see what appears to be a well worn penny, I check its date and if it’s before 1983 I save it. My desk drawer has a lot them in it. The older anything gets, due to the fact that the item no longer is being made, makes it eventually worth more, because of its scarcity, plus the dollar is ever more becoming worth less and less. Why pass up an opportunity, no matter how small? If you’d saved silver quarters, today they’d be worth close to $2.90 each, so a copper penny saved is worth 3 cents? Works for me. Today’s pennies are 97.5% zinc, ands 2.5% copper. I’ve also heard that the U.S. Mint loses money on nickels. If I run across a buffalo nickel, I put it in my desk also.
Watch “Turner Classic Movies on TV, and note all the cars in 1930’s and 40’s movies. Thousands of them! And if someone saved a few in a barn, today, they’d be worth a fortune. Some did. When I think of the cars I passed up for a few hundred dollars, such as a 1933 Packard V-12 four door convertible, or a 1927 Rolls Royce ‘Springfield,’ I could kick myself. A few Rolls Royces were made in Springfield, MA. At any rate, my 1941 Plymouth ex-telephone truck which cost $400 new, I have a standing offer of $26,000 if I ever want to sell it, so that one has done OK. Gold and silver are compact ways to store real wealth, and are redeemable anywhere on earth for goods and services, or conversion into the local un-backed, paper money. Collecting pennies and buffalo nickels is fun, that’s all. Join me if you haven’t already started without this screed. don@coloradogold.com