![]() Zinc-coated steel (also known as 1943 steel cent)Ĭopper-plated zinc (97.5% zinc, 2.5% copper) The composition of the penny has varied over time: YearsĨ8% copper, 12% nickel (also known as NS-12) As of 2022 there are no firm plans to do so. This pushed the mint to look for alternative metals again for the coin, and also brought the debate about eliminating the coin into more focus. In the early 2010s, the price of metal used to make pennies rose to a noticeable cost to the mint which peaked at more than 2¢, a negative seigniorage, for the $0.01 face-value coin. ![]() Pennies is the plural form (not to be confused with pence, which refers to the unit of currency). The colloquial term penny derives from the British coin of the same name, which occupies a similar place in the British system. Treasury's official name is "one cent piece". Mint's official name for the coin is " cent" and the U.S. The current copper-plated zinc cent issued since 1982 weighs 2.5 grams, while the previous 95% copper cent still found in circulation weighed 3.11 g (see further below). Four different reverse designs in 2009 honored Lincoln's 200th birthday and a new, "permanent" reverse – the Union Shield – was introduced in 2010. From 1959 (the sesquicentennial of Lincoln's birth) to 2008, the reverse featured the Lincoln Memorial. The penny is issued in its current form as the Lincoln cent, with its obverse featuring the profile of President Abraham Lincoln since 1909, the centennial of his birth. ![]() Due to inflation, pennies have lost virtually all their purchasing power and are often viewed as an expensive burden to businesses, banks, government (especially mints) and the public in general. cent was produced in 1787, and the cent has been issued primarily as a copper or copper-plated coin throughout its history. currency since the abolition of the half-cent in 1857 (the abstract mill, which has never been minted, equal to a tenth of a cent, continues to see limited use in the fields of taxation and finance). It has been the lowest face-value physical unit of U.S. The cent, the United States of America one-cent coin (symbol: ¢), often called the " penny", is a unit of currency equaling one one-hundredth of a United States of America dollar. She is also the co-author of "The Geek Gap" and vice president of the American Society of Journalists and Authors. Minda Zetlin is a freelance writer covering business, money, tech and collectibles. You never know, one of your pennies could be worth the price of a nice dinner - or a whole lot more. With so many rare coins out there, being a "penny pincher" might not be such a bad thing after all. Additionally, they can help get your coin certified by a grading service and guide you through the entire selling process. Some auction houses offer free evaluations. If you think you've found a valuable penny, Stone suggests consulting a professional. If you think you've found a 1943 Bronze Lincoln, the Mint suggests testing it with a magnet first. ![]() Heritage auctioned a similar one - in slightly lower grade - for $186,000 earlier this month," he said.ĭue to its value, some counterfeits were created with steel cores. "A nice circulated example, like Lutes' coin, could sell for around $150,000 to $200,000. Stone estimates that 15 to 20 are known to collectors today, although it's possible that there are a few that have not yet been accounted for. Today, the 1943 bronze Lincoln cent is described as "the most famous error coin in American numismatics" - and the odds of finding one are astronomically against. "The few bronze coins that were struck went unnoticed and got released into circulation." At least, that's what was supposed to happen.Īs fate would have it, "some of the old bronze planchets got stuck in the big tote bins that the Mint used to feed the coin presses at the end of 1942," he said. Mint switched to making pennies from zinc-coated steel planchets, instead of the usual bronze coin blanks, Stone explained. ![]() In order to preserve copper for the war effort, the U.S. "The most valuable Lincoln cent sold privately in 2010 for $1.7 million," said Stone. Only a handful of these bronze pennies have been discovered, including the one found by Lutes. ![]()
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