Top 10 Things You Didn't Know About the Penny - TIME (2024)

FAQs

What is a surprising fact about pennies? ›

Although they are different colors, pennies and dimes are very close in size. In 1943, copper was needed for war materials, so pennies were made out of zinc-coated steel. Because the color was silvery, it was easy to mistake a penny for a dime. Fortunately, pennies were only made that way for one year.

In the past, pennies were made of 100% copper and even steel, but pennies made in 1982 and later are copper-plated zinc. There also have been pennies containing various metallic mixtures of copper with other metals, such as nickel, tin and zinc. The first penny, minted in 1793, was as big as a half dollar.

“E Pluribus Unum” means “One out of many”. “In God We Trust” appeared for the first time on the Lincoln penny.

The oldest penny in the world is the Birch Cent of 1792.

The U.S. made about 7.7 billion pennies in 1983, but only about 5,000 of them are known to have been made with this doubling error, James McCartney, director of numismatics at Stack's Bowers Galleries, tells CNBC Make It. The rarity of these misprinted pennies are what make them more valuable than ordinary pennies.

The small date Lincoln Memorial cent is special because few of these were minted in copper. This Lincoln cent is considered transitional and is rare. If you remember the 1943 copper cent, it might help to think of the 1982 small date copper Lincoln cent, specifically the 1982-D copper Lincoln cent, as its cousin.

A: All U.S. pennies, regardless of their year of minting, are considered legal tender and can be used to pay for goods and services. However, pre-1982 pennies contain a higher copper content and may be worth more than their face value to collectors.

Due to the fact that they are not particularly rare, the majority of pennies from 1961 are not worth very much. Copper, which makes up 95% of pre-1982 Lincoln Memorial pennies (with 1961 pennies, the other 5% being tin and zinc), is the main reason people save them.

The phrase 'A Penny Saved is a Penny Earned' means that it is as useful to save money that you already have as it is to earn more. Example of Use: "I'm going to give you $20, but I want you to put it in the bank; a penny saved is a penny earned!"

Why is a penny called a penny? ›

Penny History

The coin was larger and made of pure copper, while today's penny is made of copper and zinc. Fun Fact! During the colonial period, people used a mixture of coins from other countries. A popular coin was the British penny, which our cent is named after.

If there were no pennies, stores and restaurants would round up to the nearest nickel. This means consumers would end up paying $0.55 for something that should cost only $0.51.

1. 1856 Flying Eagle Cent. The 1856 Flying Eagle Cent is one of the most rare and valuable pennies and is well worth seeking out. Only an estimated 1000 were struck by the US Mint as an unauthorized pattern coin in 1856, though the exact amount is unknown.

My observation of US coins in current circulation is that the 1 cent “penny” is a copper brown color while the 5 cent “nickel”, the 10 cent “dime”, and the twenty five cent “quarter” are all a silver color. While not currently commonly circulated, the 50 cent “half dollar” and one dollar coins are also silver in color.

There are a wide variety of ways that the most rare pennies came to be so rare. Some were minted during a low-mintage year, with only a few thousand ever being produced. Some feature an error or unique intended or unintended characteristic from the minting process.

The history behind the lucky penny

Many stories from ancient times suggest that metals were believed to offer protection against evil and were seen as gifts from the gods. This belief extended to coins, which were not only valuable in trade but also held spiritual significance for many people.

Those who favor keeping the penny believe the penny plays an important role in keeping down the costs of the goods and services we buy. If there were no pennies, stores and restaurants would round up to the nearest nickel. This means consumers would end up paying $0.55 for something that should cost only $0.51.