Cent (United States coin)

Cent (United States)
Value:	0.01 U.S. dollars
Mass:	2.5 g
Diameter:	19.05 mm
Thickness:	1.55 mm
Edge:	Plain
Composition:	Copper-plated Zinc 97.5% Zn, 2.5% Cu
Years of Minting:	1982–present
Catalog Number:	-
Obverse

Design:	Abraham Lincoln
Designer:	V.D. Brenner
Design Date:	1909
Reverse

Design:	Lincoln Memorial
Designer:	Frank Gasparro
Design Date:	1959

The United States one-cent coin, commonly called a penny, is a unit of currency equaling ¹⁄₁₀₀ of a United States dollar. Its obverse has featured the profile of President Abraham Lincoln since 1909, the centennial of his birth. Since 1959 (the sesquicentennial of Lincoln's birth), the reverse has featured the Lincoln Memorial. The coin is .75 inches in diameter.

Despite the prevalence of the common term "penny", the U.S. Mint has never actually minted a coin for which this is the official name.

1 History of composition
2 Designs
3 Anti-penny efforts
4 Redesign
5 See also
6 External links

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History of composition

See also: History of the Lincoln cent

1982–present	97.5% zinc, 2.5% copper
1962–1982	95% copper, 5% zinc (about 3.04 grams)
1944–1961	bronze (95% copper, 5% zinc and tin)
1943	zinc-plated steel
1864–1942	bronze
1857–1863	88% copper, 12% nickel (a.k.a. NS-12)
1837–1856	bronze
1793–1836	copper

The cent's composition was changed in 1982 because the value of the copper in the coin started to rise above one cent. Some 1982 cents use the 97.5% zinc composition, while others used the 95% copper composition. In 1943, at the peak of World War II, cents of zinc-plated steel were made for a short time due to war demands for copper; a few (the U.S. Mint reports forty) copper cents from 1943 were produced. Following that year, 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 were struck and ready for public release before ultimately being rejected. About a dozen aluminum cents are believed to still be in the hands of collectors, although they are now considered illegal, and are subject to seizure by the Secret Service. One aluminum cent was donated to the Smithsonian Institution.

The price of copper later returned to profitable levels. The Mint did not need to change the cent's composition until 1982.

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Designs

The coin has gone through several designs over its two-hundred year history. Until 1857 it was about the size of the current half-dollar coin.

The following types of cents have been produced:

Flowing Hair Chain 1793
Flowing Hair Wreath 1793
Liberty Cap 1793–1796
Draped Bust 1796–1807
Classic Head 1808–1814
Coronet 1816–1839
Braided Hair 1839–1857
Flying Eagle 1856–1858
Indian Head 1859–1909
Lincoln Wheat Ears 1909–1958
Lincoln Memorial 1959–present

Throughout its history, the Lincoln cent 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) in 1943.

The Lincoln Memorial is shown on the reverse of the United States penny. 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, up until the release of New Jersey state quarter in 1999, which depicts George Washington crossing the Delaware River on the reverse side.

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Anti-penny efforts

Various commentators have suggested that the penny should be eliminated as a unit of currency. In 2002, for example, United States Representative Jim Kolbe of Arizona introduced a "Legal Tender Modernization Act" which would have stopped production of pennies.

Arguments for elimination:

Relative cost of production — Mint cites 0.81 cents per penny. Some argue that this is even higher and it actually costs more than 1 cent to produce.
Diminishing value — effects of inflation.
Limited utility — not accepted by most vending machines, not accepted to pay a bus fare, and not accepted in bulk.
Wrapping charges — one store pays about 60 cents for each roll of 50 pennies.
Lost productivity — time lost in making small change during business transactions and then counting it later.

Arguments for preservation:

Profit — Mint makes about $24 million a year, though this is disputed.
Public demand — 65 percent of people polled favored keeping the penny in circulation.
Higher prices — rounding to the nickel would effectively raise prices. Raymond Lombra, an economics professor at Penn State University, said a rounding bill would force an annual $600 million "rounding tax" on consumers.
Dependence of charitable causes — several organizations rely on donations from the collection of pennies.
Consumer confidence — people were fearful their money may not go as far.
Targets lower class — will hurt those who can afford it least, the poor and elderly. Increased prices due to "rounding" would fall disproportionately on those least able to afford it.
Historical importance — the penny was the first coin authorized to be minted by the government and has been an integral part of the American experience.
Decrease dependence on copper — the penny is 97.5% zinc, and its removal might require more nickels. The nickel is 75% copper, and copper is less abundant than zinc.

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Redesign

In 2009 the cent will get a one-year, four-coin commemorative program marking the 100th anniversary of Lincoln being placed on the cent. This redesign was passed as part of the Presidential $1 Coin Act of 2005. In 2010, the cent will be completely redesigned, with a new, permanent design being released into circulation. Lincoln, however, will remain on the cent.

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