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Pique the Geek: The US Cent

Written by Translator on September 7, 2008 – 6:49 pm -

Crossposted at Politicook.net

As a bit of a change from science, tonight we shall discuss the smallest denomination of American coinage, the cent. Often called a “penny”, the cent was first minted 1793. By the way, a “penny” is British, and no coin officially called a penny has ever been minted by the United States.

The term “cent” comes from the Latin “centi”, the combining term for one one hundredth. US money was designed to be metric, and the British have only recently changed their system of farthings, pence, and shillings to a metric system of fractions of a pound. Likewise, the “dime” is derived from the combining term, “deci” for one tenth.

The cent was not always the lowest denomination of US coinage. From 1793 until 1857, the mint struck a half cent. They were not made in a very great quantity, and are rarely seen by people who are not serious coin collectors.

The first cents were roughly the size and weight of a modern half dollar, and were composed of (relatively) pure copper. Alexander Hamilton did not like the large size of the coin (26 mm, over an inch in diameter) and he wanted a smaller coin, with a plug of silver to bring its intrinsic value to that of 1/100 of a dollar. That plan never went anywhere.

Our hero, Benjamin Franklin, is thought to have designed the original reverse (”tails”) side to the first cents. It shows a chain composed of 13 links, symbolizing the 13 original states. In 1795 the weight was reduced from 13.48 grams to 10.89 grams, and the diameter increased to 29 mm, making an even larger but thinner coin. The first cents were stamped on the edge “ONE HUNDRED FOR A DOLLAR” but with the thinner coin it was not possible to continue that.

Due to the cost of copper and the unpopularity of the large coins, in 1857 the half cent was discontinued and a smaller one cent piece was introduced. It had a diameter of only 19 mm and weighed 4.67 grams. Interestingly, it was 88% copper and 12% nickel, making it look much like brass. The obverse (”heads”) was a flying eagle. Later the so-called Indian Head cent was introduced (1859). Actually, that is supposed to be a representation of Liberty wearing a feather headdress. Up until the introduction of the Lincoln cent in 1909, no American coin had the likeness of an actual person. The Lincoln cent was intended as a special issue to celebrate the centennial of Lincoln’s birth, but it stuck around.

In 1864, again because of the cost of metal, the cent was thinned more and kept the same diameter, which are the dimensions of modern cents. The alloy was changed to 95% copper, 3% tin, and 2% zinc, a bronze, that was used until 1959, when the tin was eliminated. They weigh 3.11 grams, and only during World War II did the alloy change. In 1943 all cents were struck in zinc coated steel, and in 1944 through 1946 old cartridge cases were salvaged, the alloy changing to 95% copper and 5% zinc, a brass.

In 1959 both the allow changed and reverse changed. The alloy was the same as the shell casing cents, 95% copper and 5% zinc, and the Lincoln Memorial was put in place of the ears of wheat on the reverse, to commemorate the 150th anniversary of Lincoln’s birth. This is the same design as is used today.

In the early 1980’s, the cost of copper exceeded the value of the cent. Copper plated zinc was substituted in 1982, with a an alloy of 99.2% zinc and 0.8% copper plated with a very thin copper layer to preserve appearance. Because zinc is lighter than copper, the mass of the new cents is only 2.5 grams. This composition is that which is used today, but the cost of the zinc in a cent is greater than the value of the coin.

Congress passed a law just a few years ago making it illegal to melt current coins for the scrap value, but if metal prices continue to increase it will happen. When was the last time that you saw a silver dime, quarter, of half dollar in circulation? Actually the nickel is even worse, being worth almost ten cents in scrap value.

The future of the cent is uncertain. There are forces supporting its elimination, and forces resisting this. The point will become moot soon, in my opinion, as electronic money replaces both coins and currency. The immediate effect of eliminating the cent would likely be the rounding of store transactions involving currency and coin to the next highest five cents, so there is strong support for keeping the cent.

Cents are minted by the billion every year. In 2000, almost 14 billion were minted, amounting to the value of nearly 140 million dollars. All cents are minted in Philadelphia or Denver, except for special collectors specimens (”proofs”) which are struck in San Francisco. The San Francisco mint made “business strikes” of the cent until 1970, when it switched strictly to proofs.

So you can see that the cent has had quite a history, going from about the size of a half dollar to what we know today. And yes, I keep each and every pre-1982 cent, since they are worth about two cents, depending of the metal market. By the way, 1982 is tough for us collectors, as both brass and zinc ones were minted, and have variations in the size of the date mark as well. Keeps us on our toes.

Please remember that this is an open thread for all things science and technology. Just because we discussed coins tonight does not mean anything differently.

Warmest regards,

Doc

Tags: Cent, Coin, Learning, Mint, Penny, Teaching
Posted in Diaries |