The United States one-cent coin, commonly known as the penny, has a history spanning 232 years. Originally a significant denomination, its purchasing power has diminished over time; for instance, it was once used to pay Union soldiers during the Civil War.
Historical Origins
The penny's lineage traces back to the British penny, from which smaller denominations like the halfpenny and farthing were derived. The name 'penny' is believed to originate from the German word 'pfennig,' which evolved from 'pfanne' (pan).
Early American Coinage
The first one-cent coin in the United States, the fugio cent, was privately minted in 1787. Made of 100% copper, it featured the Latin word 'fugio' (signifying 'time flies') and the phrase 'mind your business.' The U.S. Mint officially produced its first penny in 1793.
Design and Mottos
In 1909, coinciding with the centennial of his birth, Abraham Lincoln's image was placed on the penny, marking the first time a U.S. president appeared on the nation's currency. Simultaneously, the words 'In God We Trust' were added to the coin. This pre-dated Congress's decision to include this motto on all U.S. currency and designate it as the national motto almost 50 years later.
Production and Economic Viability
As of 2024, the penny's composition is approximately 2.5% copper and the remainder zinc. The U.S. Mint reported that producing one penny cost 3.69 cents in 2024, indicating that its manufacturing is unprofitable.
Future Circulation and Cultural Presence
Despite the unprofitability of production, existing pennies will remain in circulation, with the U.S. Treasury estimating a typical coin lifespan of around 30 years. The penny continues to be referenced in numerous aphorisms and cultural idioms, such as 'a penny saved is a penny earned.' James Geary, author of 'The World in a Phrase: A Brief History of the Aphorism,' notes that the penny's small size makes it a suitable subject for these concise literary forms.
The Myth of the Falling Penny
A prevalent myth suggests that a penny dropped from a significant height, such as the Empire State Building, could reach a fatal velocity. However, this has been debunked by various demonstrations, including by 'Mythbusters.' The coin's small dimensions—three-quarters of an inch thick and weighing less than a tenth of an ounce—cause it to flutter and tumble rather than achieve dangerous speeds.
Other U.S. coin denominations currently in circulation include the dime, nickel, and quarter.