When did the first penny come out

The first U.S. penny sold for nearly $1.2 million Thursday night at an auction in Baltimore.

It sold for nearly $1.2 million Thursday night at an auction in Baltimore.

The coin, known as the "Birch Cent," was made in 1792, months after the one-cent denomination was first authorized by Congress, according to the auction house Stack's Bowers Galleries.

It was made in a trial run for the penny, and depicts Lady Liberty. Thomas Jefferson and George Washington discussed the design in letters dated August 1792, before it was presented to Congress as an option for the new coin.

Today, there are only 10 of these coins in existence, as far as collectors know. But it's possible that more were made at the time, according to Stack's Bowers.

This penny had not been sold at auction since 1959. Stack's Bowers declined to release the winning bidder's name.

Another coin, an 1861 half-dollar made by the Confederate States of America, sold for $646,250 at Thursday's auction.

CNNMoney (New York) First published March 27, 2015: 3:46 PM ET

The penny is the great survivor of the British coinage system. Derived indirectly from the old Roman denarius, it existed as a small silver coin from Anglo-Saxon times. It survived the Norman Conquest of 1066 and continued to be struck for circulation until the middle of the 17th century, 12 pennies making a shilling and 20 shillings a pound.

Because of the rising price of silver the penny became progressively smaller and from the Restoration of Charles II in 1660 it was struck only for use as part of the Royal Maundy. Silver pennies are still struck today for the same purpose, nearly 1400 years after the penny first appeared as a small silver coin.

King Offa penny

The ‘cartwheel’ penny and the twopence of 1797

Among the pieces most frequently received for examination from members of the public are the large copper pennies and twopences of 1797, known as ‘cartwheels’ because of their huge size.

The two coins bear similar designs. On one side appears the head of George III, facing right and wearing a wreath, together with the words GEORGIUS III.D:G.REX. On the lowest fold of the drapery at the base of the effigy is the initial K, indicating that the design is the work of the German engraver Kuchler. On the other side (also engraved by Kuchler) is shown the seated figure of Britannia, together with the word BRITANNIA and the date 1797. The letters are incuse (or sunk) and have been placed on a broad raised rim in an attempt to prevent undue wear and lessen the risk of counterfeiting.

The coins were not struck by the Royal Mint but by Matthew Boulton at his private Soho Mint in Birmingham, and the name of the mint can, in fact, be seen on the coins just below Britannia’s shield. They were made legal tender for amounts of up to one shilling by a proclamation of 26 July 1797, which also specified that the penny should weigh one ounce and the twopence two ounces. The object of making them so heavy was that their intrinsic value should correspond as nearly as possible to their face value: in other words, their cost of production (copper plus workmanship) was to be a penny in one case and twopence in the other. The diameter of the penny measures 1.4 inches and that of the twopence 1.6 inches.

It is believed that approximately 720,000 twopences and nearly 44,000,000 pennies were issued, all bearing the date 1797. Consequently the penny is a very common piece and the twopence not particularly hard to come by.

1797 to the modern day

The cartwheel pennies of 1797 proved popular and continued to circulate, along with later and slightly lighter copper pennies, until 1860.

Elizabeth II penny, 1953

In that year copper pennies were replaced by smaller, thinner and more durable coins in bronze. Originally known as bun pennies from Queen Victoria’s portrait on the obverse, these and later issues of the bronze penny remained in circulation until the time of decimalisation in 1971.

In the form of a new penny it survived decimalisation but with its value changed to one-100th of a pound. At the same time the seated figure of Britannia, which had been a feature of all copper and bronze pennies, was replaced by a crowned portcullis as the symbol of Parliament.

Mintage figures of the modern decimal penny

If you have heard of only one rare coin, there is a good chance that it is the 1933 penny.

One of the coins most frequently shown to visitors to the Royal Mint Museum is the Monogram Penny of Alfred the Great, (871-899).

It is important not to overlook even small coins in poor condition as they can also tell a fascinating story.

In 1945 the Government of India came under pressure to introduce an extremely small coin.

Those who forget history are doomed to failure, and keeping this in mind, at National Today, we always commemorate National One Cent Day on April 1 by remembering the iconic historical moments that have shaped the U.S. Time teaches important lessons in the shape of events that have been archived in the pages of history. It is crucial to always remember history in the present for a better future — after all, history plays an important role in molding the identity of a place. In the case of National One Cent Day, which honors a major point in the establishment of the American currency, the story begins in the times of Benjamin Franklin all the way to Abraham Lincoln. Did you know, the one-cent coin used to be called the Flowing Hair dollar because of the image of the Statue of Liberty on it?

Back in 1787, the U.S. issued the first one-cent coin, designed by Benjamin Franklin. On one side, the coin read “Mind Your Business”, and on the other side, “We Are One”. Unlike today’s one-cent coins, Franklin’s design was made entirely of copper and was also bigger. It went on to be called the Fugio cent or the Franklin cent. These coins were handcrafted and minted by workers without the use of machines.

But in 1792, when the United States Minting was established, a proposal for a new coin design was submitted. By 1793, on April 1, the new one-cent coin was introduced into the market. These new coins were a symbol of the Statue of Liberty. One side depicted an image of a lady with flowing hair, and the other side showed 13 chains representing the 13 colonies. As years went by, the coin’s size was reduced to make it easier to handle. The coin went on to see several other design changes, from an eagle wreath and the head of an American Indian to President Lincoln’s face. The metals it was made from also changed from being 100% copper to being 97.5% zinc and only 2.5% copper.

So, there you have it. While a one-cent coin can make you feel rich or poor depending on the context, one thing is for sure, and that is people have been celebrating the day to remember the coin’s rich history and its importance in the U.S.A.’s development.

Slavery Claims Over One Cent’s Design

Franklin’s Liberty design is criticized for representing slavery due to its 13 chains design.

Indian Head Put on the One Cent

After a design change, the head of an American Indian is put on the one-cent coin and it instantly becomes popular amongst the masses, staying in circulation for decades to come.

Lincoln's Memorial on One Cent

President Lincoln is honored by his face being imprinted on the one-cent coin starting from 1959 to 2008.

Union Shield on the One Cent

After President Lincoln’s face, the one-cent coin boasts the emblem of the Union Shield.

The official name of the one-cent coin is ‘one-cent,’ but due to the British denomination system that was still in circulation during the old times, the word ‘penny’ stuck. ‘Penny’ is still used today, but in Britain, the plural form of a penny is ‘pence’ and, in the U.S., it’s ‘pennies.’

During WWII, copper was being rationed and saved for ammunition shells. This led to copper’s ratio being reduced significantly in copper coins, from a whopping 95% or 100% to a measly 2.5%. The metal’s ratio remains the same today.

It’s actually much easier than it seems! During WWII, in 1943, a substantial amount of one-cent coins were accidentally struck from bronze. Today, these bronze one-cent coins are worth $100,000 per coin. So, keep an eye on all your small change to see if you have struck gold!

You can take a trip down memory lane and explore the different historical aspects related to the one-cent coin — how it came to be, who minted it, what designs were rejected, etc. And while you are on the topic, explore another currency’s history too and see if there are any similarities in the journeys of the notes and the coins.
Cutting, shaving, and molding metal is a difficult process in itself. It takes the utmost dedication, time, energy, and skills to even begin to make something like a coin without the help of advanced machinery and such. These people deserve to be celebrated and appreciated since it is because of their hard work that we have a reason to celebrate National One Cent Day in the first place.
It is very tempting to spend that one cent for the sake of spending it because, after all, many people do not consider it to have much value. However, you must always remember that with each one cent collected and saved you’re one step closer to getting that pricey product or treating yourself to a much-needed spa day.

Apart from gold, copper is the only metal with a unique color, while all the other metals have silver or grey hues.
The metal is an important mineral necessary for cell formation and function, and it can be found in grains, potatoes, and leafy greens.
Having excess copper in your diet can lead to a number of health issues like jaundice and blue-colored diarrhea!
Because of its recyclable properties, about 80% of the copper that has ever been mined is still in use today.
While chlorine gets all the bad rep, it is copper in swimming pools that is the real culprit for turning hair green.

There’s no doubt that history holds important lessons for us to learn and implement in our day-to-day lives. Then there’s also the type of history that allows us to appreciate what we have today. The one-cent coin has gone through a number of changes, all worth remembering and celebrating.
Who would have thought that a small coin can become the symbol of determination and perseverance shown by our ancestors? The one-cent coin has stories of freedom and cultural diversity attached to it — all worth knowing!
Change — and constant change at that — is a law of nature. Nothing ever stays in one stagnant form, and something seemingly insignificant like a coin has also gone through extensive changes over time, be it in its design or its metals. Constant evolution is unavoidable and should be celebrated.