May 23, 2023 – Pennies

Happy Lucky Penny Day! Have you ever wondered why finding a penny is good luck? One theory is that ancient civilizations believed metals like copper were gifts from the gods meant to protect people from evil. The penny has been the lowest face-value of U.S. currency since the half-cent was abolished in 1857. The first U.S. cent was produced in 1787 and some accounts say it was designed by Benjamin Franklin. On the front was the message “Mind Your Business”, while the reverse had the motto “We Are One” surrounded by 13 chain links to represent the 13 original colonies. The coin has gone through several design changes over the year. The current Lincoln cent was adopted in 1909 to mark Lincoln’s 100th birthday. This was the first regular coin that a portrait other than the mythical Liberty. Pennies have been made from copper or copper-plated zinc throughout its history. Today, it’s made from 97.5% zinc and 2.5% copper. In 2022, it cost 2.72 cents to make, administer, and distribute a penny. The mint produced 5.5 billion pennies in 2022, a loss of $92.7 million to the U.S. government. Since they cost more to make than what they’re worth, there’s a big debate about whether pennies should be eliminated. Other countries have done away with coins no longer worth producing, like Canada, which ended the production of its penny in 2012. There have been several bills introduced to Congress to cease production of pennies, but so far none have been approved. Learn more here.