Why+is+Abe+Lincoln+on+the+penny?


 * || [[image:http://www.pennies.org/images/trans.gif width="5" height="1"]] || [[image:http://www.pennies.org/history/images/red_dot.gif width="1" height="400"]] || [[image:http://www.pennies.org/images/trans.gif width="9" height="1"]] || **The beginning of the Penny 1787-1859**

The one-cent coin, commonly known as the penny, was the first currency of any type authorized by the United States. The design for the first one-cent coin was suggested by Benjamin Franklin. The counterpart. The word "penny" is derived from the British coin pence. Over 300 billion one-cent coins, with 11 different designs, have been minted since 1787. The first one-cent coin was struck in 1787 by a private mint. This coin, known as the Fugio cent, was 100% copper and this composition would continue until the mid-1800s. Paul Revere, a noted blacksmith, supplied some of the copper for one-cent coins minted during the early 1790's.
 * Indian Cent 1859-1909**

The Indian cent was first introduced in 1859 and depicted an Indian princess on the obverse. A popular story about its design claims a visiting Indian chief lent the designer's daughter his headdress so she could pose as the Indian princess. Most Indian cents minted during the Civil War went primarily to pay Union soldiers. After the Civil War, in 1864, the composition of the one-cent coin was changed to 95% copper and 5% zinc.

The Lincoln Cent Appears

//1909 -// When the Lincoln cent made its initial appearance in 1909, it marked a radical departure from accepted styling, introducing as it did for the first time a portrait coin in the regular series. A strong feeling had prevailed against the use of portraits on the coins of the country but public sentiment stemming from the 100th anniversary celebration of Abraham Lincoln's birth proved stronger than the long-standing prejudice. The only person invited to participate in the formulation of the new design was Victor David Brenner. President Theodore Roosevelt was so impressed with the talents of this outstanding sculptor that Brenner was singled out by the President for the commission. The splendid likeness of our 16th President on the obverse is an adaptation of a plaque Brenner executed several years prior which had come to the attention of President Roosevelt. In addition to prescribed elements - LIBERTY and the date - the motto IN GOD WE TRUST appeared for the first time on a coin of this denomination. Of interest is the fact that the Congress passed the Act on March 3, 1865, authorizing the use of this expression on our coins during Lincoln's tenure of office. A study of three models for the reverse resulted in the approval of a very simple design bearing two wheatheads in memorial style. Between these, in the center of the coin, are the denomination and UNITED STATES OF AMERICA, while curving around the upper border is the national motto, E PLURIBUS UNUM, which means "One out of Many." Even though no legislation was required for a new design, approval of the Secretary was necessary to make the change. Franklin MacVeagh gave his approval July 14, 1909, and not quite three weeks later, on August 2nd, the new cent was released to the public. The original model bore Brenner's name. Prior to issuance, however, the initials VDB were substituted because Mint officials felt the name was too prominent. After the coin was released, many protested that even the initials were conspicuous and detracted from the design. Because the coin was in great demand, and due to the fact that to make a change would have required halting production, the decision was made to eliminate the initials entirely. They were restored in 1918, and are to be found in minute form on the rim, just under the shoulder of Lincoln. More cents are produced than any other denomination, which makes the Lincoln piece a familiar item on the national scene. In its life span the little bronze coin has weathered two world conflicts, one of which was to change it materially. Metals play a vital part in any war effort. At the time of World War II the cent was composed of 95 per cent copper and 5 percent tin and zinc. These metals were denied the Mint for the duration of the emergency, making it necessary to seek a substitute. After much deliberation, even including consideration of plastics, zinc-coated steel was chosen as the best in a limited range of suitable materials. The Steel Cent

//1943 -// Production of this wartime cent was provided for in the Act approved December 12, 1942, which also set as the expiration date of the authority December 18, 1946. Low grade carbon steel formed the base, to which a zinc coating .005 inches thick was deposited on each side electrolytically as a rust preventative. The same size was maintained but the weight was reduced from the standard 48 grains to 42 grains, due to the use of a lighter alloy. Operations commenced February 27, 1943, and by December 31st of that year the three Mints then functioning had put out an almost record breaking number of cents, with the total reaching 1,093,838,670 pieces. The copper released was enough to meet the combined needs of two cruisers, two destroyers, 1242 flying fortresses, 120 field guns and 120 howitzers; or enough for one and one-quarter million shells for our big field guns. On January 1, 1944, the Mints were able to adopt a modified alloy, the supply being derived from expended shell casings which when melted furnished the composition similar to the original but with only faint trace of tin, the 6 grains dropped from the total weight was restored.

The Memorial Cent

//1959 -// On February 12, 1959, a revised reverse was introduced as a part of the 150th anniversary celebration of the Great Emancipator's birth. No formal competition was held. Frank Gasparro, the Assistant Engraver at the Mint in Philadelphia, prepared the winning entry, selected from a group of 23 models the engraving staff at the Mint had been asked to present for consideration. Again, only the Treasury Secretary's approval was necessary to make the change because the design had been in force for more than the required 25 years. The imposing marble Lincoln Memorial in the Nation's Capital provides the central motif; the legends E PLURIBUS UNUM and UNITED STATES OF AMERICA form the rest of the design, together with the denomination. Mr. Gasparro's initials, FG, appear on the right, near the shrubbery.

Changes in the Design

//1960 -// In 1960 Lincoln cents were produced in some cases with a short top loop on the 6 in the date, if an imaginary perpendicular line was drawn straight up from the ball of the 6. This was the 1960 small date Lincoln cent. Early examination of the 1960 cents showed the small date types to be less common than the larger dates. A mad scramble to find small dates was on. Lincoln cent collectors in 1960 needed no reminders of what had happened with the 1955 doubled die obverse. They wanted those 1960 small date cents - which had even appeared in proof sets. The Philadelphia 1960 small date was clearly tougher than the 1960-D small date and its value soared to around $3 a coin. That is about $18 in today's money. Imagine what such a cent would do to the hobby today. High prices did not last. The 1960 small dates lost momentum. The supply was simply too great to support any higher prices. In 1962, Mint officials decided to drop tin from the content of the Lincoln cent, because there were manufacturing cost advantages to a stable alloy of 95 percent copper and five percent zinc. This time, however, there was no particular interest because the change was not readily notice even though technically the Lincoln cent became brass, not bronze. It may seem incredible today, but the rush on government silver supplies had an impact on the Lincoln Memorial cent. The situation with silver and the new Kennedy half dollar had created enormous interest and hoarding. With silver coins rapidly leaving circulation and Kennedy halves hoarded in massive numbers, the government in 1964 had a severe coin shortage on its hands.

The changing 1960s

If there has been one unwritten rule for Mint directors in the past 40 years, it is that you can't screw up too badly so long as there is no national coin shortage. It's like the army: don't stand out and you will be fine. That is why Mint directors and even secretaries of the Treasury have so often opposed coin design changes. It is the fear of coin shortages. In any event, the nation in 1964 and 1965 had a full-blown coin shortage on its hands and Washington knew it. Realistically, it would have been solved with clad production in a couple of years, but the unwritten rule had been violated. A scapegoat was needed and the nation's coin collectors were just what the political doctor ordered. It was stupid, it really was. Lincoln cents were not really the heart of the problem and coin collectors were not the culprits, but, like the teacher who makes the whole class stay after school, the government officials decided to place no mintmarks on the coins of 1965. For that matter, there were no mintmarks in 1966 or 1967 either, the idea being to keep coin collectors from hoarding all the coins needed for circulation. Moreover, taking a page from the Mint back in the 1790's some coins produced in 1965 were actually dated 1964, in theory also helping to discourage hoarding. Of course, back in 1798 they were merely trying to use dies for as long as they could, which was a vastly different situation. Many collectors lost interest in updating their Lincoln sets because of the absence of mintmarks. On paper, at least, 1968 looks like a total reversal in attitude, as Lincoln Memorial cents once again had mintmarks. The fact that there were mintmarks was significant, as the famous "S" designated coins returned after an absence of 13 years. For collectors, the sight of the new "S" coins had to be something of a refreshing change, even if the mintage of 261, 311, 507 pieces suggested strongly that the new San Francisco cents, the first with an "S" mintmark since 1955, would not be rare. Like the first Lincoln Memorial cents in 1959, they were coins you wanted to see and to touch, even if they had no real investment potential. There was a bit of excitement in 1969, again from San Francisco. The doubled die obverse 1969-S cents were produced in extremely small numbers. A few were actually seized by Secret Service agents as counterfeits, but most of these were slowly returned to their owners. The small numbers and seizures kept the 1969-S from ever becoming anything close to a sensation.

The 1972 doubled die

//1972 -// Things changed in 1972, when the 1972 doubled die obverse did cause a sensation. It was not the 1955 doubled die obverse, though that is perhaps an unfair standard. Few coins in history have created such a level of excitement. The 1972 with the date and motto clearly doubled was national news. It was ironic. The 1970 large and small dates (with the small date being the better) combined with the 1972 doubled die obverse were perhaps the best two cents to appear in a short span of time in modern U.S. hobby history. The 1955 doubled die obverse was five years before the 1960 small date and the 1970 small date was better than the 1960. The 1972 doubled die obverse cent ranks as one of the most widely recognized and popular errors of the century.

Changes in composition

//1982 -// The rising price of copper finally took its toll on the Lincoln cent in 1982. The composition in 1982 was changed to an alloy of 99.2 percent zinc and 0.8 percent copper, plated by pure copper - making the total composition 97.5 percent zinc and 2.5 percent copper. The year was marked by more than the composition. There were small and large date cents of both the old and new composition from both Philadelphia and Denver, creating what was literally a collection of seven 1982 cents. The following year brought the first significant copper-plated zinc cent rarity in the form of the 1983 doubled die reverse, which had boldly doubled reverse lettering. The following year saw the production of a boldly doubled obverse, a rare back-to-back set of modern errors. The trend of periodic doubled dies has continued to the present day, providing collectors of Lincoln Memorial cents with plenty of opportunities to find valuable coins in the course of regular transactions. The 1995 doubled die cents are still being found as collectors and speculators purchase unopened Mint bags in the hopes of finding additional examples.

Collecting Lincoln Pennies

With almost 40 years of production, the Lincoln Memorial cent has provided its collectors with a number of historic coins. For those who have checked their change and regularly studied circulating Lincoln cents, there have also been a number of pleasant surprises in the form of doubled dies, large and small dates and varieties. Although a complete Lincoln Memorial cent collection may not currently be an expensive undertaking, that is the case with virtually any current coin, just as 1877 Indian cents were modestly priced in 1878. Some might doubt that there are coins in the Lincoln Memorial cent series of such potential, but there are already some very interesting signs in the case of what many would consider common dates. An examination of the prices of uncirculated Lincoln cent rolls turns up indications that Lincoln Memorial reverse cents have a strong future. Beginning with the 1969 Lincolns from Philadelphia, it is not that unusual to find rolls of uncirculated Lincolns selling for between 4 and 10 times their face value. There are even a Collecting Lincoln Pennies

With almost 40 years of production, the Lincoln Memorial cent has provided its collectors with a number of historic coins. For those who have checked their change and regularly studied circulating Lincoln cents, there have also been a number of pleasant surprises in the form of doubled dies, large and small dates and varieties. Although a complete Lincoln Memorial cent collection may not currently be an expensive undertaking, that is the case with virtually any current coin, just as 1877 Indian cents were modestly priced in 1878. Some might doubt that there are coins in the Lincoln Memorial cent series of such potential, but there are already some very interesting signs in the case of what many would consider common dates. An examination of the prices of uncirculated Lincoln cent rolls turns up indications that Lincoln Memorial reverse cents have a strong future. Beginning with the 1969 Lincolns from Philadelphia, it is not that unusual to find rolls of uncirculated Lincolns selling for between 4 and 10 times their face value. There are even a number of rolls from the late 1980s selling at four times face value.number of rolls from the late 1980s selling at four times face value.

Collecting Lincoln Pennies cont.
 * 1984-D Lincoln Memorial**

It has long been felt that people have been ignoring issues since 1965 and that there may not be adequate supplies of nice examples for future generations of collectors. That appears to have some truth, as there has to be a supply shortage for rolls less than a decade old to be bringing four times face value and in the case of the 1984-D, almost $10 for 50 cents in uncirculated 1984-D Lincolns. Whether the 1984-D will emerge as the key date of modern Lincoln Memorial reverse cents remains to be seen, but clearly the market is suggesting that the 1984-D and a number of other fairly recent dates have solid potential for both collectors and investors in the years ahead. The prospect is a very real one that one day today's seemingly common Lincoln Memorial reverse cents will be viewed with as much interest and desire as collectors of today might view a large cent collection.

Text reprinted with permission from Numismatic News and the U.S. Mint.



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