The last copper penny, commonly known as the “large cent,” was produced in 1857 in the United States. However, the history of the copper penny extends far beyond the United States and encompasses a global story of currency and economics.
Copper has been used as a currency for thousands of years, with evidence of copper coins dating back to ancient civilizations in the Middle East and Asia. Copper coins were used extensively in Europe during the Middle Ages, and in the Americas, the copper penny was a staple of early colonial trade.
In the United States, the first copper penny was produced in 1793. Known as the “Flowing Hair” cent, it featured the portrait of Lady Liberty with flowing hair on the obverse and a wreath on the reverse. This penny was followed by several other designs, including the “Chain” cent, the “Wreath” cent, and the “Liberty Cap” cent.
The design of the penny changed frequently during the 19th century, with new designs appearing every few years. In 1857, the “large cent” was replaced by the smaller, more familiar “Flying Eagle” cent. The Flying Eagle cent was made of a combination of copper and nickel, which gave it a white color and made it more durable than the previous copper pennies.
In 1864, during the Civil War, the United States government issued the first “Indian Head” cent. This penny featured the portrait of a Native American on the obverse and a wreath on the reverse. It was made of 95% copper and 5% tin and zinc, which made it more durable than the previous copper pennies.
Over the next few decades, the composition of the penny changed several times due to the rising cost of copper. During World War II, copper was needed for the war effort, and the government began making pennies out of zinc-coated steel. These pennies were not well-received by the public, as they tended to rust quickly and were easily mistaken for dimes.
In 1946, the United States government returned to making pennies out of copper. However, by the early 1980s, the cost of copper had risen so much that it was more expensive to produce a penny than it was worth. In 1982, the United States government began making pennies out of a zinc core with a thin copper coating. This allowed the government to continue making pennies without losing money on each one.
The composition of the penny has remained the same since 1982, with a zinc core and a thin copper coating. However, there have been discussions about phasing out the penny altogether due to its low purchasing power and the high cost of producing it. In fact, several countries, including Canada and Australia, have already eliminated their penny.
In conclusion, the history of the copper penny is a long and storied one, with its origins dating back thousands of years. While the United States produced its last copper penny in 1857, the penny has continued to be an important part of the country’s currency system. Today, the penny remains a familiar and ubiquitous presence in American commerce, despite the ongoing debate about its usefulness and viability in the modern economy.