Lincoln penny celebrates 113th anniversary just before US Mint stops circulation - Washington Examiner (2024)

FAQs

Why is the Lincoln Memorial no longer on the penny? ›

Brenner's wheat reverse was replaced in 1959 by a depiction of the Lincoln Memorial designed by Frank Gasparro, for the sesquicentennial of his birth year. The Lincoln Memorial reverse was itself replaced in 2009 by four commemorative designs marking the bicentennial of Lincoln's birth.

Those who favor keeping the penny believe the penny plays an important role in keeping down the costs of the goods and services we buy. If there were no pennies, stores and restaurants would round up to the nearest nickel. This means consumers would end up paying $0.55 for something that should cost only $0.51.

The U.S. Mint has no plans to discontinue the penny, and such a move would require congressional approval.

Answer and Explanation:

Abraham Lincoln is facing right on the penny because the design was based on a picture where Lincoln was facing right. Artist Victor David Brenner created the coin based on a photograph of Lincoln taken in April 1864 by photographer Anthony Berger.

That's what happened to several pennies produced in 1982, which pushed their value up from 1 cent to nearly $20,000. The penny in question is the 1982-D Small Date Copper Alloy Lincoln Cent, which sold at auction in 2016 for $18,800, according to Numismatic News.

The following Lincoln Memorial pennies in any condition, are worth considerable more than common ones: 1970-S Small Date. 1972 Doubled Die. 1983 Doubled Die.

With a 2022 production of an estimated 6,359,600,000 pennies, this results in an annual loss for the U.S. government of around $110 million. Also, as the price of the raw materials from which the penny is made exceeds the face value, there is a risk that coins will be illegally melted down for raw materials.

Also, pennies help keep prices down. Without them, stores and restaurants might round up prices, so most things would cost more. Though many people don't use pennies, they still have value. They come in handy when you're making a purchase and don't have other change.

According to Cointrackers.com, certain pennies that were minted in 1943 and 1944 top the list of the 25 most valuable pennies for coin collectors in 2023. The 1944 steel wheat penny could be worth as much as $408,000 in mint condition, and up to $10,000 in average condition, the site said.

The bar across the top represents Congress and the federal government. The bar includes the national motto “E Pluribus Unum” (“out of many, one”). The shield design symbolizes the U.S. as a whole country, kept together by President Lincoln.

How much does it cost the U.S. Mint to make a penny? ›

The mint's 2022 annual report revealed that it costs 2.72 cents to make 1 penny and 10.41 cents to make a nickel.

The centennial of Abraham Lincoln's birth was marked by placing his portrait on the cent. For the reverse, sculptor Victor D. Brenner chose a heraldic arrangement of two wheat heads to frame the statutory legends. Learn More...

1984 and 1997 “double-ear” Lincoln pennies.

These four designs, unveiled September 22, 2008 at a ceremony held at the Lincoln Memorial on the National Mall in Washington, D.C., are: Lincoln's Birth and early childhood in Kentucky, Lincoln's Formative years in Indiana, Lincoln's Professional life in Illinois, and Lincoln's Presidency in Washington, D.C. Coins of ...

If you look closely, you can see the statue of Lincoln inside the Lincoln Memorial on the back of a penny.

The “Lincoln Memorial” penny design was introduced in 1959. This design was last made in 2008 and replaced by the Lincoln Bicentennial One Cent Program. The obverse design featuring President Abraham Lincoln was first produced in 1909 to commemorate the 100th anniversary of Lincoln's birth.

The 1959-D wheat penny is one of the most controversial mule coins ever. It's worth $50,000! Here's everything you could possibly want to know about the 1959-D penny error!

On February 12, 1959, a revised reverse design was introduced as part of the 150th anniversary of Lincoln's birth. No formal competition was held.