How do you feel about pennies?

Superstitions

I have a cousin who won’t pick up a penny if it’s not heads up. (Me? A penny is a penny, and I’ll pick it up regardless of its position.)

Many superstitions surround the penny. But where did they come from? Why do we believe a penny brings good luck? One theory is because of religious beliefs. Early civilizations thought copper and other metals were gifts from the gods. Another theory is that the two sides of the coin represent good and evil, with the head representing good. (And thus “safe” to pick up.)

Did You Know Some Superstitions Claim…

• It’s luckier to save the penny you find rather than spend it.
• Placing a penny in your shoe brings good fortune.
• If you carry three pennies, they’ll bring you good luck.
• Your wish will be granted if you throw a penny over your left shoulder into water or a wishing well.
• Finding a penny means more money is headed your way.
• It’s good luck to keep a jar of pennies in your kitchen.
• Carrying a penny minted in your birth year will bring good luck.

History

When the Romans invaded England, their money system came with them. Several hundred years later, when they left the country, the concept of money stayed. In 790 A.D., an Anglo-Saxon king introduced the first penny. It was made completely of silver. When the first colonists sailed to America, they took pennies with them.

Did You Know…

• In 1787, the first currency of any kind authorized by the U.S. government was the one-cent coin.
• Benjamin Franklin designed the first U.S. penny. (And supposedly coined the phrase: “A penny saved is a penny earned.”)
• Visitors to Benjamin Franklin’s grave usually leave a penny for good luck.
• In 1793, with an abundance of copper, the U.S. manufactured the first 100% copper pennies.
• Since printing that first penny, eleven different designs have been used on over 300 billion one-cent coins.
• The War of 1812 led to a copper shortage, and in 1815 the U.S. minted no one-cent coins.
• The one-cent pieces minted in 1839 were nicknamed “silly head” because most people thought the coin’s picture of Miss Liberty on the front looked silly.
• In 1856, the composition of the one-cent coin changed from 100% copper to 88% copper and 12% nickel. This composition changed again in 1864 to 95% copper and 5% zinc. But by 1982, the copper content of one-cent pieces had dropped to only 2.5%.

Differences

The first original one-cent coin—called the “large cent”—was 50% larger and five times heavier than today’s penny. Although officially known as a “one-cent piece,” Americans, out of habit, continued to use the British word for it, giving the “penny” its name. Finally, a smaller one-cent piece replaced the 1793 “large cent,” but not until 1857.

Did You Know…

• The word “penny,” and its various European variations, originally meant any type of money or coin.

A Few More Things

In 1859, an Indian princess was depicted on the U.S.’s Indian cent coin. But the first actual person’s likeness found on a coin was Abraham Lincoln. His likeness first appeared on the penny in 1909 to commemorate his one-hundredth birthday. From 1909 to 1958, the U.S. one-cent coin was the Lincoln wheat penny.

A coin’s life is usually about thirty years. When they’re too worn to use, they’re removed from circulation, melted down, and used for other things.

Did You Know…

• The Lincoln wheat penny was the first coin to have “In God We Trust” on it.,
• Another copper shortage—this one during WWII—led to zinc-coated steel pennies (nicknamed steelies) being minted. Unfortunately, they deteriorated quickly and were too easily confused with dimes.
• In the 1980s, the U.S. did away with pennies at all overseas military branches. (Transactions were rounded up or down to the nearest five cents.)
• It takes 1.8 cents to make a one-cent coin.