Betcha these penny facts will turn you on your head — um, obverse. (See what I did there?)
Yes, the good old penny.
It’s a coin you probably don’t use much these days. Though I’ll bet you have a small stash of pennies somewhere in your home tucked away in an old sock drawer or a jar on the counter.
Pennies have inspired me as a coin collector. Finding a 1941 wheat cent in my allowance hooked me on the hobby when I was a child. As a penny collector, I spent 2 years and hundreds of dollars completing an entire set of Lincoln cents.
This simple coin has somehow defied numerous measures to eliminate it from circulation through the years. For now, the U.S. penny lives on.
Over my years in the hobby, I’ve picked up a ton of quirky knowledge about this little copper survivor.
Here are 7 little-known penny facts that will definitely make you look twice at your spare change…
Little-Known Facts About Pennies
Penny facts are pretty cool — even though some may seem trivial at first.
I bet all 7 penny facts below will likely have you saying, “Wow, I didn’t know that!”
Penny Fact #1: There is no such thing as an official U.S. “penny”
That’s right… there’s no official “penny” in United States circulation. That term actually derives from the British, who make a coin called the “penny.”
The official name of the U.S. coin that we Americans call the penny is actually just “the one cent coin.”
Here’s more about the history of the U.S. penny.
Penny Fact #2: It started as a silver coin in 790 A.D.
The first English coin to be known as a “penny” was introduced around 790 A.D. by Offa, an Anglo-Saxon king.
Originally, the penny was made from silver, but in later times was minted in copper.
There are 100 British pennies to the nation’s pound — just as there are 100 U.S. cents to our dollar.
Penny Fact #3: Ben Franklin designed the very first one — and it was sassy
Benjamin Franklin, to whom we owe the phrase “a penny saved is a penny earned,” designed the first one cent coin in 1787.
It was the earliest coin ever struck under United States authority — as can be verified by contract.
Called a Fugio cent, this coin depicts a sun over a sundial and the motto “Mind Your Business.” On the reverse side is the motto “We Are One” — which is encircled by a chain with 13 links representing each of the original colonies.
Penny Fact #4: The original 1793 cents were massive chunkers
The first “official” U.S. one-cent coins were struck in 1793. They were known as Large Cents.
These first one-cent pieces were made from 100% copper.
But they were so big… They had a diameter close to a modern-day half dollar coin!
Penny Fact #5: Modern pennies are basically fake copper
These days, the U.S. one-cent coin actually contains very little copper.
This follows a major change in the composition of one-cent coins back in 1982, when the penny (I’ll still call it) saw a reduction in copper content.
In the past, pennies were made from 95% copper (and 5% tin and zinc).
Pennies are currently made from 97.5% zinc and 2.5% copper. And, in case you’re wondering, a modern penny weighs 2.5 grams.
Penny Fact #6: Uncle Sam loses money on every single coin
It costs the U.S. Mint around 3 cents to make a single penny today.
While dropping the copper content back in 1982 temporarily saved a bunch of cash, skyrocketing metal prices over the last few decades mean that the penny is wildly cost-ineffective to produce today.
Multiple politicians have tried to abolish the penny entirely (just like Canada did in 2012), but it always gets sidelined by fierce opposition on Capitol Hill.
Penny Fact #7: The 1909 “V.D.B.” drama
The very first Lincoln penny was made in 1909 to celebrate Abe’s 100th birthday. It featured 2 stalks of wheat on the back — giving these pennies the famous nickname “wheat cents” or “wheaties.”
The designer was a Lithuanian-born sculptor named Victor David Brenner. He proudly stamped his initials (V.D.B.) right on the bottom rim of the reverse side.
People lost their minds over the initials, calling it “free advertising” — so the Mint removed the initials later that year.
The public outcry makes the 1909 V.D.B. penny one of the most famous and highly sought-after error/variety coins in history.
The Mint eventually brought the initials back in 1918, but they hid them as microscopic letters tucked under Lincoln’s shoulder on the front — where they still sit today!
Bonus Fact: If you have a penny from 1959 to 2008, you’re looking at the Lincoln Memorial reverse, which was designed by legendary Mint engraver Frank Gasparro.
