The penny takes it roots from Britain dating back as far as 757 AD. At one time, the value of a penny was equivalent to the weight of silver. This was not always true because of dishonest minters and the practice of shaving small pieces of silver off the edge of the coin. In England, the penny was the most important coin and is still in use today.
The first copper penny minted in 1797 stayed that way until 1860 when they became bronze. Early in the 1900’s they consisted of bronze, copper, zinc, and tin. In 1967, the last of the bonze penny was minted and the new penny was created containing copper, tin and zinc. The decimal penny issued in 1968 became legal tender in 1971. It portrays Queen Elizabeth II.
In 1776, the United States gained its independence from England. Although the United States had deep roots with England, it was also the melting pot of the new continent. It would go through several coins before the selection of the Lincoln cent was born in 1909. Although many Americans refer to the coin as a penny, its official name is the cent, representing 1/100 of a dollar.
Like its European cousin, it too started out predominately copper. As years passed other alloys were added and today it composition is primarily zinc coated with copper. The Lincoln cent is the longest running coin in US history as well as in world history. In 2009, it will undergo major changes.
Both governments spend significant money in the minting of the penny and cent, each trying to curb its minting costs. In the United States, laws have been passed to protect older coins from being melted and sold for the value of copper.
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