WorldWide Drilling Resource

45 WorldWide Drilling Resource ® MARCH 2015 My Two Cents by Bonnie Love, Editor WorldWide Drilling Resource ® One of my fondest childhood mem- ories is when we would go to an old penny arcade in Manitou Springs, Colorado, and get a gumball, or play an old-style pinball game. We would spend hours playing silly little games. Nowadays, you can’t even get a gumball for a penny. In fact, the U.S. Mint cannot even make a penny for a penny. Yes times have changed, and so has the penny. Here’s how the U.S. one-cent piece, the penny, has evolved. Interestingly enough, the penny was the first currency of any type authorized by the United States. The design for the first one-cent coin was suggested by Benjamin Franklin and the coin was struck in 1787 by a private mint. This coin, known as the Fugio cent, was 100% copper. The War of 1812 caused a copper shortage which led to no pennies being minted in 1815. The composition remained pure cop- per until 1837, when it was changed to bronze consisting of 95% copper, and 5% tin and zinc. Between 1857 and 1909, the penny was 88% copper and 12% nickel, giving the coin a whitish appearance. The Coinage Act of 1864 led to the penny being officially declared legal tender. George Washington may have been the country’s first president, but it was Abraham Lincoln who became the first historical figure to grace a U.S. coin. In 1909, he was portrayed on the penny to commemorate his 100th birthday. The Lincoln penny was also the first U.S. cent to include the words "In God We Trust." From 1864-1962 the penny was once again minted in bronze. There was one year, 1943, when the coin was changed to zinc-coated steel due to the critical use of copper during World War II. In 1962, the cent's tin content, which was quite small, was removed. That made the metal composition of the cent 95% The face of the 1787 Fugio cent is inscribed with some sage advice from Mr. Franklin, MIND YOUR BUSINESS, while the back says, WE ARE ONE. Image courtesy of the Numismatic Guaranty Corporation, Parsippany, New Jersey. A photo from my recent trip back to Manitou Springs, Colorado. copper and 5% zinc. By 1982, the penny’s composition changed to 97.5% zinc and 2.5% cop- per, and it remains that way today. Over the years, the iconic U.S. penny has undergone 11 different designs. The most recent design features a union shield with a scroll draped across it inscribed with ONE CENT . So the next time you’re fishing in your pocket, or fumbling through the change in your car, give the penny the respect it has earned and remember, it all starts with drilling. That’s my two cents!