“Please put a penny in the old man's hat. If you haven't got a penny, a ha'penny will do. If you haven't got a ha'penny, then God bless you.”
Traditional Children’s Song
Decades ago, a friend visiting from out-of-town purchased some items at a local store. As we left, he did something I’ve not forgotten. He threw the change in his hand into a nearby park. I asked why in the world he had done that. He replied, “it was just a bunch of pennies.” Just pennies. Time was, people would do almost anything for “just a bunch of pennies....”
I recently wrote about the pending proposal to eliminate our one cent coins. Consider our coinage over time. Our first penny was huge, figuratively and literally – almost the size of a half dollar, but thicker. Of course, prices too were far different. Way lower than today. So much lower, we actually had half-pennies. In England, those were sometimes called “Ha’pennies.” A half penny or ha’penny was the size of a modern-day quarter but, again, thicker.
Before the US government began striking coins, individual states did. That was true for Virginia, Vermont, New Hampshire, New York, New Jersey and Massachusetts. Massachusetts copper coins were the very first to include “CENT” and “HALF CENT” denominations on them.
Prior to all that, Great Britain had created and struck coins intended for use in Ireland. These included farthings, half pennies and others. The coins were a flop. What to do? Britain opted to foist them off on the American colonies. That too didn’t fly. Americans hated them as much as the Irish.
Equally unpopular in the colonies were British copper coins bearing the portraits of King George I, George II and George III. The latter coins, struck in the 1770s, were particularly unpopular in America because George III had enacted the Stamp Act, Tea Tax, Poll Tax, Sugar Tax, and my personal favorite, the Sumptuary tax. That one levied a tax on people who wore gold or silver lace, buttons, or silk ribbons. And, we think we have government overreach today!
Over the decades, we’ve had numerous coins come and go. With prices forever rising, the half cent was understandably discontinued in 1857. At one point, we also had a two-cent and a three-cent coin. Any idea why? Here’s a hint, they were struck and distributed between 1851 and 1889. Maybe drop a letter to a friend and ask them. The answer is at the end of this column.
We also once had a 20-cent coin. It too is long gone. A key factor for the 20-cent coin disappearing was its size and design being too similar to the quarter. Those over age 50 may recall that was exactly the same cause for the demise of our Susan B. Anthony dollar. It was way too close in size to our quarter. So, coins do sometimes come and go.
While we sometimes may not pay much attention to some coin designs, they have played a major role in some that succeed or fail. Such was the case for our very first penny in 1793. It featured the allegorical head of Lady Liberty with the inscription “LIBERTY” and “1793” on the obverse. On the reverse was the denomination “ONE CENT” in the center surrounded by a chain of 13 links symbolizing the strength of the original colonies and the words “UNITED STATES OF AMERICA.”
The design on that cent was instantly changed due to northern citizens’ outcry over the image of a chain. They felt it was too indicative of chains on slaves – an institution most northerners opposed.
The chain on the penny was quickly replaced with a wreath tied with a bow. Today, for specimens of the “Chain America” cent, collectors pay anywhere from $5,000 for one in visibly poor condition, to $2.35 million paid for an uncirculated one a few years ago. I guarantee other specimens are hiding and waiting to be found around New England.
Clearly, we have a rich history with coinage and will continue to. The newest series of quarters slated to be issued will feature a variety of children’s sports. Those will appear in the next year or so.
Now…the reason behind the aforementioned two- and three-cent coins struck in copper, nickel and/or silver of 160 or so years ago? At that time, two- or three-cents was the postal rate for letters. The coins were said to be created to pay for stamps of the day. With modern postal rates changing almost monthly, such coins aren’t an option today.
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