In barely a month we’ll be celebrating, or at least be aware of, the pending 250th anniversary of the United States. Anyone who recalls our Bicentennial in 1976 will surely agree that time flies. In 2026, we’ll also witness the demise of something on which our country was founded – the lowly penny. Next year, our circulating US cent will officially be a thing of the past.
It may take a year or two. But, as has happened elsewhere, such as in Canada, any future pennies will be found only in commemorative uncirculated or proof sets sold by the Mint.
While the departure of our cent may seem inconsequential, the coin actually represents the very foundation of the United States. American pennies pre-date the US by almost a century....
The term “penny” comes from German for pfennig. It became “penny” in Great Britain for “pence.” In the New World, many of those British pence coins were brought to and used in New England.
In 1652, the earliest US versions were struck in the Massachusetts Colony. Still being aligned to Britain, three-cent and six-cent versions were struck as “pence.” Today, only eight of those US 1652 six-pence coins have been found. In top condition, one of those is worth over $500,000. Far rarer is a lone 1652 three-pence piece known to survive. It sold last year for over $2.5 million.
Over the subsequent hundred years, multiple cent coins would be struck by the various colonies in New England. Most were made by private companies and/or contracted by states such as Vermont, New Jersey, New York and Connecticut.
Technically and numismatically, the very first official “cent” coin under US authority was produced in 1787. Known as the “Fugio Cent,’ the design was inspired by Benjamin Franklin. On the front is a sundial with a shining sun and sun rays above it. To the left of that is the word, “FUGIO,” Latin for “I Flee.” On the other side is the date 1787. Below the sundial are the words, “MIND YOUR BUSINESS.” Franklin’s message is simple – time flies, so it’s vital to pay attention to your financial and business affairs. (Franklin is also credited with coining the phrase, “A penny saved is a penny earned.”)
The reverse of the coin includes 13 interlocking rings in a circle representing the original colonies. In the center are the words, “UNITED STATES” and “WE ARE ONE.”
Various versions of the coin were created with different sun rays or tiny design tweaks. Today, the more common types sell for around $2,000 in excellent condition. Much rarer varieties are worth as much as $40,000 to $400,000.
Certainly, the rarity of early cents justifies the top-dollar collectors pay for them. However, that’s not to ignore the value of more modern Indian Head and Lincoln cents. Though the former may sound antiquated, as recently as the 1960s, Indian Head cents were still frequently found mixed in pocket change. More recently, some Lincoln pennies that began being minted in 1909 can be worth a small fortune.
Now that the US penny is destined to become a thing of the past, it’s inevitable that people will still hoard them. Already, with penny production fully ceasing at the Philadelphia and Denver mints, retailers are declaring a serious shortage of available cents. And, considering the number of people who have already hoarded hundreds or even thousands of Lincoln cents in jars, surely there are many valuable treasures hidden among those common-looking coins.
Even in well-worn condition, some key dates are worth a small fortune. The 1909-S VDB cent is one of the best known. It is currently worth between $600 and $20,000 depending on the condition. A 1914-D cent is also valued between $120 and $2,000. The 1922 plain date (no mint mark) penny can bring $400 in average condition or over $7,000 in almost uncirculated shape. Moreover, if found in top-grade uncirculated condition, some of those coins could fetch over $100,000.
There are also pennies minted in 1955, 1958 and 1969 with double strikes where the image or lettering might appear blurry. Collectors love those and will pay hundreds or thousands of dollars for nice examples.
Perhaps, with the sad but official end of the penny as we know it, some may finally take time to take a closer look at the lowly copper coins they have had stashed away for so long. It may be wise to do so sooner than later. After all, as Ben reminded us on our first cent in 1787, time really does fly.
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