Recent news accounts tell us that the U.S. penny could soon be pinched from circulation. With the new emphasis on cutting government expenses, the penny is just too pricey to produce, they say, costing a whopping 3.7 cents to make one one-cent coin.

I, for one, believe that we cannot afford to lose the penny. Reportedly, the most popular of all of our coins, these prized little coppers come in handy for making change and supporting charity drives. The penny also has a rich history, a long history, that goes way back to the beginning of our country. Coming across a penny in one’s path is considered good luck, a welcome and much-needed sign of hope and happiness.

Back in May of 2008, I wrote an essay (see below) about the many virtues of the penny. The points made in it still hold true today.

The little penny is valuable now. It might become more so, with a pause in production.

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MAY 5, 2008
PENNY WISDOM

In Poor Richard’s Almanack, early American statesman and writer Benjamin Franklin admonished us not to be “penny-wise and pound-foolish.” By this, he meant we shouldn’t be so focused on the little details of life that we lose sight of the big picture. I beg to differ with Franklin, for I believe it’s in the little details of life that we often find our greatest sources of delight and happiness.

As we make our way each day, we often are so preoccupied with the tasks at hand that we fail to spot tiny signs of life’s blessings appearing all around us–an unexpected, pleasant turn of events, a kindness shown, a smile shared, a memory recalled, a flower blooming, stars twinkling. Even an ordinary penny can remind us there is much to be appreciated in the simple things.

The penny, the American one-cent piece, is worth a mere 1/100th of one dollar, causing many to say it is practically worthless and should no longer be made. Yet half of all the coins minted by the U.S. Treasury each year are pennies.

Most of us don’t give much thought to the penny, which, after all, weighs only 2 ½ grams and is just 21 millimeters in diameter; however, we should take notice of it, for there is a great deal more to this little coin than meets the eye.

The penny, so-named after the British coin, the “pence,” was the first coin ever authorized by the U. S. Congress and produced by the U.S. Federal government, beginning in 1787. Originally, the penny was much heavier and larger than our current version.

It is said that Paul Revere, patriot of the American Revolution and famous silversmith, provided some of the copper for the penny’s original mintings. Benjamin Franklin designed the first one-cent piece, which was called a “Fugio” or “Franklin” cent. On the front (obverse) side, the design depicted a sundial with the hours indicated, the sun with its rays, the words “Fugio” (“I fly”) and “Mind your business,” and the year 1787. On the reverse side appeared 13 linked circles representing the 13 original colonies, with a small circle in the middle and the words “United States” around it, and, in the very center of the coin, the motto “We are One.”

From 1856 to 1858, the penny bore the image of a flying eagle; from 1859-1909 that of an Indian princess. The sculptor of the so-called “Indian Head” penny allegedly used a real-life Indian princess and an actual headdress as models for the design.

The penny was the first U. S. coin ever to bear the image of an historic figure–that of Abraham Lincoln–also the first U.S. coin on which appeared the words “In God We Trust.” The original “Lincoln” penny was minted in 1909, exactly 100 years after the 16th President’s birth in 1809.

In 1959, on the 150th anniversary of Lincoln’s birth, the penny design was again changed. On the reverse side, where a picture of two sheaves of wheat (the “Wheat Heads” or “Wheat Ears” penny) had previously been inscribed, now appeared the image of the Lincoln memorial.

In 2009, to commemorate the bicentennial of Lincoln’s birth, four different designs of pennies will be minted, each bearing a separate image of Honest Abe’s life, from his log cabin beginnings to his terms in the White House. Also in 2009, a special collector’s version of the 1909 penny will be released.

Although originally called “coppers” for their predominant copper content, no pennies made primarily of copper have been minted since 1837. Before 1982, pennies were 95% copper and 5% zinc. Today’s pennies are composed of 97.6% zinc and only 2.4% copper. For one year, 1943, during World War II, because of a great need for copper for military use, pennies were made of zinc with a coating of steel. In error, along with the 1.2 billion steel pennies produced, about 24 copper coins were also minted. The latter are extremely rare and valuable and eagerly sought by coin collectors.

The majority of coin donations to charitable organizations reportedly are received in the form of pennies. In bad economic times, pennies appear much more in circulation; those in piggy banks are also scrupulously saved, counted, rolled, and deposited in bank accounts. As Franklin observed, “A penny saved is a penny earned.”

“In for a penny, in for a pound”

I recently had an amazing experience with pennies that encouraged me to be “in for a penny, in for a pound” –religiously watching for these little coins.

I found a penny outside my local drugstore, and soon I had two. While approaching the drive-through pharmacy one day in my car, I was talking with my father, who was riding with me, about watching for and retrieving pennies on our paths in life. I’d been told by several people that finding a penny was good luck. “I like the idea,” I told Dad, “but I never see any pennies lying around. Do you?” My father replied he rarely came across them by chance either. In the very next second, however, as my car reached the drive-though window, a penny appeared–right under our noses.

The pharmacy clerk greeted me, retrieved my prescription, and told me what I owed. When he opened the window tray and pushed it towards me, there on its surface gleamed a shiny new penny! “Oh, your last customer must have left a penny,” I said. The clerk just smiled. I laid my payment in paper money in the tray, and, when my change, $14.02, was returned to me, I was thrilled to see it included that original penny plus one more.

“I have always believed that finding pennies is a sign from God that I am on the right path,” wrote Bernie Segel, M.D., famous oncologist and author. Coming across those two pennies at the pharmacy window served as a reminder to me of the goodness that life continually offers us. Also, through the words “In God We Trust” clearly printed on these little coins, I believe the pennies represented a sign from God encouraging me always to rely on Him.

As in the case of pennies in our paths, we are treated to encouraging signs of God’s presence in the world on a daily basis. These rarely occur as monumental happenings but most often in ordinary things. Even in a simple little penny.

May we be ever on the lookout for the reassuring little pennies of life!

Dedicated with love to my cousin, JKL, who is always watching for pennies and invariably finding them.