The Penny: A History

By: Judah Portnoy

The U.S. penny is an important historical piece of U.S. history, but it's slowly fading away. Before we say goodbye, let’s look at how the penny evolved into what it eventually became today. 

The penny was first introduced in Greek times, but was only introduced in America in 1793. Of course, Abraham Lincoln is famous for being the face of the penny. Interestingly enough, he was placed there to commemorate his 100th birthday and became the first U.S. President to appear on a coin. 

Before the penny we know, there was another coin called the “chain cent”. It was given this name because of the chains on the design that were supposed to represent the number of states at that time.

This design backfired very quickly when it went into circulation, as people thought the chains represented slavery rather than the states. Following the chain cent was the wreath cent and several others, until eventually we reached the penny we all know and love today.

The penny has always been an important part of the American economy. It was vital to have the penny because, up until recently, even the smallest units of money had value. 

Many commodities, such as candy, newspapers, and postage stamps, were priced in cents, so it was necessary to have the penny. This also helped in maintaining fairness in pricing because merchants could charge exact prices without having to round up.

Despite being one of the most recognized coins in US history, the penny has had a substantial downtrend in recent years because of its cost of production and inflation. Many now consider it completely unnecessary. What was once so important to the country has now turned into a hassle, with people either storing it somewhere far away in their house or just throwing it away. 

The other big factor is the cost of production. It costs the US more than one cent to make a penny, leading to millions of dollars in financial loss every year.

As more transactions switch over to credit cards, mobile payments, and online shopping, the need for pennies has gone down significantly. While the penny remains symbolic of US history, its declining use has caused much sadness, along with much debate over whether it should still be used.