The American penny has been around for more than two centuries, and during those 200-plus years the penny has had many changes. Today, pennies are copper-plated zinc, meaning that the composition of the coin is 97.5% zinc and only 2.5% copper. Prior to 1982, though, the copper penny was just that – copper.
History shows that the penny has appeared in many forms and to say that the 1-cent coin was ever entirely copper would be false. However, between 1793-1982 penny composition was mostly copper. Below is a brief history of the penny:
- 1793-1837: Pennies were mostly composed of pure copper.
- 1837-1857: Pennies were bronze, minted as 95% copper and 5% tin and zinc.
- 1857-1864: Pennies were made with 88% copper and 12% nickel.
- 1864-1962: Pennies were bronze again, with brief variations to the coin during WWII.
- 1962-1982: Tin was removed from the penny, making its composition 95% copper and 5% zinc.
- 1982-Present: The copper-plated zinc penny, 97.5% zinc and 2.5% copper, became the norm.
Coin collectors have been interested in particular pennies for many years. Historical pennies such as the American Large Cent, the Flying Eagle Penny, the Indian Head Copper Cent and the Lincoln Wheat Penny have found their collecting value with the rarity and quality of each coin and mint year.
For example, copper Lincoln Wheat Pennies from 1943 are extremely rare due to the fact that during that year mint facilities mainly produced steel pennies (zinc-coated steel) in order to save copper for the war effort. This event has made copper Lincoln Wheat Pennies one of the most lucrative one-cent pieces around, fetching tens of thousands of dollars for a single coin.
Most of us are unlikely to stumble upon a 1943 copper Lincoln Wheat Penny, but penny collecting still has its value, especially when you begin to think of the copper content of older pennies.
Since 2005 the price of copper bullion has been on the rise. Aside from a steep drop in 2009, the value of copper has been strong, especially compared to copper prices in the latter half of the last century. This increase in copper value has sparked interest in older, copper-filled pennies.
Penny collecting is no longer a coin collector’s forte. With the copper content of older pennies greatly exceeding the copper in newer copper-coated zinc pennies, metal collectors have seen an investment opportunity in one-cent pieces minted before 1982.
If you happen to be a metal investor or a penny collector, don’t forget to be on the lookout for rare historical pennies that are worth well more than just their copper content. If you’d like to learn more about metal investing, copper bullion or coin collecting in general, feel free to browse our knowledge center and our blog.
Penny for your thoughts: Do you invest in copper? Why or why not?
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