A Surprising History of U.S. Coins
Pennies Aren’t the First U.S. Coin Many people think the penny might be the first U.S. coin to get the boot, but rare coin dealer Michael Fuljenz says that’s not true. The U.S. has a long history of coins coming and going, and pennies aren’t the first to face the chopping block. Fuljenz, a well-known expert in rare coins, explains that other coin denominations have already been discontinued in the past. This might surprise folks who assume the penny, often seen as outdated, would be the first to go. Let’s dive into the fascinating world of U.S. coins and uncover this hidden history.
Coins That Came Before
According to Fuljenz, the U.S. has retired several coin denominations over the years. For example, the half-cent coin was one of the first to be discontinued, way back in 1857. It was worth just half a penny, and as prices rose, it became less useful. Another coin, the two-cent piece, was minted from 1864 to 1873 but was phased out because it didn’t catch on with the public. The three-cent coin, both in silver and nickel versions, also had a short life, disappearing by 1889. These coins show that the U.S. has a habit of dropping denominations that don’t work anymore.
Why Pennies Are Still Around
Pennies have been a hot topic lately, with some people calling for them to be scrapped because they cost more to make than they’re worth. In 2024, it costs about 2.7 cents to produce a single penny, according to the U.S. Mint. But Fuljenz points out that pennies have stuck around because they’re part of everyday life. People use them for exact change, and businesses rely on them for pricing. Plus, there’s a sentimental attachment pennies have been around since 1793! Still, says the penny’s future is shaky if costs keep rising.
A Look at Discontinued Coins
To give a clearer picture, here’s a quick rundown of some U.S. coins that are no longer made:
| Coin Denomination | Years Minted | Reason for Discontinuation |
|---|---|---|
| Half-Cent | 1793–1857 | Low value, lack of use |
| Two-Cent | 1864–1873 | Unpopular, low demand |
| Three-Cent | 1851–1889 | Replaced by other coins |
These coins were phased out when they no longer served a purpose, and Fuljenz believes the penny could face a similar fate someday.
What’s Next for the Penny?
Fuljenz doesn’t think the penny will disappear anytime soon, but he says the debate is heating up. Some countries, like Canada, already ditched their pennies in 2013, rounding cash transactions to the nearest nickel. The U.S. could follow suit, but it would need approval from Congress, which isn’t easy. For now, pennies are safe, but Fuljenz advises collectors to keep an eye on rare pennies, like the 1969-S Double Die or the 1943 Bronze Penny, which could skyrocket in value if the penny gets discontinued.
A Coin Collector’s Advice
For those interested in coins, Fuljenz suggests learning about the history of U.S. money. Collecting coins isn’t just about value it’s about preserving stories from the past. He recommends starting with pennies, since they’re easy to find and some are worth way more than one cent. Whether the penny sticks around or not, Fuljenz’s insights remind us that America’s coins have always changed with the times, and the penny might not be the last to go.