Americans have called the one-cent coin ‘penny’ for a long time, probably due to the popularity of the British penny, which was commonly used during the colonial era.
The U.S. penny is actually the lowest unit of American currency since the half-cent was abolished way back in 1857. The British penny has roughly the same value as the American cent does.
The first U.S. cent came out in the 1780s and was very different from the coins in circulation today.
For one, the first coins were really heavy and had a lady with flowing hair on one side, who was supposed to represent Lady Liberty. And they were all usually made of pure copper.
Coins continued to be minted with new designs and colors, but the first one with a real person’s face on it was only introduced in 1909, to honor the 100th anniversary of Abraham Lincoln’s birth.
Public sentiment — and official ones too — had been strongly opposed to featuring a real person on this coin, at least until the proposal mentioned Lincoln would be the honoree. The positive response to this suggestion was marked a radical departure from the previous designs, and the U.S. has minted the ‘Lincoln cent’ ever since.
In recent years, people have called for the elimination of the pennies, because they are rarely used by the public, and producing them costs the U.S. Mint more than the face value of the coin, which causes a loss and increases inflation too. However, the coins are still in circulation today, and until the day comes when they’re not, we recommend you go ahead and enjoy this celebration.
While Take a Penny/Leave a Penny Day isn’t typically marked by large corporate sales, it’s a perfect occasion for small businesses and local shops to engage with their communities.
Many independent coffee shops, convenience stores, and diners might highlight their existing ‘penny trays’ or even offer a small, penny-themed discount on August 2. Look for local banks or credit unions to run promotions encouraging financial literacy or small savings.
Benjamin Franklin, one of the Founding Fathers of the United States, was a statesman, scientist, inventor, and publisher. He played a crucial role in establishing the U.S. monetary system and was a proponent of thrift and community welfare.
Though he didn’t invent the penny tray, his emphasis on small savings and mutual aid aligns perfectly with the spirit of Take a Penny/Leave a Penny Day.
