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• A silver penny is a type of one cent coin that was minted in the United States in 1943. Silver pennies were not actually made of silver, but rather of steel that had been thinly coated in zinc. For a collector’s item, these coins are relatively common, and are easily found in coin shops, even.

A silver penny is a type of one cent coin that was minted in the United States in 1943. Silver pennies were not actually made of silver, but rather of steel that had been thinly coated in zinc. For a collector’s item, these coins are relatively common, and are easily found in coin shops, even though it is rare to accidentally find a silver penny still in circulation.

The 1943 silver penny was struck in steel instead of the usual copper. This was due to the increased need to dedicate all available copper to the military during World War II. Military forces needed copper for use in ammunition and other wartime applications, and the silver penny was just part of the plan to conserve copper for the war effort.

Despite the patriotic motivation for this change, the results included some unforeseen problems. Steel tarnished even more quickly than copper, because of its high iron content. Rust also formed at the edges of the coin, quickly deteriorating them. Perhaps the most vexing problem was that new silver pennies could easily be mistaken for dimes when giving or receiving change for a purchase, due to their color as well as their lighter weight compared to copper pennies.

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The public outcry that resulted from these problems led the US Mint to stop production of the silver penny after just one year, though there were also a few 1944 silver pennies made before the transition was completed. Large numbers of 1943 pennies were collected by the mints and destroyed, meaning that those that have survived are somewhat collectible. A 1943 silver penny that is in circulated condition is worth about $0.12 to $0.15 U.S. Dollars (USD), whereas one in brand new, uncirculated condition is worth about $0.50 USD.

The few 1944 silver pennies that were made are sometimes considered to have been minted in error, and in any case, they are much rarer that the 1943 variety, and can fetch a significantly higher price. Because of another, similar error, some of the pennies made in 1943 were minted in copper rather than steel. Like the 1944 silver penny, the 1943 copper penny is quite rare, with fewer than 50 ever made, and only about a dozen that have been located. One of these coins, still in new condition, was sold at auction for more than $200,000 USD in 2004.

In light of such prices, many counterfeit examples have been made by plating 1943 steel pennies with copper. This was also sometimes done to produce novelty items, rather than an attempt at fraud. Either way, the best method to tell a copper penny from a copper plated steel one is easy; steel is attracted to a magnet, while copper is not.

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The English penny (plural 'pence'), originally a coin of 1.3 to 1.5 grams (0.042 to 0.048 troy ounces; 0.046 to 0.053 ounces) pure silver, was introduced c. 785 by King Offa of Mercia. These coins were similar in size and weight to the continental deniers of the period and to the Anglo-Saxonsceats which had preceded it.

Throughout the period of the Kingdom of England, from its beginnings in the 9th century, the penny was produced in silver. Pennies of the same nominal value, one 240th of a pound sterling, were in circulation continuously until the creation of the Kingdom of Great Britain in 1707.^[1]

Etymology[edit]

The name 'penny' comes from the Old Englishpennige (pronounced [ˈpɛnijə], roughly 'penny-yuh'), sharing the same root as the Germanpfennig. Its abbreviation d. comes from the Roman denarius and was used until decimalisation in 1971.

Idioms[edit]

Due to their ubiquity pennies have accumulated a great number of idioms to their name usually recognizing them for their commonality and minuscule value. These might include:^[2]

• cut (one) off without a penny
• mean enough to steal a penny off a dead man's eyes
• not have two pennies to rub together
• penny-pincher
• penny-wise and pound-foolish
• worth every penny

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History[edit]

Anglo-Saxon silver pennies were the currency used to pay the Danegeld, essentially protection money paid to the Vikings so that they would go away and not ravage the land. As an illustration of how heavy a burden the Danegeld was, more Anglo-Saxon pennies from the decades around the first millennium have been found in Denmark than in England. In the reign of Ethelred the Unready (978–1016), some 40 million pennies were paid to the Danes, while King Canute (Knut) (1016–1035) paid off his invasion army with another 20 million pennies. This adds up to about 2,800,000 troy ounces (87 tonnes; 96 short tons) of silver, equivalent to £250,000 at the time, and worth about £10 million in 2005 money (its purchasing power at that time may have exceeded £100 million and may have been as high as £1 billion in 2005).^{[citation needed]}

The penny initially weighed 20 to 22.5 modern grains (1.3 to 1.5 g). It was standardized to 32 Tower grains, 1/240th of a Tower pound (approx. 350 g). The alloy was set to sterling silver of 925/1000 in 1158 under King Henry II. The weight standard was changed to the Troy pound (373.242 g) in 1527 under Henry VIII, i.e. a pennyweight became about 1.555 grams. As the purity and weight of the coin was critical, the name of the moneyer who manufactured the coin, and at which mint, often appeared on the reverse side of the coin.

From the time of King Offa, the penny was the only denomination of coin minted in England for 500 years, until the attempted gold coinage issue of King Henry III in 1257 and a few halfpennies and farthings in 1222, the introduction of the groat by King Edward I in 1279, under whom the halfpenny and farthing were also reintroduced, and the later issues of King Edward III.

At the time of the 1702 London Mint Assay by Sir Isaac Newton, the silver content of British coinage was defined to be one troy ounce of sterling silver for 62 pence. Therefore, the value of the monetary pound sterling was equivalent to only 3.87 troy ounces of sterling silver. This was the standard from 1601 to 1816.

Pennies by period[edit]

• History of the English penny (1066-1154) (The Early Normans and the Anarchy, 1066–1154)
• History of the English penny (1154-1485) (The Plantagenets, 1154–1485)
• History of the English penny (1485-1603) (The Tudors, 1485–1603)
• History of the English penny (1603–1707) (The Stuarts and the Commonwealth)
• History of the British penny (1714-1901) (The Hanoverians)
• History of the British penny (1901-1970) (The twentieth century penny, 1901–1970)
• Penny (British decimal coin) (Post-decimalisation, 1971–present)

See also[edit]

Notes[edit]

1. ^And, indeed, until decimalisation in 1971, at which time a new penny was introduced worth 2.4 times the value of the old coin.
2. ^'Penny - Idioms'. The Free Dictionary.

References[edit]

• Coincraft's Standard Catalogue English & UK Coins 1066 to Date, Richard Lobel, Coincraft. ISBN0-9526228-8-2