The melt value of the copper in this coin today is about 7¢. This was a pure copper coin about the size of a Half Dollar. Mint produced a coin called the Large Cent. This act made gold coins illegal in the U.S.īefore 1857, the U.S. coins belong to the Department of Treasury) from being hoarded by private citizens. These coins lost their status as legal tender with the passing of the Gold Reserve Act of 1934, a law meant to protect federal gold (U.S. Coins with a face value above $1 were retired during the Great Depression. Our current penny is experiencing a similar effect, where it's production cost exceeds its face value. One of those coins, the Half Cent, was retired in 1857 due to inflation. Mint's 225-year history, several small denomination coins and all coins valued over $1 have been eliminated from production. Mint has retired 13 American coins from production Banks will accept your old pennies, but collectors may pay more for certain coins. Pennies don't expire and they spend about 40 years in circulation. Mint has a program (currently on hold) to destroy mutilated coins and reimburse you for the metal value. Coins that are heavily damaged are typically removed from circulation. The Mint produces 5-16 billion pennies every year. That’s more than 716 million pounds in pennies. There are about 130 billion pennies currently in circulation Mint produced pennies at a total loss of $586,000,000. The penny accounts for the largest amount of loss for the U.S. Every penny minted since 2006 was produced at a loss
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