How Much Money Is 10 Million Pennies

Founding father Benjamin Franklin once said, "A penny saved is a penny earned." If you were able to salve a million pennies, how much money would you take? A million pennies add up to $10,000. It would probably have you lot years to save that many pennies. While you're making your saving programme, read on for the fascinating story of America's 1-cent coin.

Why Are They Called 'Pennies'?

The official name for an American penny is "one-cent piece," so why exercise we apply the word "penny" to refer to these coins? Pennies have existed for more than 1,000 years in various countries and cultures. The word "penny," which appears in different forms in other languages, originally referred to a coin that had a pocket-size value.

Fifty-fifty though our pennies are officially one-cent pieces, the nickname "penny" is what stuck, and you'll hear people all across the Usa use that word for that coin today.

The History of the Penny

The penny was the showtime coin authorized by the U.S.'s get-go president, George Washington. The original penny had a design by Benjamin Franklin that had a sundial with the Latin word "Fugio," which means, "I fly," and the phrase "Heed Your Business" on the obverse, or front side, and a xiii-link chain representing the original U.Due south. and the motto "We Are Ane" on the reverse or back side.

Afterwards designs involved various versions of a female effigy representing Liberty on the obverse with various designs on the reverse. The penny also changed sizes through the years before the "Flying Eagle" design in the mid-1850s gave the penny a major redesign and shrunk it to something close to its current size.

Honoring the 16th President

In 1909, U.S. President Theodore Roosevelt proposed honoring Abraham Lincoln on the penny with a new design that commemorated Lincoln's 100th altogether. Lincoln was the starting time president that the U.S. commemorated on a money, and other coins followed suit in afterward years.

From 1959 to 2008, both sides of the penny honored Abraham Lincoln, with a contour of his prototype on the forepart confront, and the Lincoln Memorial in Washington, D.C., featured on the reverse side. In 2009, the reverse side changed again to feature a shield on a new pattern.

A Distinctive Look

For most of its history, the penny has looked much different from the residual of American coins. The U.S. Mint began making the first pennies from pure copper, then they had a distinctive blood-red copper look. As the value of copper has changed, the Mint fabricated pennies out of other materials, but it kept the unique expect.

For one year in 1943, the U.South. made pennies from steel because the state needed copper for weapons in World State of war Two. The steel pennies looked similar other coins, and many people mistook them for dimes, so America went back to coppery-looking pennies the next year.

An Expensive Money

These days, copper is much more than expensive than it used to be, then the U.S. doesn't utilize much copper to make pennies. In fact, merely 2.5% of a penny is copper. However, using even that much copper in a penny makes it more than costly than it'south worth to make them. It takes 1.eight cents to make a one-cent money, so the penny is an expensive coin to manufacture.

Should the Penny Exist Discontinued?

The expense of making pennies has led to a move to go rid of the coin. People who argue for getting rid of pennies say that the expense of making them combined with the environmental impact of zinc and copper mining makes it worth doing away with them. People lose or throw away pennies more other coins likewise.

American military machine bases have done away with pennies since 2008, and they round prices upwardly or downwardly to the nearest nickel. People who advocate for getting rid of pennies say that all Americans could do the same thing.

Source: https://www.reference.com/business-finance/many-dollars-1-million-pennies-439c98a7f832250

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