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1974 aluminum cent
From Wikipedia, the free encyclopedia
| Cent (United States) | |
|---|---|
| Value: | 0.01 U.S. dollars |
| Mass: | .937 g (0.030 troy oz) |
| Diameter: | 19.05 mm (0.750 in) |
| Thickness: | 1.55 mm (0.061 in) |
| Edge: | Plain/Smooth |
| Composition: | 96% Aluminum with trace metals mixed in. |
| Years of Minting: | 1974 -1975 |
| Catalog Number: | Judd J2151/Pollock P2084 (1974 Aluminum) Judd J2152 (1974 Bronze-Plated Steel) Judd J2155 (1975 Aluminum) |
| Obverse | |
 |
|
| Design: | Abraham Lincoln |
| Designer: | Victor D. Brenner |
| Design Date: | 1909 |
| Reverse | |
 |
|
| Design: | Lincoln Memorial |
| Designer: | Frank Gasparro |
| Design Date: | 1959 |
The 1974 aluminum cent was a proposed cent produced by the United States Mint in 1973. It was composed of an alloy of aluminum and trace metals, and intended to replace the predominantly copper/zinc cent due to the rising costs of making the penny in the traditional bronze alloy. 1,570,000 examples were struck in anticipation of release, but never released into circulation. Some examples were passed out to US Congressmen in a bid to win favor in switching to the new alloy. When the proposed aluminum cent was rejected, the Mint recalled and destroyed most examples. A small group of aluminum cents are believed to still exist due to examples not being returned to the Mint. One example was donated to the Smithsonian Institution, while another was alleged to have been found by a US Capitol Police Officer. While the United States Secret Service is tasked with the seizure of any specimens, the legality of the coins are in doubt.
Contents |
During the early 1970s, the price of copper on world markets rose to a point where the metallic value of the cent was almost equal to its face value.[1][2] The U.S. Mint, which produces billions of cents annually, was faced with a potentially catastrophic operating deficit, due to issues of seigniorage. As a result, the Mint began to test alternate metals, including aluminum and bronze-clad steel.[3] A composition of 96% Aluminum (with some trace elements for stability) was chosen.[4] The composition was chosen due to its longevity on Coin Die use, and aluminum's high resistance to tarnishing.[5] 1,570,000 examples of the new cents were struck.[4] Although they were produced in 1973, they were given a 1974 date in anticipation of being released into circulation.[3]
In an effort to gain acceptance for the new composition, the Mint distributed approximately three dozen examples to various members of the House Banking and Currency Committee and the Senate Banking, Housing, and Urban Affairs Commitee. Additional specimens were given out by then Mint Director at the time Mary Brooks.[4] Ultimately, the proposal was rejected in Congress, however, due mainly to the efforts of the copper-mining and vending machine industries.[6] In addition, the price of copper went down to the point where making the penny would be profitable. The idea of changing the composition of the penny would not be explored again until the 1980s, when the composition of the coin was changed in 1982 to the current 99.2% Zinc and 0.8% Copper core alloy with a plating of pure copper and a 20% weight reduction.[7]
It is believed that about a dozen aluminum cents were never returned to the mint.[8] They are now considered government property, and are subject to seizure by the Secret Service,[9] though the legality of the cent is questioned by some Numismatists.[4] One aluminum cent was donated to the Smithsonian Institution.[5]
One example is attributed to a story of a US Capitol Police Officer who found the coin dropped by an unnamed US Congressman. When the officer attempted to return the coin to the congressman, thinking it was a dime, the congressman told him to keep it.[10] This example was graded and certified by the Independent Coin Grading Company as “About Uncirculated-58”[3][4][10][11] and is thought to be the Toven Specimen.
The coin is considered by some Numismatists not as a Pattern Coin but rather a rejected or cancelled regular issue despite being listed in pattern books.[3]
Several other related examples are alleged to have existed at some point or another, including:
- 10 examples of a 1974-D aluminum cent, produced at the Denver Mint.[12]
- Examples produced in bronze-clad steel.[3][4]
- 66 Aluminum cents made in 1975 as trial strikings.[13][14]
- ^ Judd pg 319.
- ^ DeLorey, Tom. "Certified: '74 Aluminum Cent", COINage, November 2005, p. 34.
- ^ a b c d e uspatterns.com. J2151/P2084. uspatterns.com. Retrieved on January 24, 2007.
- ^ a b c d e f Judd pg 285.
- ^ a b Smithsonian National Museum of American History. NMAH Legendary Coins & Currency: United States, 1 Cent, 1974 (Aluminum). Smithsonian National Museum of American History. Retrieved on January 24, 2007.
- ^ DeLorey, Tom. "Certified: '74 Aluminum Cent", COINage, November 2005, p. 35.
- ^ Yeoman, Pg 119
- ^ "1974 One Cent". Retrieved on December 23, 2006.
- ^ Exhibits of Coin World Articles, Testimony of Beth Deisher, Editor, Coin World, to U.S. Congressional Subcommittee. URL accessed 2007-01-01. (Google cache)
- ^ a b coincollector.org (July 20, 2005). 1974 Aluminum Cent Discovered. coincollector.org. Retrieved on January 24, 2007.
- ^ Herbert, Alan (July 12, 2005). Aluminum cent slabbed. collect.com. Retrieved on February 17, 2007.
- ^ 1974-D ONE CENT. Retrieved on January 24, 2007.
- ^ uspatterns.com. J2155. uspatterns.com. Retrieved on January 24, 2007.
- ^ Judd pg 286
- Judd M.D., J. Hewitt, Bowers, Q. David (editor), & Teichman, Saul (research associate). Official Red Book United States Pattern Coins: Complete Source for History, Rarity, and Values. Whitman Publishing; 9th edition (October 31, 2005). ISBN 0794818234
- Pollock III, Andrew. United States Patterns and Related Issues. Bowers and Merena Galleries, Inc (1994). ISBN 0943161584
- Yeoman, R.S. Official Red Book A Guide of United States Coins Whitman Publishing: 60th edition (2007) ISBN 0794820395