First U.S. Penny Will Be Auctioned for 100 Million Times Its Monetary Value
By
Willa Rubin
Updated Oct. 2, 2018 3:34 p.m. ET
Before 1909, Lady Liberty was featured on American pennies. Stack's Bowers Galleries
A prototype for the first U.S. penny will be auctioned for around $1 millionor 100 million times its trading valuelater this month at an auction via Stacks Bowers in Baltimore.
The one-cent piece is part of the Archangel collection, which includes coins from American colonial days through the founding of the U.S. Mint in 1792, says John Kraljevich, senior neumacist at Stacks Bowers.
Every cent every Americans ever had in their pocket draws their lineage back to this one, Kraljevich says.
The penny up for sale was printed in 1792, a year before the U.S. Mint started circulating coin currency. It was the first manifestation of the American dollar system, where a dollar equals 100 cents.
This was novel at the time; in Britains coinage, 12 pence equaled a shilling.
This was the first attempt to make a cent and see if it worked, says James McCartney, a neumacist at Stacks Browers. We dont know how many were made; 10 to 11 probably survived.
When pennies went into circulation a year later, the financial principle remained, but some of the initial design elements were scrapped. The penny featured a depiction of Lady LibertyAbraham Lincoln didnt appear on pennies until the centennial of his birth in 1909but her hair looked different by the time pennies first went into American wallets.
The front also read Liberty Parent of Science & Industry. When the cent went into circulation, this text was simplified to Liberty United States of America.
Ultimately, the pennys size determined the coins future in American hands.
This one just proved too big. It was much bigger than other copper coins. They probably thought it was just too unwieldy to continue, McCarthy says. Then in 1793 they reduced the weight of the cent, and started making smaller cents out of plain copper.
Some of the cents physical features still appear on current pennies.
A lot of people overlook the obvious: its metal, its round. These are things we cant necessarily take for granted with a coin; not all coins are round. Not all coins are made out of metal, Kraljevich says. And it preserved the term one cent, which appears on the rest of one-cent pieces.
The cent was printed in another place of early American importanceon Filbert Street in Philadelphia, the site of the first building the U.S. government ever purchased, Kraljevich says. The site is now underneath the citys Federal Reserve building.
Its history is very closely intertwined with all the romantic notions of our founding fathers, McCartney says.
The piece entered the archangel collection in 1976. Its previous owner was Laird Park, a collector of early American books, coins, and other artifacts from the early Revolutionary War period, who bought the one-cent piece from the Charles Jay collection in 1967.
-- Edited by Uke on Wednesday 3rd of October 2018 08:09:17 AM
Uke said
11:37 AM, 10/03/18
Double meh! Big deal a penny, one red cent...worth hardly a cent considering that it actually costs about THREE cents to mint a penny in 2018. And the damn things ya get as change nowadays aren't even copper! They're tin, or zinc/tin, and flash coated with a thin coat of something that looks like copper. But ain't copper!
Anyway get this, Japanese inventors have now begun to use robot construction workers. Yep! Since even Japan wasn't able ta hire enough Mexican builders! Yep! Nobody wants to move to Japan even IF the pay is great, benefits are great, and life is generally better than back home, South of El Norte. Could be the language barrier, plus competition from robots. Although... Fuck it we don't know!
Double meh! Big deal a penny, one red cent...worth hardly a cent considering that it actually costs about THREE cents to mint a penny in 2018. And the damn things ya get as change nowadays aren't even copper! They're tin, or zinc/tin, and flash coated with a thin coat of something that looks like copper. But ain't copper!
Anyway get this, Japanese inventors have now begun to use robot construction workers. Yep! Since even Japan wasn't able ta hire enough Mexican builders! Yep! Nobody wants to move to Japan even IF the pay is great, benefits are great, and life is generally better than back home, South of El Norte. Could be the language barrier, plus competition from robots. Although... Fuck it we don't know!
Well... It's Wednesday right? And now that you *cy* reside within the eastern quarter, or thereabouts right? Well you must ascribe to the Wednesday 'thing' if you will. What exactly is that thing about "Hump Day." mid week, etc? Funny you should ask...
Well I'll tell ya *cy* Being that it IS Wednesday right (Agree with me here, after all my roots are "Garden State" blue, and New Jersey IS one of the oh-riginal thirteen colonies which today make up these United States of Merca).
Alright back to topic, sorry for the digression...shit! What was the question? Oh, oh, right I remember now. Uke's running up his post count by double posting, and triple posting, or replying to his own posts, again. And again, or changing the topic altogether.
In any case here's the drift. Since you're now an easterner okay. Then ya gotta know what Wednesday is! Wednesday is anything can happen day! And that anything is Uke loses presence of mind, and may double, triple, or quadruple post! And that my friend is Wednesday for all intents and purposes! And that's all I have to say about that!
Cy Valley said
7:54 PM, 10/03/18
Wednesday. Hump day. Seems like I might have heard something about that but I was a road man most of the time. Hump day was insignificant most of the time. Now, all I know is that every day is Saturday (yep, found out about Saturday) or maybe it's a holiday, same difference. Every month has 28, 29, 30, or even 31 holidays in a row because I'm getting paid for all of them.
What does being east of the Mississippi have to do with knowing it's Wednesday?
The Krink said
12:44 AM, 10/04/18
Don't ask me Cy...if you were asking me. Not sure where this thread is going.
The Polish Riviera is a little ways from the city on Lake Michigan.
Uke said
9:10 AM, 10/04/18
Cy Valley wrote:
Wednesday. Hump day. Seems like I might have heard something about that but I was a road man most of the time. Hump day was insignificant most of the time. Now, all I know is that every day is Saturday (yep, found out about Saturday) or maybe it's a holiday, same difference. Every month has 28, 29, 30, or even 31 holidays in a row because I'm getting paid for all of them.
What does being east of the Mississippi have to do with knowing it's Wednesday?
You missed the one (1) main point again *cy*, which is the...importance of something about... What does being east of the Mississippi have to do with Wednesday? Wednesday IS "Anything can happen" day! Which simply put, weirdness prevails. Time runs backward, or does not advance as expected. The weather may be contrary to 'normal' as such. For example, snow in mid-summer! Pets shedding in fall, or strange behavior from best friends. News becoming nothing but lies!
Stuff like that, and more. Expect the unexpected
Cy Valley said
10:41 AM, 10/04/18
Every day is Anything Can Happen Day, not just Wednesday.
BlackDog said
2:00 PM, 10/04/18
Cy Valley wrote:
Every day is Anything Can Happen Day, not just Wednesday.
Now there is logic that one just can't find an argument against...
-- Edited by BlackDog on Thursday 4th of October 2018 02:01:13 PM
Now this is a bigger deal than those little furry fuckers yep. Looka dis penny... And it's really, really Mercan! Yep!
https://www.barrons.com/articles/first-u-s-penny-will-be-auctioned-for-around-100-million-times-its-monetary-value-1538508889?mod=trending_now_1
First U.S. Penny Will Be Auctioned for 100 Million Times Its Monetary Value
A prototype for the first U.S. penny will be auctioned for around $1 millionor 100 million times its trading valuelater this month at an auction via Stacks Bowers in Baltimore.
The one-cent piece is part of the Archangel collection, which includes coins from American colonial days through the founding of the U.S. Mint in 1792, says John Kraljevich, senior neumacist at Stacks Bowers.
Every cent every Americans ever had in their pocket draws their lineage back to this one, Kraljevich says.
The penny up for sale was printed in 1792, a year before the U.S. Mint started circulating coin currency. It was the first manifestation of the American dollar system, where a dollar equals 100 cents.
This was novel at the time; in Britains coinage, 12 pence equaled a shilling.
This was the first attempt to make a cent and see if it worked, says James McCartney, a neumacist at Stacks Browers. We dont know how many were made; 10 to 11 probably survived.
When pennies went into circulation a year later, the financial principle remained, but some of the initial design elements were scrapped. The penny featured a depiction of Lady LibertyAbraham Lincoln didnt appear on pennies until the centennial of his birth in 1909but her hair looked different by the time pennies first went into American wallets.
The front also read Liberty Parent of Science & Industry. When the cent went into circulation, this text was simplified to Liberty United States of America.
Ultimately, the pennys size determined the coins future in American hands.
This one just proved too big. It was much bigger than other copper coins. They probably thought it was just too unwieldy to continue, McCarthy says. Then in 1793 they reduced the weight of the cent, and started making smaller cents out of plain copper.
Some of the cents physical features still appear on current pennies.
A lot of people overlook the obvious: its metal, its round. These are things we cant necessarily take for granted with a coin; not all coins are round. Not all coins are made out of metal, Kraljevich says. And it preserved the term one cent, which appears on the rest of one-cent pieces.
The cent was printed in another place of early American importanceon Filbert Street in Philadelphia, the site of the first building the U.S. government ever purchased, Kraljevich says. The site is now underneath the citys Federal Reserve building.
Its history is very closely intertwined with all the romantic notions of our founding fathers, McCartney says.
The piece entered the archangel collection in 1976. Its previous owner was Laird Park, a collector of early American books, coins, and other artifacts from the early Revolutionary War period, who bought the one-cent piece from the Charles Jay collection in 1967.
-- Edited by Uke on Wednesday 3rd of October 2018 08:09:17 AM
Double meh! Big deal a penny, one red cent...worth hardly a cent considering that it actually costs about THREE cents to mint a penny in 2018. And the damn things ya get as change nowadays aren't even copper! They're tin, or zinc/tin, and flash coated with a thin coat of something that looks like copper. But ain't copper!
Anyway get this, Japanese inventors have now begun to use robot construction workers. Yep! Since even Japan wasn't able ta hire enough Mexican builders! Yep! Nobody wants to move to Japan even IF the pay is great, benefits are great, and life is generally better than back home, South of El Norte. Could be the language barrier, plus competition from robots. Although... Fuck it we don't know!
https://www.engadget.com/2018/10/01/aist-humanoid-robot-installs-drywall/
Double meh! Big deal a penny, one red cent...worth hardly a cent considering that it actually costs about THREE cents to mint a penny in 2018. And the damn things ya get as change nowadays aren't even copper! They're tin, or zinc/tin, and flash coated with a thin coat of something that looks like copper. But ain't copper!
Anyway get this, Japanese inventors have now begun to use robot construction workers. Yep! Since even Japan wasn't able ta hire enough Mexican builders! Yep! Nobody wants to move to Japan even IF the pay is great, benefits are great, and life is generally better than back home, South of El Norte. Could be the language barrier, plus competition from robots. Although... Fuck it we don't know!
https://www.engadget.com/2018/10/01/aist-humanoid-robot-installs-drywall/
Well I'll tell ya *cy* Being that it IS Wednesday right (Agree with me here, after all my roots are "Garden State" blue, and New Jersey IS one of the oh-riginal thirteen colonies which today make up these United States of Merca).
Alright back to topic, sorry for the digression...shit! What was the question? Oh, oh, right I remember now. Uke's running up his post count by double posting, and triple posting, or replying to his own posts, again. And again, or changing the topic altogether.
In any case here's the drift. Since you're now an easterner okay. Then ya gotta know what Wednesday is! Wednesday is anything can happen day! And that anything is Uke loses presence of mind, and may double, triple, or quadruple post! And that my friend is Wednesday for all intents and purposes! And that's all I have to say about that!
What does being east of the Mississippi have to do with knowing it's Wednesday?
Good show goin on over by B.D.'s tomorrow.
I'm already committed elsewhere. *cy* ...
https://www.songkick.com/concerts/35070284-robbie-fulks-at-colectivo-coffee?utm_medium=organic&utm_source=microformat
You missed the one (1) main point again *cy*, which is the...importance of something about... What does being east of the Mississippi have to do with Wednesday? Wednesday IS "Anything can happen" day! Which simply put, weirdness prevails. Time runs backward, or does not advance as expected. The weather may be contrary to 'normal' as such. For example, snow in mid-summer! Pets shedding in fall, or strange behavior from best friends. News becoming nothing but lies!
Stuff like that, and more. Expect the unexpected
Now there is logic that one just can't find an argument against...
-- Edited by BlackDog on Thursday 4th of October 2018 02:01:13 PM