1974 aluminum cent
Encyclopedia
The 1974 aluminium cent was a one-cent coin
proposed by the United States Mint
in 1973. It was composed of an alloy
of aluminium
and trace metals, and intended to replace the predominantly copper
–zinc
cent due to the rising costs of coin production
in the traditional bronze
alloy
. 1,571,167 were struck in anticipation of release, but none were released into circulation. Examples were passed out to US Congressmen in a bid to win favor in switching to the new alloy. When the proposed aluminium cent was rejected, the Mint recalled and destroyed the examples. A few aluminium cents not returned to the Mint are believed to remain in existence. One example was donated to the Smithsonian Institution
, while another was alleged to have been found by a US Capitol Police Officer. Since the United States Secret Service
is tasked with the seizure of any specimens, the legality of the coins is in doubt.
on world markets rose to a point where the metallic value of the cent was almost equal to its face value
. 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 tested alternate metals, including aluminium and bronze
-clad steel. A composition of 96% aluminium
(with trace element
s for stability) was chosen. The composition was chosen due to its longevity on coin die use, and aluminium's high resistance to tarnish
ing. 1,571,167 examples of the new cents were struck. Although they were produced in 1973, they were struck using 1974 dated dies in anticipation of release into circulation in that year.
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 Committee
. Nine congressmen and four senators received examples, along with some Treasury officials. Additional specimens were given out by then Mint Director Mary Brooks. Ultimately, the proposal was rejected in Congress
, due mainly to the efforts of the copper-mining and vending machine
industries, which felt the coins would cause mechanical problems. Opposition also came from pediatricians and pediatric radiologists who pointed out the radiodensity
of the metal inside the respiratory and gastrointestinal tracts was close to that of soft tissue, and therefore would be difficult to detect in X-ray imaging. In addition, the price of copper declined enough that making copper cents would again be economically viable, and conversely made hoarding pointless. The idea of changing the composition of the cent would not be explored again until the 1980s. In 1982 the composition of the coin was changed to the current 99.2% zinc
and 0.8% copper core alloy with a plating of pure copper and a 20% weight reduction.
After the setback, the US Mint recalled the coins, but about a dozen to 14 aluminium cents were never returned to the mint. No oversight, record keeping, or statement that the coins had to be returned was made by the US Mint as examples were handed out. When Federal Bureau of Investigation
and other government law enforcement agencies were called in to investigate, however, some congressmen feigned ignorance and/or denied getting examples. They are now considered government property, and are subject to seizure by the Secret Service
, though the legality of the cent is questioned by numismatists. One aluminium cent was donated to the Smithsonian Institution for the National Numismatic Collection. Since no examples have been put up for public or known private sale, it is difficult to estimate their value.
The coin is considered by a few numismatists not as a pattern coin
but rather a rejected or cancelled regular issue despite being listed in pattern books.
, the congressman told him to keep it. This example was graded
and certified by the Independent Coin Grading Company as “About Uncirculated-58” in 2005, but later certified Mint State 62 two months later by Professional Coin Grading Service
.
Cent (United States coin)
The United States one-cent coin, commonly known as a penny, is a unit of currency equaling one one-hundredth of a United States dollar. The cent's symbol is ¢. Its obverse has featured the profile of President Abraham Lincoln since 1909, the centennial of his birth. From 1959 to 2008, the reverse...
proposed by the United States Mint
United States Mint
The United States Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. The Mint was created by Congress with the Coinage Act of 1792, and placed within the Department of State...
in 1973. It was composed of an alloy
Alloy
An alloy is a mixture or metallic solid solution composed of two or more elements. Complete solid solution alloys give single solid phase microstructure, while partial solutions give two or more phases that may or may not be homogeneous in distribution, depending on thermal history...
of aluminium
Aluminium
Aluminium or aluminum is a silvery white member of the boron group of chemical elements. It has the symbol Al, and its atomic number is 13. It is not soluble in water under normal circumstances....
and trace metals, and intended to replace the predominantly copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...
–zinc
Zinc
Zinc , or spelter , is a metallic chemical element; it has the symbol Zn and atomic number 30. It is the first element in group 12 of the periodic table. Zinc is, in some respects, chemically similar to magnesium, because its ion is of similar size and its only common oxidation state is +2...
cent due to the rising costs of coin production
Seigniorage
Seigniorage can have the following two meanings:* Seigniorage derived from specie—metal coins, is a tax, added to the total price of a coin , that a customer of the mint had to pay to the mint, and that was sent to the sovereign of the political area.* Seigniorage derived from notes is more...
in the traditional bronze
Bronze
Bronze is a metal alloy consisting primarily of copper, usually with tin as the main additive. It is hard and brittle, and it was particularly significant in antiquity, so much so that the Bronze Age was named after the metal...
alloy
Alloy
An alloy is a mixture or metallic solid solution composed of two or more elements. Complete solid solution alloys give single solid phase microstructure, while partial solutions give two or more phases that may or may not be homogeneous in distribution, depending on thermal history...
. 1,571,167 were struck in anticipation of release, but none were released into circulation. Examples were passed out to US Congressmen in a bid to win favor in switching to the new alloy. When the proposed aluminium cent was rejected, the Mint recalled and destroyed the examples. A few aluminium cents not returned to the Mint are believed to remain in existence. One example was donated to the Smithsonian Institution
Smithsonian Institution
The Smithsonian Institution is an educational and research institute and associated museum complex, administered and funded by the government of the United States and by funds from its endowment, contributions, and profits from its retail operations, concessions, licensing activities, and magazines...
, while another was alleged to have been found by a US Capitol Police Officer. Since the United States Secret Service
United States Secret Service
The United States Secret Service is a United States federal law enforcement agency that is part of the United States Department of Homeland Security. The sworn members are divided among the Special Agents and the Uniformed Division. Until March 1, 2003, the Service was part of the United States...
is tasked with the seizure of any specimens, the legality of the coins is in doubt.
History
In late 1973, the price of copperCopper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...
on world markets rose to a point where the metallic value of the cent was almost equal to its face value
Face value
The Face value is the value of a coin, stamp or paper money, as printed on the coin, stamp or bill itself by the minting authority. While the face value usually refers to the true value of the coin, stamp or bill in question it can sometimes be largely symbolic, as is often the case with bullion...
. The U.S. Mint, which produces billions of cents annually, was faced with a potentially catastrophic operating deficit, due to issues of seigniorage
Seigniorage
Seigniorage can have the following two meanings:* Seigniorage derived from specie—metal coins, is a tax, added to the total price of a coin , that a customer of the mint had to pay to the mint, and that was sent to the sovereign of the political area.* Seigniorage derived from notes is more...
. As a result, the Mint tested alternate metals, including aluminium and bronze
Bronze
Bronze is a metal alloy consisting primarily of copper, usually with tin as the main additive. It is hard and brittle, and it was particularly significant in antiquity, so much so that the Bronze Age was named after the metal...
-clad steel. A composition of 96% aluminium
Aluminium
Aluminium or aluminum is a silvery white member of the boron group of chemical elements. It has the symbol Al, and its atomic number is 13. It is not soluble in water under normal circumstances....
(with trace element
Trace element
In analytical chemistry, a trace element is an element in a sample that has an average concentration of less than 100 parts per million measured in atomic count, or less than 100 micrograms per gram....
s for stability) was chosen. The composition was chosen due to its longevity on coin die use, and aluminium's high resistance to tarnish
Tarnish
Tarnish is a thin layer of corrosion that forms over copper, brass, silver, aluminum, and other similar metals as their outermost layer undergoes a chemical reaction. Tarnish does not always result from the sole effects of oxygen in the air. For example, silver needs hydrogen sulfide to tarnish; it...
ing. 1,571,167 examples of the new cents were struck. Although they were produced in 1973, they were struck using 1974 dated dies in anticipation of release into circulation in that year.
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
United States House Committee on Financial Services
The United States House Committee on Financial Services is the committee of the United States House of Representatives that oversees the entire financial services industry, including the securities, insurance, banking, and housing industries...
and the Senate Banking, Housing, and Urban Affairs Committee
United States Senate Committee on Banking, Housing, and Urban Affairs
The United States Senate Committee on Banking, Housing, and Urban Affairs has jurisdiction over matters related to: banks and banking, price controls, deposit insurance, export promotion and controls, federal monetary policy, financial aid to commerce and industry, issuance of redemption of notes,...
. Nine congressmen and four senators received examples, along with some Treasury officials. Additional specimens were given out by then Mint Director Mary Brooks. Ultimately, the proposal was rejected in Congress
United States Congress
The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....
, due mainly to the efforts of the copper-mining and vending machine
Vending machine
A vending machine is a machine which dispenses items such as snacks, beverages, alcohol, cigarettes, lottery tickets, consumer products and even gold and gems to customers automatically, after the customer inserts currency or credit into the machine....
industries, which felt the coins would cause mechanical problems. Opposition also came from pediatricians and pediatric radiologists who pointed out the radiodensity
Radiodensity
Radiodensity refers to the relative inability of electromagnetic radiation, particularly X-rays, to pass through a particular material. Radiolucency indicates greater transparency or "transradiancy" to X-ray photons...
of the metal inside the respiratory and gastrointestinal tracts was close to that of soft tissue, and therefore would be difficult to detect in X-ray imaging. In addition, the price of copper declined enough that making copper cents would again be economically viable, and conversely made hoarding pointless. The idea of changing the composition of the cent would not be explored again until the 1980s. In 1982 the composition of the coin was changed to the current 99.2% zinc
Zinc
Zinc , or spelter , is a metallic chemical element; it has the symbol Zn and atomic number 30. It is the first element in group 12 of the periodic table. Zinc is, in some respects, chemically similar to magnesium, because its ion is of similar size and its only common oxidation state is +2...
and 0.8% copper core alloy with a plating of pure copper and a 20% weight reduction.
After the setback, the US Mint recalled the coins, but about a dozen to 14 aluminium cents were never returned to the mint. No oversight, record keeping, or statement that the coins had to be returned was made by the US Mint as examples were handed out. When Federal Bureau of Investigation
Federal Bureau of Investigation
The Federal Bureau of Investigation is an agency of the United States Department of Justice that serves as both a federal criminal investigative body and an internal intelligence agency . The FBI has investigative jurisdiction over violations of more than 200 categories of federal crime...
and other government law enforcement agencies were called in to investigate, however, some congressmen feigned ignorance and/or denied getting examples. They are now considered government property, and are subject to seizure by the Secret Service
United States Secret Service
The United States Secret Service is a United States federal law enforcement agency that is part of the United States Department of Homeland Security. The sworn members are divided among the Special Agents and the Uniformed Division. Until March 1, 2003, the Service was part of the United States...
, though the legality of the cent is questioned by numismatists. One aluminium cent was donated to the Smithsonian Institution for the National Numismatic Collection. Since no examples have been put up for public or known private sale, it is difficult to estimate their value.
The coin is considered by a few numismatists not as a pattern coin
Pattern coin
A pattern coin is a coin which has not been approved for release, produced for the purpose of evaluating a proposed coin design. They are often off-metal strikes, to proof standard or piedforts...
but rather a rejected or cancelled regular issue despite being listed in pattern books.
Toven Specimen
In the February 20, 2001, edition of Numismatic News, Alan Herbert reported the existence of an aluminium cent. It was attributed to US Capitol Police Officer Albert Toven who found the coin dropped by an unnamed US Congressman on the floor of the Rayburn Office Building. When the officer attempted to return the coin to the congressman, thinking it was a dimeDime
Dime may refer to:Currency* Dime * Dime Media and entertainment* Dime , by Guardian* "Dime" , by Beth* The Dimes, a musical group* Dime novel, a type of popular fictionSports* Dime...
, the congressman told him to keep it. This example was graded
Coin grading
In coin collecting coin grading is the process of determining the grade or condition of a coin, one of the key factors in determining its value as a collector's item....
and certified by the Independent Coin Grading Company as “About Uncirculated-58” in 2005, but later certified Mint State 62 two months later by Professional Coin Grading Service
Professional Coin Grading Service
PCGS is the acronym for Professional Coin Grading Service a third party grading service for grading rare coins. Founded in 1986, and located in Newport Beach, CA., it is a subsidiary of Collector's Universe, Inc. , a company that also buys and sells rare coins and operates a rare comic book...
.
Other examples
Several other related examples are alleged to have existed at some point or another, including- 10 examples of a 1974-D aluminium cent, produced at the Denver MintDenver MintThe Denver Mint is a branch of the United States Mint that struck its first coins on February 1, 1906. The mint is still operating and producing coins for circulation, as well as mint sets and commemorative coins. Coins produced at the Denver Mint bear a D mint mark...
. - Examples produced in bronze-clad steel.
- 66 Aluminium cents made in 1975 as trial strikings.
- Nonsense description trial strikings of various compositions.
Further reading
- Bowers, Q. David Official Red Book A Guide Book of Lincoln Cents Whitman Publishing (2008). ISBN 978-0-7948-2264-4
- 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 978-0-7948-1823-4
- Pollock III, Andrew. United States Patterns and Related Issues. Bowers and Merena Galleries, Inc (1994). ISBN 978-0-943161-58-7
- Yeoman, R.S. Official Red Book A Guide of United States Coins Whitman Publishing: 60th edition (2007) ISBN 978-0-7948-2039-8