1974 aluminum cent

Proposed American coin June 2023 May 2023 United States Cent 0.01 US$ 0.030 0.937 0.750 19.05 0.061 1.55 Plain/Smooth 96% Aluminum with trace metals mixed in. 1973 (dated 1974), 1974, 1975 Judd J2151/Pollock P2084 (1974 Aluminum)Judd J2152 (1974 Bronze-Plated Steel)Judd J2153 (1974-D Aluminum)Judd J2155 (1975 Aluminum) US-00010-One Cent (1974) Aluminum.jpg 485 240 240 2 2 right Abraham Lincoln Victor D. Brenner 1909 US-00010-One Cent (1974) Aluminum.jpg 485 240 240 2 242 right Lincoln Memorial Frank Gasparro 1959 The 1974 aluminum cent was a one-cent coin proposed by the United States Mint in 1973. It was composed of an alloy of aluminum and trace metals, and it was intended to replace the predominantly copper–zinc cent due to the rising costs of coin production in the traditional bronze alloy. Of the 1,571,167 coins struck in anticipation of release, none were released into circulation.https://books.google.com/books?id=k1M_Y5H392gC&pg=PA70 70 Coin and Currency Issues Facing Congress: Can We Still Afford Money? : Hearing Before the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology of the Committee on Financial Services, U.S. House of Representatives, One Hundred Ninth Congress, Second Session, 19 July 2006 2007 U.S. Government Printing Office 4 9780160781421 To encourage congressional support for the new alloy, the Mint distributed several examples to U.S. Congressmen. When the proposed aluminum cent was rejected, the Mint recalled and destroyed those coins. However, despite the recall, a few aluminum cents were not returned to the Mint, and those coins may remain at large. One example was donated to the Smithsonian Institution, while another was alleged to have been found by United States Capitol Police Officer Albert P. Toven. A 1974-D specimen was found in January 2014 by Randall Lawrence, who said it was a retirement gift to his father, Harry Edmond Lawrence, who was Deputy Superintendent at the Denver Mint. Randall planned on selling it in a public auction, but the Mint demanded its return, saying that the coin was never authorized for release and therefore remains U.S. government property. Lawrence (and his business partner at their coin store, Michael McConnell) ultimately surrendered the coin when the Mint showed that the aluminum cent had never been authorized to be struck in Denver, and there was no evidence that the coin had been a gift of any kind. http://fox5sandiego.com/2016/03/17/san-diego-man-returns-rare-aluminum-penny-to-u-s-mint/ San Diego Man Returns Rare Aluminum Penny Worth Up To $2M To U. S. Mint March 18, 2016 March 23, 2016 Fox 5 News San Diego March 22, 2016 https://web.archive.org/web/20160322212148/http://fox5sandiego.com/2016/03/17/san-diego-man-returns-rare-aluminum-penny-to-u-s-mint/ live History In late 1973, 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. Q. David Bowers Bowers Q. David Official Red Book A Guide Book of Lincoln Cents Whitman Publishing 2008 978-0-7948-2264-4 246 J. Hewitt Judd Judd J. Hewitt Bowers Q. David Teichman Saul Official Red Book United States Pattern Coins: Complete Source for History, Rarity, and Values Whitman Publishing 9th 2005 978-0-7948-1823-4 319 Tom DeLorey Certified: '74 Aluminum Cent COINage 34 November 2005 The US 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 aluminum and bronze-clad steel. http://uspatterns.com/p2084.html J2151/P2084 January 24, 2007 uspatterns.com uspatterns.com https://web.archive.org/web/20061213140831/http://www.uspatterns.com/p2084.html December 13, 2006 live A composition of 96% aluminum (with trace elements for stability) was chosen.Judd Bowers Teichman 2005 285. The composition was chosen due to its longevity on coin die use and aluminum's high resistance to tarnishing. http://americanhistory.si.edu/coins/printable/coin3_01B.shtml NMAH Legendary Coins & Currency: United States, 1 Cent, 1974 (Aluminum) January 24, 2007 Smithsonian National Museum of American History May 2016 medicmedic 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,DeLorey 2005 35. which felt the aluminum coins would jam machines and cause other mechanical problems. John P. Dorst Thomas E. Reichelderfer Roger C. Sanders http://pediatrics.aappublications.org/cgi/content/abstract/69/2/224?ijkey=f7e7c79819e1b677d00096fed7116b46cc569845 Radiodensity of the Proposed New Penny Pediatrics 69 February 2, 1982 224–225 April 17, 2008 September 28, 2008 https://web.archive.org/web/20080928115738/http://pediatrics.aappublications.org/cgi/content/abstract/69/2/224?ijkey=f7e7c79819e1b677d00096fed7116b46cc569845 live Opposition also came from pediatricians and pediatric radiologists who pointed out if children ingested the aluminum pennies, they would be difficult to detect using X-ray imaging because the radiodensity of the metal inside the respiratory and gastrointestinal tracts was similar to that of soft tissue. 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 cent's composition was not explored again until the 1980s, when, 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, resulting in a 20% weight reduction. Yeoman R.S. Official Red Book A Guide of United States Coins Whitman Publishing 60th 2007 978-0-7948-2039-8 119 After the setback, the US Mint recalled the coins, but about 12 http://www.coinfacts.com/small_cents/lincoln_cents/memorial_cents/1974_cent.htm 1974 One Cent December 23, 2006 https://web.archive.org/web/20070203161553/http://www.coinfacts.com/small_cents/lincoln_cents/memorial_cents/1974_cent.htm February 3, 2007 live to 14 aluminum 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 the Federal Bureau of Investigation and other government law enforcement agencies were called in to investigate, however, some congressmen either feigned ignorance or completely denied getting examples. The coins, which are considered government property, have been subject to seizure by the Secret Service, http://financialservices.house.gov/media/pdf/071906bd.pdf Exhibits of Coin World Articles https://web.archive.org/web/20061228004516/http://financialservices.house.gov/media/pdf/071906bd.pdf December 28, 2006 Beth Deisher U.S. Congressional Subcommittee January 1, 2007 although the legality of the cent is questioned by numismatists. One aluminum 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, Gibbs William T. http://www.coinworld.com/news/032006/BW_0320.asp Cents copper no more Coin World March 20, 2006 April 13, 2007 https://web.archive.org/web/20070928021128/http://www.coinworld.com/news/032006/BW_0320.asp September 28, 2007 it has been difficult to estimate their value.March 2015 While there are no Mint records of the 1974-D aluminum cent being struck at the Denver Mint, in an interview with Coin World, Benito Martinez, a die setter at the Denver Mint in 1974, stated he struck fewer than 12 of the experimental 1974-D Lincoln cents under the supervision of Harry Bobay, a Denver Mint production foreman. The strikes were made using regular production dies on aluminum blanks supplied from the Philadelphia Mint. http://www.coinworld.com/news/us-coins/2015/04/federal-judge-rules-against-government-in-1974-d-aluminum-cent-c.html California federal judge rules against government in 1974-D aluminum cent case Roach Steve April 3, 2015 Coin World Amos Media Company May 28, 2016 August 7, 2016 https://web.archive.org/web/20160807123802/http://www.coinworld.com/news/us-coins/2015/04/federal-judge-rules-against-government-in-1974-d-aluminum-cent-c.html live http://www.coinworld.com/news/us-coins/2014/06/Mint-asks-court-to-dismiss-1974-D-cent-suit.html Mint asks court to dismiss 1974-D cent suit, contends aluminum striking was unauthorized Roach Steve June 6, 2014 Coin World May 28, 2016 August 7, 2016 https://web.archive.org/web/20160807123903/http://www.coinworld.com/news/us-coins/2014/06/Mint-asks-court-to-dismiss-1974-D-cent-suit.html live The coin is considered by a few numismatists not as a pattern coin, but rather a rejected or canceled 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 aluminum cent. It was attributed to US Capitol Police Officer Albert Toven, who had 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 dime, the congressman told him to keep it. http://coincollector.org/archives/002708.html 1974 Aluminum Cent Discovered January 24, 2007 coincollector.org CoinCollector.org July 20, 2005 https://web.archive.org/web/20070112082957/http://coincollector.org/archives/002708.html January 12, 2007 live This example was graded and certified by the Independent Coin Grading Company as "About Uncirculated-58" in 2005, but later certified as Mint State 62 two months later by the Professional Coin Grading Service. http://www.collect.com/interest/article.asp?id=14406 Aluminum cent slabbed February 17, 2007 Herbert Alan Collect.com July 12, 2005 https://web.archive.org/web/20061024101307/http://www.collect.com/interest/article.asp?id=14406 October 24, 2006 Lawrence Specimen In January 2014, San Diego resident Randy Lawrence discovered a 1974-D aluminum cent. The coin had been in the possession of his father, Harry Edmond Lawrence, a former deputy superintendent of the Denver Mint, who kept it in a sandwich bag along with other coins. Lawrence brought the coin to La Jolla coin dealer Michael McConnell, who estimated its value at a minimum of US$250,000, up to $2 million or possibly more. On January 28, 2014, PCGS announced that it had certified the coin as authentic with the grade PCGS MS63 and certification number 28544237. http://www.pcgs.com/news/pcgs-certifies-first-confirmed-1974d-aluminum-cent PCGS Certifies First Confirmed 1974-D Aluminum Lincoln Cent! January 28, 2014 Professional Coin Grading Services May 28, 2016 June 1, 2016 https://web.archive.org/web/20160601183604/http://www.pcgs.com/news/pcgs-certifies-first-confirmed-1974d-aluminum-cent live Lawrence and McConnell planned to auction the coin in April 2014 after it toured the United States and split the proceeds; Lawrence planned to donate as much as $100,000 of his share to homeless programs. http://www.cbs8.com/story/24595421/rare-coin-fetches-local-man-a-pretty-penny Rare coin fetches local man a pretty penny February 6, 2014 Price Steve KFMB-TV January 30, 2014 https://web.archive.org/web/20140207043524/http://www.cbs8.com/story/24595421/rare-coin-fetches-local-man-a-pretty-penny February 7, 2014 However, the coin had to be withdrawn from the auction pending the outcome of a request by the United States Mint to return the coin. Dana Littlefield http://www.utsandiego.com/news/2014/Apr/08/penny-aluminum-government-auction-rare-coin/ https://archive.today/20140805041134/http://www.utsandiego.com/news/2014/Apr/08/penny-aluminum-government-auction-rare-coin/ August 5, 2014 Government wants its rare penny back San Diego Union-Tribune April 8, 2014 The case proceeded after Judge William Q. Hayes denied the government's motion to dismiss on March 26, 2015, stating: "it is plausible that a Mint official, with proper authority and in an authorized manner, allowed Harry Lawrence to keep the 1974-D aluminum cent. Drawing reasonable inferences, it is plausible that Harry Lawrence lawfully obtained possession of the aluminum cent, giving Plaintiffs superior claim of title to the aluminum cent." http://www.leagle.com/decision/In%20FDCO%2020150330924/Lawrence%20v.%20United%20States%20Department%20of%20the%20Treasury LAWRENCE v. UNITED STATES DEPARTMENT OF THE TREASURY – Case No. 14cv594-WQH-NLS. Hayes William Q. March 26, 2015 Leagle, Inc. United States District Court, S.D. California May 28, 2016 August 12, 2016 https://web.archive.org/web/20160812234755/http://www.leagle.com/decision/In%20FDCO%2020150330924/Lawrence%20v.%20United%20States%20Department%20of%20the%20Treasury live On March 17, 2016, Lawrence and McConnell surrendered the penny to the US Mint to settle the terms of their lawsuit which was dropped. The Mint has reported their intention to display the penny as a part of US Mint history. A 1974-D is stored at the United States Bullion Depository. FOIA Request #2017-09-205 https://www.governmentattic.org/30docs/VisitBullionDepositFtKnox_2017.pdf GovernmentAttic.org United States Mint December 17, 2018 April 6, 2018 December 17, 2018 https://web.archive.org/web/20181217185404/https://www.governmentattic.org/30docs/VisitBullionDepositFtKnox_2017.pdf live Other examples 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. Unlike the Philadelphia aluminum cent, these were actually minted in 1974. https://www.pcgs.com/coinfacts/coin/1974-d-1c-aluminum/522941 1974-D 1C Aluminum (Regular Strike) Lincoln Cent (Modern) PCGS CoinFacts Professional Coin Grading Services September 13, 2019 August 27, 2020 https://web.archive.org/web/20200827214956/https://www.pcgs.com/coinfacts/coin/1974-d-1c-aluminum/522941 live Examples produced in bronze-clad steel. 66 aluminum cents made in 1975 as trial strikings. http://uspatterns.com/j2155.html J2155 January 24, 2007 uspatterns.com uspatterns.com https://web.archive.org/web/20061213135905/http://www.uspatterns.com/j2155.html December 13, 2006 live Judd Bowers Teichman 2005 286. At least 1 example of an aluminum Lincoln Wheat cent struck in 1942 to test a possible alternative composition to bronze for the following year. Unlike the 1974–75 aluminum cents, this coin appears to be legal to possess and was sold at Heritage Auctions in May 2009. https://www.pcgs.com/coinfacts/coin/1942-1c-j-2079-lincoln-aluminum/396884 1942 1C J-2079 Lincoln Aluminum (Special Strike) Patterns PCGS CoinFacts Professional Coin Grading Services February 14, 2019 February 14, 2019 https://web.archive.org/web/20190214233423/https://www.pcgs.com/coinfacts/coin/1942-1c-j-2079-lincoln-aluminum/396884 live http://www.uspatterns.com/p2077.html J2081/P2077 www.uspatterns.com August 19, 2019 August 19, 2019 https://web.archive.org/web/20190819215049/http://www.uspatterns.com/p2077.html live https://coins.ha.com/itm/patterns/1942-1c-cent-judd-2079-pollock-2076-r8-pr66-pcgs/a/1125-1448.s 1942 1C Cent, Judd-2079, Pollock-2076, R.8, PR66 PCGS.... Patterns Lot #1448 Heritage Auctions en August 19, 2019 August 19, 2019 https://web.archive.org/web/20190819215046/https://coins.ha.com/itm/patterns/1942-1c-cent-judd-2079-pollock-2076-r8-pr66-pcgs/a/1125-1448.s live Trial strikings of various compositions. References Further reading Pollock Andrew III United States Patterns and Related Issues Bowers and Merena Galleries 1994 978-0-943161-58-7 Money Numismatics United States Category:Abraham Lincoln on United States currency Category:Currencies introduced in 1974 Category:One-cent coins of the United States Category:Pattern coins of the United States