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And yet, the temptation remains. Whereas the U.S. replaced almost all copper content in the penny with zinc in 1982 (nickels today contain more copper than pennies), up in Canada they kept on ...
During the early 1970s, the price of copper rose to the point where the cent contained almost one cent's worth of copper. This led the Mint to test alternative metals, including aluminum and bronze-clad steel. Aluminum was chosen, and over 1.5 million samples of the 1974 aluminum cent were struck before ultimately being rejected.
Canada's elimination of the penny, however, rounds cash transactions both up and down. [24] The paper stated that rather than eliminate the penny, it would make more sense to change the composition of the penny to a cheaper metal than zinc if the costs of zinc do not come down and there continues to be a significant loss per penny.
The law prior to 1965 made it a felony to forge silver coins; this was amended by section 211 to forbid the counterfeiting of coins with denomination greater than five cents. [67] Section 212 made using coins as security for loans a misdemeanor if the secretary has made a proclamation in the Federal Register proscribing their use as collateral ...
Currently, pennies are 97.5% zinc and 2.5% copper, and at ... But throughout most of their history, pennies were made up of 95% copper, with the remaining 5% being either zinc or tin. As a result ...
According to CoinCollecting.com, the cent was 95% copper until copper was needed for war in 1943 and the penny’s composition changed to zinc-coated steel for the year. A few errors were made on ...
Several nations have stopped minting equivalent value coins, and efforts have been made to end the routine use of pennies in several countries. [31] In the UK, since 1992, one- and two-penny coins have been made from copper-plated steel (making them magnetic) instead of bronze.
It may be time to dig out that old piggy bank and see if you’ve got a fortune stashed away.