Back in 2012 as the American Numismatic was preparing its “Signs of Inflation” exhibition, we came to realize that the copper metal value of still circulating pre-1982 pennies was close to three times their notional value. As a fun thing to do, I suggested my to older children, Jeanne and Felix, then 10 and 8 years old, that we start saving them. It became a family game, each time change was given back to one of us, the pennies’ minting date would be checked and the pre-1982 coins would be put aside in a box.
Over the next nine months, we gathered a total of 261 ‘old’ pennies in Brooklyn, whose minting date ranged from 1944 to 1982. What did we learn?
*pre-1982 pennies seem to represent about 29% of the current circulation pool in Brooklyn and Manhattan
*the average annual loss rate based on a comparison of the found set and minted numbers is around 2%
*only 38 of the coins had mintmarks, 4 for San Francisco and 34 for Denver
What perhaps surprised us most about this exercise was the level of interest it generated with the public. Retailers and cashiers asked questions, remembered us, and even asked that we provide the final paper to them. Applied projects like this offer a fun way for people to learn about the field of numismatics. To see the full write-up and analysis, just click here.