1974 aluminum cent – Wikipedia

Proposed american coin

United States
Value 0.01 US$
Mass 0.937 g (0.030 troy oz)
Diameter 19.05 mm (0.750 in)
Thickness 1.55 mm (0.061 in)
Edge Plain/Smooth
Composition 96% Aluminum with trace metals mixed in.
Years of minting 1973 (dated 1974), 1974, 1975
Catalog number 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
Design Abraham Lincoln
Designer Victor D. Brenner
Design date 1909
US-00010-One Cent (1974) Aluminum.jpg
Design Lincoln Memorial
Designer Frank Gasparro
Design date 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 intended to replace the predominantly copper– zinc cent due to the rising costs of mint production in the traditional bronze alloy. Of the 1,571,167 coins struck in anticipation of handout, none were released into circulation. To encourage congressional hold for the new debase, the Mint distributed several examples to US Congressmen. When the proposed aluminum penny 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 exemplar was donated to the Smithsonian Institution, while another was alleged to have been found by Albert P. Toven, a US Capitol Police Officer. A 1974-D specimen was found in January 2014 by Randall Lawrence, who said it was a retirement endowment to his church 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 rejoinder, saying that the coin was never authorized for release and consequently 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 giving of any kind. [ 1 ]

history [edit ]

In recently 1973, the monetary value of bull on universe markets rose to a point where the metallic value of the cent was about peer to its confront respect. [ 2 ] [ 3 ] [ 4 ] 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 solution, the Mint tested alternate metals, including aluminum and tan -clad steel. [ 5 ] A composition of 96 % aluminum ( with trace elements for constancy ) was chosen. [ 2 ] [ 6 ] The composition was chosen due to its longevity on coin die habit, and aluminum ‘s high resistance to tarnishing. [ 7 ] Although they were produced in 1973, they were struck using 1974 date dies in anticipation of publish into circulation in that year. [ 2 ] [ 5 ] In an effort to gain credence for the raw composition, the Mint distributed approximately three twelve examples to assorted 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. [ 2 ] Additional specimens were given out by then Mint Director Mary Brooks. [ 6 ] ultimately, the proposal was rejected in Congress, due chiefly to the efforts of the copper-mining and vending machine industries, [ 8 ] which felt the aluminum coins would jam machines and cause other mechanical problems. [ 9 ] Opposition besides came from pediatricians and pediatric radiologists who pointed out if children ingested the aluminum pennies, they would be unmanageable to detect using x ray imagination because the radiodensity of the metallic element inside the respiratory and gastrointestinal tracts was similar to that of gentle tissue. [ 9 ] In addition, the price of copper declined enough that making copper cents would again be economically viable, and conversely made hoarding otiose. The theme of changing the composing of the cent would not be explored again until the 1980s. In 1982, the constitution of the coin was changed to the current 99.2 % zinc and 0.8 % bull core admixture with a plat of pure copper, resulting in a 20 % weight reduction. [ 10 ] After the reverse, the US Mint recalled the coins, but about 12 [ 11 ] to 14 [ 2 ] aluminum cents were never returned to the batch. No supervision, read keeping, or statement that the coins had to be returned was made by the US Mint as examples were handed out. [ 2 ] When Federal Bureau of Investigation and other government law enforcement agencies were called in to investigate, however, some congressmen either feign ignorance or wholly denied getting examples. [ 2 ] The coins, which are considered government property, have been subject to seizure by the Secret Service, [ 12 ] although the legality of the penny is questioned by numismatists. [ 2 ] [ 6 ] One aluminum penny was donated to the Smithsonian Institution for the National Numismatic Collection. [ 2 ] [ 7 ] Since no examples have been put up for public or known individual sale, [ 13 ] it has been unmanageable to estimate their respect. [ citation needed ] While there are no Mint records of the 1974-D aluminum penny being struck at the Denver Mint, in an interview with Coin World, Benito Martinez, a fail compositor 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 product dies on aluminum blanks supplied from the Philadelphia Mint. [ 14 ] [ 15 ]

The coin is considered by a few numismatists not as a pattern coin, but preferably a rejected or cancelled regular issue, despite being listed in blueprint books. [ 5 ]

Toven Specimen [edit ]

In the February 20, 2001, edition of Numismatic News, Alan Herbert reported the universe of an aluminum penny. It was attributed to US Capitol Police Officer Albert Toven, who had found the coin dropped by an nameless US Congressman on the floor of the Rayburn Office Building. When the officer attempted to return the mint to the congressman, thinking it was a dime bag, the congressman told him to keep it. [ 2 ] [ 16 ] This exercise was graded and certified by the Independent Coin Grading Company as “ About Uncirculated-58 ” in 2005, but former certified as Mint State 62 two months later by the Professional Coin Grading Service. [ 2 ] [ 5 ] [ 6 ] [ 16 ] [ 17 ]

Lawrence Specimen [edit ]

In January 2014, San Diego nonmigratory Randy Lawrence discovered a 1974-D aluminum cent. The coin had been in the possession of his don, 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 mint to La Jolla coin dealer Michael McConnell, who estimated its value at a minimal 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 certificate total 28544237. [ 18 ] Lawrence and McConnell planned to auction the mint in April 2014 after it toured the United States and split the proceeds ; Lawrence planned to donate a much as $ 100,000 of his share to homeless programs. [ 19 ] however, the coin had to be withdrawn from the auction pending the result of a request by the United States Mint to return the coin. [ 20 ] The case proceeded after Judge William Q. Hayes denied the government ‘s gesture to dismiss on March 26, 2015, stating : “ it is plausible that a Mint official, with proper authority and in an authorize manner, allowed Harry Lawrence to keep the 1974-D aluminum cent. Drawing fair inferences, it is plausible that Harry Lawrence legitimately obtained possession of the aluminum penny, giving Plaintiffs lake superior claim of title to the aluminum penny. ” [ 21 ] On March 17, 2016, Lawrence and McConnell surrendered the penny to the U.S. 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 U.S. Mint history. A 1974-D is stored at the United States Bullion Depository. [ 22 ]

other examples [edit ]

several early related examples are alleged to have existed at some point or another, including

Notes and references [edit ]

further read [edit ]

source : https://ontopwiki.com
Category : Finance

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