The new 2009 Lincoln Cents

Hollywood, FL

#1 Apr 21, 2009
Some real facts for you folks. It is not a penny. England has pennies. It is a cent. One cent coins can be quite valuable. The most valuable US one cent coin is a 1793 valued at $425,000. The most valuable modern (Lincoln Cent) coin is a 1922 at $145,000. The reason for demand by numismatist (people who collect coins) is the fact that there are only 600 million of these coins issued, while an average year for mintage of US cents is 3.5 Billion. The front of the coin is called the obverse…the reverse of this coin depicts Abraham Lincolns boyhood home. This coin (the first of four different designs issued for the 200th anniversary of A. Lincolns birth) was approved by congress for issue in 2006. The cent, like the US dollar is the world’s reserve currency. We are different in the US because we think nothing of our money. The world is different in the fact that they value our money more than their own. Some countries such as Guatemala only use US money as currency. Go to Mexico, Thailand, Philippines, and many, many, other countries and they do not want pesos or their own currency they want US dollars. Why US currency is the world’s reserve currency is another fact. Saudi Arabia only accepts dollars for its oil. They would much rather have gold or silver but there is not enough of it to go around. The reasons the coins are scarce are two-fold. One, because of our economy people are turning in their change and the Federal Reserve now has a glut of coinage. The second reason is called a seinorage tax. A little old lady goes in the bank and the teller says, “I have a whole box of these new pennies (cents)”. A whole box is only 50 rolls or $25.00 she takes them all and saves them for her grandkids. If your grandma did that for you in 1931 and you had a 50 roll box of these it would be worth a minimum of $100,000 I wish my grandma would have saved me a couple of boxes of them..:)

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