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| 2008-09-23 - Weird News AHN Staff New U.S. Pennies Released With Face Value Of $36 Million Costs $50.4 Million To Mint | ||
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Washington, D.C. (AHN) -- The U.S. Mint unveiled on Monday four new designs for the penny to celebrate the bicentennial of President Abraham Lincoln's birth. It also marks the 100th anniversary of the production of the Lincoln cent. The first redesigned penny will roll out Feb. 12, 2009. The remaining three designs will be released every three months after. In unveiling rites held at the Lincoln Memorial Reflecting Pool Plaza, U.S. Mint director Ed Moy said, "This is a momentous occasion in the history of our nation's coinage because these designs represents the first change in the Lincoln cent in half a century... These coins are a tribute to one of our greatest presidents whose legacy has had a lasting impact on our country. He believed all men were created equal and his life was a model for accomplishing the American dream through honesty, integrity, loyalty and a lifetime of education." The heads side of the penny will still retain Lincoln's likeness and the motto "In God We Trust," but the tails side will have four different images. One is a log cabin which represents Lincoln's home in Kentucky, another is Lincoln as a young man studying while working as a rail splitter in Indiana. The third shows Lincoln as a young Illinois state senator and the fourth a half-built Capitol to represent the president's efforts to preserve the union. It costs the U.S. Treasury $0.014 to produce the penny. This year, 3.6 million pennies have been minted, which cost the Treasury $50.4 million to manufacture. Because of the higher cost to produce than its face value, there had been suggestion to abolish the penny. Treasury Secretary Henry Paulson acknowledged in February because of the great sentiment surrounding the penny, it will likely not be politically doable to eliminate the penny. Aside from the four redesigned pennies, the U.S. Mint will also release in 2009 a Lincoln commemorative silver dollar.
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