A Tribute To The Lincoln Penny
Mr. Speaker, I rise to honor our 16th President Abraham Lincoln and his first and most enduring monument, the United States penny. Just three years after adoption of the U.S. Constitution, Congress passed The Coinage Act in 1792 and…
Mr. Speaker, I rise to honor our 16th President Abraham Lincoln and his first and most enduring monument, the United States penny. Just three years after adoption of the U.S. Constitution, Congress passed The Coinage Act in 1792 and established the U.S. Mint. In 1793, the first federal building constructed in the then-capital city of Philadelphia, minted the first circulating coins, 11,178 copper cents. Mr. Speaker, I would like to point out that the Mint was and remains in my own district and that it continues to produce high quality products for the American people. And true to its Philadelphia roots, the first pennies were designed by one of our town's most famous sons, Benjamin Franklin.
In 1909, after several design and composition changes, the penny's design was changed to honor President Lincoln, the first real person to appear on an American coin. The Lincoln penny is the longest used design of any American coin, and its release was timed to honor his 100th birthday.
The Lincoln penny was the first U.S. coin to carry the motto ``In God We Trust,'' and it preceded by five years the construction of the Lincoln Memorial. For generations of Americans, the penny has served as a memorial to the first President assassinated in office, as well as a reminder of the brutal Civil War that threatened to end the American experiment, and the liberation of the enslaved African.
Mr. Speaker, the penny is the most common and most highly circulated coin in the United States. 62 percent of the 11.2 billion new coins put into circulation by the U.S. Mint in fiscal year 2013 were pennies. The Mint has shipped 90 billion new pennies since 2000. We can clearly see that demand for the penny remains high and we need to keep minting it.
I am proud that my own City of Philadelphia was the first and longest running producer of the penny. As we celebrate President Lincoln's 206th birthday, I am pleased to honor him, and the coin that commemorates his place in our history.