Some time again I learn a narrative a few native Lions membership that was asking for pennies for charity. They needed to boost one thing like 1 million pennies to assist slightly league rebuild its ballpark. The membership was asking for pennies as a result of they aren’t price a lot and individuals are keen to donate them (right here). So…It bought me pondering. How a lot is 1,000,000 pennies price, actually?
The reply is: 1,000,000 pennies is $10,000 {dollars}.
How A lot Is A Million Pennies Price?
The maths is fairly easy.
Per the coinage act of 1792, every US greenback is price 100 pennies (clicky). So, you merely divide 1 million by 100 to get the variety of {dollars}. Or, 1,000,000 / 100. This provides you $10,000.
So, what number of {dollars} is a million pennies? Its $10,000.
Right here Are Some Enjoyable Information About Pennies:
1) Pennies are made out of two.5% copper, with the remainder made out of Zinc.
2) Between 1828 and 1848, pennies have been made out of copper from Cornwall, England. After 1850 the mint used copper ore from Michigan.
3) Per Wikipedia, pennies was once a lot bigger. For instance in 1857 the penny was in regards to the dimension of a Susan B Anthony greenback.
4) Every penny weighs about 2.5 grams. Thus, 1,000,000 pennies weigh about 2.5 million grams. This interprets to five,511 kilos.
5) Pennies are 1.52 millimeters thick. In case you stacked 1,000,000 pennies on high of one another, they’d be about .94 miles tall.
6) Pennies have clean edges.
7) As a result of altering commodity costs, generally the worth of the copper in US pennies is price greater than its face worth. However, don’t suppose you’ll find a bunch of pure copper pennies and soften them down. Per the Federal Register, that is towards treasury laws and will get you into sizzling water (click on right here if you wish to learn the regs your self).
8) Essentially the most helpful penny you would possibly discover in circulation immediately is the 1983 double die reverse. The phrase “double die” refers to an error within the minting course of whereby the coin is struck twice. This causes the coin’s design to barely overlap. For the 1983 pennies, the error is on the again the place it says “ONE CENT”. Right here is a picture of what this appears like:
9) There are many pennies. There are about 130 billion pennies at the moment in circulation. In 2020 the Mint produced about 4.4 billion pennies.
10) In 2025, The Trump Administration introduced it was planning on eliminating the penny. It is because the penny prices 3.7 cents to fabricate, which means the federal government looses cash on every penny it produces. Its unclear if the Administration can do that through govt order, as some authorized analysts really feel solely Congress can abolish the penny, see the PBS story on this.
By the use of a conclusion, pennies are nice for speaking about compound curiosity. Dividend Energy has a fantastic article that talks about what occurs whenever you double a penny day-after-day for 30 days. Trace: In impact it says that compound curiosity is so highly effective that on the finish of 30 days you’ll have greater than $5.3 million {dollars}…
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James Hendrickson
James Hendrickson is an web entrepreneur, running a blog junky, hunter and private finance geek. When he’s not lurking in espresso retailers in Portland, Oregon, you’ll discover him within the Pacific Northwest’s nice outside. James has a masters diploma in Sociology from the College of Maryland at School Park and a Bachelors diploma on Sociology from Earlham School. He loves particular person shares, bonds and treasured metals.
