A Penny for your Thoughts
History of the value of the penny
This is the cartwheel penny from 1797. Made from solid copper and weighing approximately 28 grams (1oz).This penny was one of the first to be made on Matthew Boulton's steam-powered coining press. To buy the equivalent goods with one 1797 penny in 1998 would cost around 6,800 pennies.
The victoria 1900 penny was made from bronze and weighed 9.4 grams. A lot smaller than the cartwheel penny and also made of a lesser material of bronze. To buy the equivalent goods with one 1900 penny in 2017 would cost around 113 new pennies (113x2.4) 271 old pennies.
The 1971 penny (now decimal coinage) was still made from bronze but was now tiny at 3.5 grams. To buy the equivalent goods with one 1971 penny in 2017 would cost around 14 pennies.
The 2017 penny is now made from worthless steel with a bronze coating. This coin is now seen as worthless by many younger people and is often found thrown away in the street
You have to remember that 240 older pennies made £1. While only 100 pennies make up the £1 since 1971
Governments want you to believe wrongly that these coins lose value becaue the price of goods rises. But in actual fact the price of goods don't rise. Its the value of money that decrease due to inflation. Which is the increase in the money supply.
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