Pennies in a Million Dollars- The penny is a United States one-cent coin equal to one-hundredth of a United States Dollar. The penny is the denomination value of the United States currency and has been in use in the United States since 1787. The penny has existed in different forms, shapes, and sizes since its inception and currently bears the face of Abraham Lincoln. The high cost of production of pennies made the US mint decide to end its production in 2023.
A penny is equal to one-hundredth of a United States dollar. This suggests that there are 100 pennies in one United States Dollar. Therefore, to find the number of pennies in a million dollars, we need to multiply 1,000,000*100. 1,000,000*100 = 100,000,000. Another option is to take 1,000,000 and divide it by the value of a penny, which is 0.01. So, you could divide by a decimal to get your answer. If done correctly, it will match the answer above. A third way to do it is to convert the penny’s value into a fraction and then take 1,000,000 divided by that fraction and if done correctly, it will match the answer above.
Conversion Chart of Pennies to Dollars
- 1 penny = 0.01 dollars
- 10 pennies = 0.1 dollars
- 50 pennies = 0.5 dollars
- 100 pennies = 1 dollars
- 200 pennies = 2 dollars
- 500 pennies = 5 dollars
- 1000 pennies = 10 dollars
- 2000 pennies = 20 dollars
- 5000 pennies = 50 dollars
- 10,000 pennies = 100 dollars
- 20,000 pennies = 200 dollars
- 50,000 pennies = 500 dollars
- 100,000 pennies = 1000 dollars
- 200,000 pennies = 2000 dollars
- 500,000 pennies = 5000 dollars
- 1,000,000 pennies = 10,000 dollars
- 2,000,000 pennies = 20,000 dollars
- 5,000,000 pennies = 50,000 dollars
- 10,000,000 pennies = 100,000 dollars
- 20,000,000 pennies = 200,000 dollars
- 50,000,000 pennies = 500,000 dollars
- 100,000,000 pennies = 1,000,000 dollars
Facts About Pennies
- 16.7 billion Lincoln cents were produced in 1982, making it the largest number of pennies ever produced in a single year in the history of the United States of America.
- America’s first one-cent piece called the “large cent” was as big as half a dollar. The “large cent” was so big that it was difficult to use but was not replaced till 1857.
- Long before Lincoln became the face of the one-cent coin, A woman (Miss Liberty), a fictitious person was the face of the penny.
- The first set of pennies in circulation amounted to just over one hundred dollars.
Conclusion
The minting of pennies in the United States of America dates back to the 18th Century and has evolved into different shapes forms and sizes.
Frequently Asked Questions
- Why do pennies cost so much to mint?
The exorbitant cost of production of pennies is a result of the cost of metal, manufacturing, and transportation. Pennies usually have a copper color but are mostly made of zinc. The United States Government over the years has directed the US mint to find cheaper ways to produce the penny but because there is no alternative metal composition, the US mint has reiterated that there is no way to cut down the cost of the penny production and if they should change the material used in manufacturing A pennies, it will cost coin-reliant industries far more than it would save manufacturing costs.
- What are pennies made of?
The first penny to be minted was made up of 100 percent pure copper and it was so heavy and as large as half a dollar. Its composition was changed in 1837 to 95 percent copper and 5 percent zinc. Twenty years later in 1857, its composition changed to 88 percent copper and 12 percent nickel but this lasted for only seven years because, in 1964, its composition returned to 95 percent copper and 5 percent zinc as it was in 1837. It should be worthy of note that in 1943, due to copper shortages, the penny was made from zinc and steel. From 1982 till this day, pennies have been made up of 97.5 percent zinc and 2.5 percent copper.
- How did the penny get its name?
The United States penny previously to as the American one-cent got its name from the British penny previously circulated in the country. The British penny takes its name from the Carolingian system, like the French denier and the German pfennig.
- Who invented the penny?
Benjamin Franklin invented the very first American penny known as the Fugio cent in 1787. It had the message “Mind Your Business” written below sun and sundial on the face of the coin.
- How much money would the government save by eliminating the penny?
A cent costs twice as much to produce as its value. Eliminating the penny from circulation will save the US government up to 85 million dollars annually.
