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The penny, also known as the cent, is a coin in the United States representing one-hundredth of a dollar.It has been the lowest face-value physical unit of U.S. currency since the abolition of the half-cent in 1857 (the abstract mill, which has never been minted, equal to a tenth of a cent, continues to see limited use in the fields of taxation and finance).
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The Coinage Act of 1792 established the United States Mint and regulated the coinage of the United States. [3] The act created coins in the denominations of Half Cent (1/200 of a dollar), Cent (1/100 of a dollar, or a cent), Half Dime (also known as a half disme) (five cents), Dime (also known as a disme) (10 cents), Quarter (25 cents), Half Dollar (50 cents), Dollar, Quarter Eagle ($2.50 ...
The United States large cent was a coin with a face value of 1/100 of a United States dollar. Its nominal diameter was 1 1 ⁄ 8 inch (28.57 mm). The first official mintage of the large cent was in 1793, and its production continued until 1857, when it was officially replaced by the modern-size one-cent coin (commonly called the penny).
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A debate exists within the United States government and American society at large over whether the one-cent coin, the penny, should be eliminated as a unit of currency in the United States. The penny costs more to produce than the one cent it is worth, meaning the seigniorage is negative – the government loses money on every penny that is ...
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