The 1974 aluminum cent was a one-cent coin proposed by the United States Mint in 1973. It was composed of an alloy of aluminum and trace metals, and intended to replace the predominantly copper?zinc cent due to the rising costs of coin production in the traditional bronze alloy. 1,570,000 were struck in anticipation of release, but none were released into circulation. Examples were passed out to US Congressmen in a bid to win favor in switching to the new alloy. When the proposed aluminum cent was rejected, the Mint recalled and destroyed the examples. A few aluminum cents not returned to the Mint are believed to remain in existence. One example was donated to the Smithsonian Institution, while another was alleged to have been found by a US Capitol Police Officer. Since the United States Secret Service is tasked with the seizure of any specimens, the legality of the coins is in doubt.

History

During the early 1970s, the price of copper on world markets rose to a point where the metallic value of the cent was almost equal to its face value.^[1][2] The U.S. Mint, which produces billions of cents annually, was faced with a potentially catastrophic operating deficit, due to issues of seigniorage. As a result, the Mint tested alternate metals, including aluminum and bronze-clad steel.^[3] A composition of 96% aluminum (with trace elements for stability) was chosen.^[4] The composition was chosen due to its longevity on coin die use, and aluminum's high resistance to tarnishing.^[5] 1,570,000 examples of the new cents were struck.^[4] Although they were produced in 1973, they were given a 1974 date in anticipation of release into circulation in that year.^[3]

1974 aluminum cent obverse and reverse.

It is believed that about a dozen aluminum cents were never returned to the mint.^[9] They are now considered government property, and are subject to seizure by the Secret Service,^[10] though the legality of the cent is questioned by numismatists.^[4] One aluminum cent was donated to the Smithsonian Institution.^[5] Since no examples have been put up for public or known private sale,^[11] it is difficult to estimate their value.

One example is attributed to a story of a US Capitol Police Officer who found the coin dropped by an unnamed US Congressman. When the officer attempted to return the coin to the congressman, thinking it was a dime, the congressman told him to keep it.^[12] This example was graded and certified by the Independent Coin Grading Company as ?About Uncirculated-58? (later certified Mint State 62 by Professional Coin Grading Service).^{[3][4][12][13]} and is thought to be the Toven specimen.

The coin is considered by a few numismatists not as a pattern coin but rather a rejected or cancelled regular issue despite being listed in pattern books.^[3]

Other examples

Several other related examples are alleged to have existed at some point or another, including:

• 10 examples of a 1974-D aluminum cent, produced at the Denver Mint.^[14]
• Examples produced in bronze-clad steel.^[3][4]
• 66 Aluminum cents made in 1975 as trial strikings.^[15][16]

Notes and references

Further reading

• Judd M.D., J. Hewitt, Bowers, Q. David (editor), & Teichman, Saul (research associate). Official Red Book United States Pattern Coins: Complete Source for History, Rarity, and Values. Whitman Publishing; 9th edition (October 31, 2005). ISBN 0794818234
• Pollock III, Andrew. United States Patterns and Related Issues. Bowers and Merena Galleries, Inc (1994). ISBN 0943161584
• Yeoman, R.S. Official Red Book A Guide of United States Coins Whitman Publishing: 60th edition (2007) ISBN 0794820395