It’s hard to believe that the final penny was struck in 2025, marking the end of a 232-year production run. Last week, I was looking through some old pennies I’d saved. It made me wonder about the first American penny and what a penny was worth by the 1880s.
The Fugio cent holds the distinction of being America’s
first official circulating coin. It was authorized by the Congress of the
Confederation and minted in 1787, a few years before the establishment of the
U.S. Mint. It is also one of the few American coins associated with
Benjamin Franklin. Its imagery is very close to the designs Franklin had used
earlier on the 1776 Continental Currency dollar patterns.
The front (obverse): A sun shining on a sundial with the word “FUGIO” (Latin for “I flee” or “I fly”), referring to time flying by or the passage of time. Beneath it appears the famous motto “MIND YOUR BUSINESS.” In the 18th century, it meant to “pay attention to your work and responsibilities.” It serves as a reminder that time is passing, so make good use of it.
The back (reverse): Thirteen linked rings representing the
original thirteen states, surrounding the words “WE ARE ONE.”
Some coin collectors consider the Fugio cent one of the most
historically significant American coins because it links the Revolution,
Franklin, and the birth of the federal government.
Interestingly, many Fugio cents survive today thanks to what
collectors call the Bank of New York Hoard. In 1788, the bank stored several
thousand Fugio cents in a keg in its basement. The coins were stored away again
in 1856 and largely forgotten until the cache was rediscovered in 1926. Because
many of the coins had remained untouched since the eighteenth century, hundreds
survived in mint-state condition.
The coins were given to clients as souvenirs and keepsakes until
1948. At that time, only 1,641 of the coins remained. From there, many of these
coins were donated or sold. The bank retained 819 of the coins.
I don’t have any relatives from New York, but it’s fun to
dream that just maybe someone kept one of those coins for their family. But I
digress.
Since my WIP takes place in the 1880s, it’s worth noting that by then a penny still had real, if modest, buying power in towns across the American West.
By 1880, Americans had seen several variations of the penny,
but the Indian Head cent was the penny of the day. Interestingly, the front
profile of the Indian Head cent actually depicts Lady Liberty wearing a Native
American feather headdress. The Philadelphia Mint produced 16,231,200 of these
coins in 1880, compared to the 398,577 Fugio cents struck in 1787.
On the frontier, a purchase depended heavily on where you
were. Remote posts often ran on barter and credit.
While a penny wouldn’t buy a meal, it still mattered in daily exchanges. In that sense, the humble cent wasn’t just currency—it was a measure of the ordinary moments in the Old West.
(The following prices aren’t exact for every town.)
Everyday Small Goods
- Stick of candy – 1¢ to 2¢
- Handful of penny candy – 1¢ to 3¢
- Matches (single or small bundle) – 1¢ to 5¢
- Lead pencil (cheap) – 1¢ to 3¢
- Sheet of writing paper – 1¢
- Envelope – 1¢
Food Staples (small amounts)
- Cup of coffee (in a town shop or counter) – 5¢
- Hard biscuit or roll – 1¢ to 3¢
- Small piece of cheese – 3¢ to 10¢
- Salt pork (small cut) – 5¢ to 15¢
- Beans (by the scoop) – 3¢ to 10¢
Tobacco & Personal Goods
- Chewing tobacco (pinch or plug slice) – 2¢ to
10¢
- Pipe tobacco (small measure) – 5¢ to 15¢
- Basic soap bar – 3¢ to 10¢
- Simple handkerchief – 5¢ to 15¢
These were small comforts, but they were part of everyday
life in a cash-poor frontier economy.
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