One Cent, Draped Bust, Coin Type from United States - detailed information

The United States one-cent coin (often called a penny, from the British coin of the same name) is a unit of currency equalling one-hundredth of a United States dollar. The cent's symbol is ¢. It has been the lowest-value physical unit of U.S. currency since the abolition of the half-cent in 1857.

The earliest one cent coins were large and made of copper. In 1793, two short-lived types were struck: the Flowing Hair / Chain Cent and the Flowing Hair / Wreath Cent. Their design was met with heavy criticism, so the Philadelphia Mint discontinued them and later in the year updated the denomination to an obverse design featuring a figure of Miss Liberty and a pole with a Liberty cap on it, known as the Liberty Cap Cent. These were only issued until 1796, after which time the Draped Bust type of One Cent coins was introduced.

The obverse of this type features a "rather buxom" bust of Miss Liberty facing right. Some accounts identify the model as Philadelphia socialite Ann Willing Bingham, daughter of the first president of the First Bank of the United States. The reverse remained the same as before, with minor modifications through the eyars. One Cent coins of the Draped Bust type were only issued until 1807, after which they were replaced with the "Classic Head" design.

The large copper format of the one cent denomination was discontinued by the Coinage Act of February 21, 1857 and was replaced by a smaller bronze coin. While withdrawn from circulation and not used any more, these coins have never been officially demonetised though.