Collector Says Uncle Sam Has no Right to His Rare 1974 Aluminum Penny

March 20, 2014 in Coins, Collecting, News, Numismatica, Numismatics, PCGS (Professional Coin Grading Service), Pennies, US Mint, USA Coins

By: Elizabeth Warmerdam. March 18th, 2014 ( Court House News Service.

SAN DIEGO (CN) – A man trying to auction off a rare 1974 aluminum penny claims in court that the government has no right to interfere by demanding return of the coin, which it has done.

Randall Lawrence and Michael McConnell used the Department of Treasury and Bureau of the Mint, seeking declaratory judgment that the government’s claim to the penny, which was struck at the Denver Mint, is invalid.

Facing a sharp increase in copper prices in 1973, the U.S. Mint proposed replacing copper pennies with aluminum. Pennies are the only U.S. coin whose metallic value equals or exceeds its face value. Between October 1973 and May 1974, more than 1.5 million aluminum cents were struck at the Philadelphia Mint, the lawsuit states.

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