Was the value of a penny calculated according to the materials used for it’s manufacture?

Question

I’m talking about pennys from the 19-20th century.

In: 1

Answer 1

Sort of, but it would have gone in the other direction. Money is made to fit the market and prices, not the other way around. For instance, the idea of spending $100 existed long before the first $100 bill was printed in 1862. If a coin is needed to represent a penny the government will make it. Or rather they’ll make it if it costs less than a penny to do so (which is where your calculation comes in).