The LogBook: The sordid tale of America's first official coin, the Franklin cent

In 1787, four years after the American Revolution, the Continental Congress was still trying to manage America’s newly freed and growing economy. During this period, there was an influx of counterfeit copper coins in circulation, causing problems for laborers and businesses. Additionally, because of the Articles of Confederation, the 13 U.S. states were given the right to create their own currencies and set their own values.

The addition of counterfeit coins paired with multiple state-issued coins had a stagnating effect on the freshly established American economy. A trader with a coin from New York could not be assured that his coin would be spendable at face value once he travels out of the state. This added friction, making trading across state lines highly cumbersome. After much debate, on April 21, 1787, the Continental Congress of the Confederation passed a resolution to authorize production of a Congress-approved copper coin. The coin, called the Fugio cent, was designed by Benjamin Franklin — hence its unofficial name as the Franklin cent. As part of the coin’s design, Franklin added the motto “Mind Your Business” which some took to imply that citizens should be responsible for themselves and not meddle in others’ affairs.