Cent Special
Cent Special
10 Great Cents
It is safe to say there have been many important coins in the history of the cent denomination. Ranging from expensive and scarce to rather available and inexpensive, important cents take a number of forms, making the top 10 an interesting and diverse group.
The cent was a high priority for the U.S. Mint from its start, with the first cents being minted for circulation in 1793, the year after the Mint opened. Here's my list of the 10 best that have been produced since then.
1. The design of the 1793 Flowing Hair chain cent is credited to Henry Voight. It shows Liberty facing left, with a chain reverse of 15 links—one for each state in the Union. An estimated 5,000 to 10,000 were minted with an abbreviated inscription, "UNITED STATES OF AMERI." The remainder of this 36,103-mintage coin carried "AMERICA."
No sooner had the first cents appeared than the critics came out in force. Particularly offensive to some were the chains. The idea was to show unity, but to some the chain represented captivity. The 1793 Flowing Hair chain cent is extremely popular today. It is usually found well-worn. The demand is always far in excess of the supply, which means even a Good-4 commands a $7,750 price tag.
2. Next is the 1856 Flying Eagle cent. In fact, the 1856 Flying Eagle cent is technically a pattern, as the Flying Eagle cent was not even authorized until 1857.
The 1856 Flying Eagle cent was basically a test of a new, smaller cent that would not have an intrinsic value anywhere near its face value. Therefore, it was a bold departure from prior practice. The first 1,000 were given out to congressmen and others in influence in an attempt to win its approval.
It was coined for circulation into 1858, and collectors soon realized the 1856 was far tougher than the 1857 or the 1858. The Mint at the time was a very different sort of place and collectors wanting an 1856 Flying Eagle cent simply went to the Mint and asked for one. The Mint cheerfully provided the coins. We cannot be sure of the initial mintage, but most put it at somewhere between 1,500 and 3,500.
Over the years the 1856 has not been dismissed as a pattern. From the start it was seen as a prized addition to a cent collection. As such, the coins were selling for $1 each as early 1859.
The 1856 was hoarded by the wealthy collectors of the late 1800s and early 1900s, with famous hoards in some cases topping 500 examples. The significance of those hoards can be seen in today's list price of $6,250 for an 1856 in G-4. The 1856 ranks as a truly significant coin not only because it is scarce but also because it opened the door to the idea of a small cent.
3. In 1859 an entirely new cent appeared with James B. Longacre's Indian Head obverse. The 1859 was important as a one-year transitional piece. The following year the design on the reverse was changed to show an oak wreath and a small shield.
Fortunately, despite only being produced for one year, the 1859 had a high mintage of 36,400,000. It is available today at $12.50 in G-4, $215 in Mint State-60, and $3,200 in MS-65.
4. The 1877 Indian Head cent is next on my list. It had a mintage of 852,500 and was quickly recognized as being scarce. It remains tough today, listing at $590 in G-4, $2,850 in MS-60, and $8,750 in MS-65.
5. The 1908-S Indian Head cent is important for a very simple reason. It was the first cent to be produced at any facility other than Philadelphia. Until a couple years earlier, there had been a stipulation in the law that coins containing no gold or silver could only be produced at Philadelphia. That somewhat unusual idea had been the result of Western mining interests who wanted nothing to do with coins not containing the metals they were mining. That feeling was especially strong during the 1870s, when the price of silver was declining.
Finally, in the early 1900s, the law was changed, as lower denominations were needed even in the West, and having them shipped from Philadelphia when there were mints in San Francisco and Denver was ridiculous.
The 1908-S was the first cent to be produced in San Francisco, with Denver joining in with cent production starting in 1911.
It is clear the 1908-S was noticed as it was saved in some numbers, making it available today at just $60 in G-4, $275 in MS-60, and $650 in MS-65. The price of a G-4 is unusually close to the MS-60 simply because the 1908-S was a bigger deal than we might think today and that meant significant saving at the time it was released.
6. The 1909 V.D.B. Lincoln cent is also a coin of great importance. Prior to the 1909 V.D.B. no circulating coin of the United States had depicted a famous American. Although Washington had already appeared on the 1900 Lafayette commemorative silver dollar, the idea of not using depictions of real Americans on circulating coins dated from his time. He had joined the House of Representatives in blocking the use of his image on coins.
This held until Teddy Roosevelt came along with the idea that the centennial of Lincoln's birth should be noted on a circulating coin. The artist selected by Roosevelt, Victor D. Brenner, contributed to the fame of the first Lincoln cent by having his initials on the reverse.
Officials had actually approved that idea, but when they saw the first Lincoln cent they changed their minds and the V.D.B. was ordered removed. Before the initials could be removed, 27,995,000 of the new 1909 V.D.B. cents had been produced at Philadelphia, which was enough to make them available today at just $9.50 for an MS-60 and $100 for an MS-65.
The price indicates the heavy saving. Like the 1908-S, the 1909 V.D.B. was much more important than we might think. Many opposed the idea of using famous Americans on the circulating coins, but eventually the nation's coinage would become literally a portrait gallery of historic figures. That all started with the 1909 Lincoln cent.
7. The 1909-S V.D.B. Lincoln cent can probably be best described as the 1877 of the following century. What is special about the 1909-S V.D.B. is that it had a mintage of just 484,000 before the order came down to remove the initials. That made it instantly a valuable and popular cent.
The 1909-S V.D.B. was readily saved as can be seen in the numbers of examples available today in grades like About Uncirculated-50 and up. Even so, generation after generation of collectors have tried to find a 1909-S V.D.B. in circulation, making it the most desired coin by collectors for years. The 1909-S V.D.B. lists for $550 in G-4, $1,300 in MS-60, and $6,750 in MS-65.
8. The cents of 1943 are special as they are really souvenirs of World War II. In an attempt to conserve copper for the war effort, it was decided that an alternative alloy for the cent was needed and that turned out to be zinc-coated steel.
The new steel cents, which were subject to rusting, were unpopular with the public. The 1943 zinc-coated steel cents would be produced for just one year, with cents of the next couple years being made from recycled shell cases.
The 1943 zinc-coated steel cents, though readily available at low prices, are popular today because of their link to the war. A set of three MS-65 examples from Philadelphia, San Francisco and Denver can be had for around $25.
9. The numismatic world was surprised back in 1955 by the discovery that some 1955 cents were doubled on the obverse. The 1955 doubled-die cent was a national sensation and it has kept its popularity. Prices today range from $1,350 in Extremely Fine-40 to $34,500 in MS-65.
10. The final coin on my list of most important cents is the one everyone takes for granted and that is the 1959 Lincoln cent with the Memorial reverse. It is readily available, but the real story is not its price, but its creation to mark the 50th anniversary of the Lincoln cent.
Under the law, once a coin has been in circulation for 25 years the Treasury Department can order a change without consulting Congress. The Lincoln Memorial reverse was the last time a Treasury secretary changed a design using that power, which makes it an important coin.
It will be interesting to see what happens in 2009, when this design reaches its half century anniversary. From the historic to the popular, from the scarce to the common, the most important cents of the United States are a fascinating group. A few others could probably be added to such a list but in every case the 10 most important cents have excellent reasons for standing out in what has now been more than two centuries of very interesting cents.
About the Author
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INDIAN SPECIAL ECONOMIC ZONE (SEZ), CONCEPT, A STITCH IN TIME
INDIAN SPECIAL ECONOMIC ZONE (SEZ) CONCEPT - A STITCH IN TIME
Prof. A.C. Shukla
(e-mail : shuklaac@indiatimes.com)
Introduction:
Indian Economy is one of the fastest growing economies of the world. Export contribution towards growth is the backbone of Indian economy. To strengthen the export, India was one of the first Asian Countries to recognize the effectiveness of Export Processing Zone (EPZ) model. In order to give colours to its dream, Asia's first EPZ was set up in Kandla (India) in 1965. After few years, China made experiment on Special Economic Zone (SEZ), and, embarked upon their SEZ experiment In 1979-80. It was a great impact in Chinies Economy, and from closed economy model (at that time), it registered 25.97 billion Yuan (about 3.13 billion US dollars) in gross domestic product (GDP) in the first six months of the year 2008-09, from the contributon given by Hainan Province, China's largest special conomic zone (SEZ).
(source - http://english.peopledaily.com.cn/200107/31/eng20010731_76176.html)
With a view to boost export in open economy, Government of India announced the Special Economic Zones (SEZs) Policy in April 2000. This policy intended to make SEZs an engine for economic growth supported by quality infrastructure complemented by an attractive fiscal package, both at the Centre and the State level, with the minimum possible regulations. The impact of SEZs was very responsive, and export figures increased tremendously.
At present, 1943 units are in operation in the SEZs. In the SEZs established prior to the Act coming into force, there are 1143 units providing direct employment to over 1.97 lakh persons; about 37% of whom are women. Private investment by entrepreneurs in these SEZs established prior to the SEZ Act is of the order of over Rs. 5626.24 crore.
Present scenario:
SEZs provide good infrastructure and make it cost – effective for manufactures to set up manufacturing units. The environment is conducive the timely production of export goods and manufacturers receive exemptions from the payment of excise and income tax. Moreover, SEZs enable manufacturers to receive faster clearances from various government departments. Manufacturers in SEZs may also be able to use resting and analytical facilities at concessional rates.
At present, 1016 units are in operation in the SEZs, providing direct employment to over 3.49 lakh persons; about 40 per cent of whom are women. Private investment by entrepreneurs in the SEZs established prior to the SEZ Act is of the order of over Rs. 81000 crore. In the 63 notified SEZs which have come up after 10th February 2006, investment of Rs. 13,435 crore has already been made in less than one year.
Visible Gains from SEZs :
Direct Employment in Special Economic Zones
(Source: http://www.sezindia.nic.in/HTMLS/visiblegains-sez.html)
Total employment in SEZs: 3,49,203 Lakh persons
Total incremental employment generated in SEZs since Feb., 2006: 2,14,499 persons
Break up:
( A ) DIRECT Employment created in notified SEZs (as of 30.6.08):
100885 persons (all Incremental Employment generated after February 2006)
(B) DIRECT Employment in Private/State Govt. SEZs which came into force prior to SEZ Act, 2005 (as of 30.6.08):
48988 persons (Incremental employment generated since Feb. 2006: 36,250 persons)
- DIRECT Employment in 7 SEZs established by the Central Government (as of 30.6.08)
1,99,330 persons (Incremental employment generated since Feb. 2006: 77,094 persons)
Private Investment in Special Economic Zones
(Source: http://www.sezindia.nic.in/HTMLS/visiblegains-sez.html)
Total investment in Special Economic Zones as of 30.6. 2008: Rs. 81093 crore
Incremental investment since February, 2006: Rs. 77058 crore
Investment in notified SEZs (as of 30.6.08)
Rs. 73348 crore (all Incremental Employment generated after February 2006))
Investment in Private/State Govt. SEZs which came into force prior to SEZ Act, 2005 (as of 30.6.08)
Rs. 3701.91 crore (incremental investment generated since Feb. 2006 is Rs. 1946 crore)
Investment in 7 SEZs established by the Central Government (as of 30.6.08.)
Rs. 4043.28 crore (incremental investment generated since Feb. 2006 is Rs. 1764.08 crore)
Exports in Special Economic Zones
(Source: http://www.sezindia.nic.in/HTMLS/visiblegains-sez.html)
Physical exports in the year 2007-08 accounted for 84% of the total turnover of SEZs
381% increase in exports over four years (2003-04 – 2007-08)
Year
Value Of Physical Exports From SEZs (Rs. Crore)
Growth Rate (over previous year)
2003-2004 13,854 39%
2004-2005 18,314 32%
2005-2006 22,840 24.70%
2006-2007 34,615 52%
2007-2008 66,638 92%
Tax and other incentives being offered to the SEZs:
As per circular Epces circular no. 39 dated 28-2-2007, issued by EXPORT PROMOTION COUNCIL FOR EOUs & SEZ UNITS (Ministry of Commerce & Industry, Government of India)
SEZ units are provided exemption from Income Tax under Section 10AA of the Income Tax Act, as given in the 2nd Schedule of the SEZ Act, 2005. Section 10AA of the Income Tax Act, as given in 2nd Schedule of the SEZ Act, 2005 has been amended by the Finance Bill, 2007. The Finance Bill, 2007,
Accordingly, Tax benefit has been provided only for new units in Special Economic Zones : Sections 10AA of the Income-tax Act, provides that in computing the total income of an entrepreneur, from his unit in the special economic zone, the following deduction shall be allowed:—
(i) hundred per cent. of profits and gains derived from the export made in eligible business for a period of five consecutive assessment years beginning from the year in which such business commences;
(ii) fifty per cent. of such profits and gains for further five assessment years and thereafter;
(iii) an amount not exceeding fifty per cent of the profit debited to the profit and loss account of the previous year in respect of which the deduction is to be allowed and credited to a reserve account to be created and utilized for the purposes of the business in the specified manner, for the next five consecutive assessment years
Based on the above regulations, Sec. 10AA of Income Tax Act prescribes the following formula for computation of such Income tax benefits:
Profit of the SEZ unit x Export Turnover of the SEZ unit
------------------------------------------------------------------------
Total Turnover of the Business of the Assessee
Case let (one):
Mr. Entrepreneur is having three manufacturing units. Unit one- established in SEZ, unit-two and unit-three are situated in DTA (Domestic Tariff Area). The profit and turnover figures of the three units are as follows:
Year (2008-09) Unit – one (SEZ) Unit – two (DTA) Unit – Three (DTA)
Net Profit Rs. 122.50 Lakhs Rs. 80.70 Lakhs Rs. 92.60 Lakhs
Export Turnover Rs. 630.00 Lakhs Nil Nil
DTA Turnover Nil Rs. 340.00 Lakhs Rs. 365.00 Lakhs
Calculation of Tax Benefits:
Exempted Profit = Profit of the SEZ unit x Export Turnover of the SEZ unit
---------------------------------------------------------------------
Total Turnover of the Business of the Assessee
= 122.50 x 630.00
---------------------------
(630 + 340 + 365)
= Rs. 57.81 Lakhs (47.19%)
Case let (Two)
Ms. Smart Lady is having only one manufacturing unit in SEZ. The profit and turnover figures of the unit are as follows:
Year (2008-09) Unit – one (SEZ)
Net Profit Rs. 122.50 Lakhs
Export Turnover Rs. 630.00 Lakhs
DTA Turnover Nil
Total Turnover Rs. 630.00 Lakhs
Calculation of Tax Benefits:
Exempted Profit = Profit of the SEZ unit x Export Turnover of the SEZ unit
---------------------------------------------------------------------
Total Turnover of the Business of the Assessee
= 122.50 x 630.00
---------------------------
630
= Rs. 122.50 Lakhs (100%)
Critical analysis of the two cases:
Section 10AA of the Indian Income Tax Act 1961 allows exemption in respect of export profits of a unit located in a Special Economic Zone (SEZ), as per the provision, export profit required to be calculated for the purpose of exemption, with the reference of the total turnover of the assessee. This has resulted in discriminatory treatment of the assesses having units located both in SEZ and the Domestic Tariff Area (DTA), in compression with the assesses having units located in the SEZ only.
Valuable suggestions:
India is one of the fastest growing economy of the world. Concept of SEZ is becoming a major pillar of the economic structure. So far, SEZs have provided job opportunity, contributed in foreign exchange reserves, developed infrastructure etc. In future, it is advisable to provide more fiscal and non-fiscal incentives to the developers as well as entrepreneurs, Tax incentives and subsidies, should be provided on rational basis. Continuous planning and execution of the plans, periodic review and appraisal of the plans are required to be more strengthened. Overall cooperation and dedicated services are required from merchant exporters and manufacturer exporters, business and industry as partners of Government in the achievement of its stated objectives and goals
In order to obviate the need for litigation and nurture a constructive and conducive atmosphere, a suitable Grievance Redressal Mechanism should be established, which, would, hopefully reduce litigation and further, it will create a healthy atmosphere among developers, entrepreneurs and government
Conclusion:
SEZs can provide a generic framework to develop automatic systems that offer comprehensive approaches and tools to assist developers and entrepreneurs to establish their own standard establishments in less time and with lower costsTo overcome the shortcomings experienced on account of the multiplicity of controls and clearances; absence of world-class infrastructure, and an unstable fiscal regime and with a view to attract larger foreign investments in India, it is necessary to continue study considering the international scenario of this concept, as it is done now, and suggest form time to time and in the light suggestions from individuals and participation entrepreneur and Government should revise and update it policy not only to sustain its share in the development but also to increase it in the interest of the control and development of country as a whole.
About the Author
