The new Lincoln pennies prove that a penny might be much worth than its face value. Released on May 14, the Lincoln Penny created traffic jams and a quarter-mile-long line of about 3,000 coin collectors and Lincoln enthusiasts.
The new Lincoln penny celebrates Abraham Lincoln's 200th birthday and pays homage to his years as a Hoosier. The penny's backside depicts a teenage Lincoln reading a book while taking a break from rail splitting.
Implications - Historical memorabilia is popular among consumers because it satiates consumer desire to feel important. By owning a historical artifact, consumers feel they have more social value than people who don't own the specific item. Corporations looking to appeal to patriotic consumers may therefore create products with references to specific historical events in order to garner their business.
Lincoln Penny Celebrates His 200th Anniversary
1. Historical Memorabilia - Products with references to specific historical events to appeal to patriotic consumers.
2. Celebrity Anniversary Merchandise - Products that commemorate the anniversary of a specific celebrity or historical figure.
3. Collectible Coins - Coins that celebrate a specific event or person in history and hold a higher value than face value.
1. Collectibles - A market for collecting items, including historical memorabilia and coins.
2. Retail - Retailers can appeal to consumers looking to purchase historical memorabilia or commemorative products.
3. Currency - The creation and circulation of commemorative coins can generate additional interest and demand for currency.