The one-cent coin, commonly known as the penny, was the first currency of any type authorized by the United States. The design for the first one-cent coin was suggested by Benjamin Franklin. The original one-cent coin was over five times heavier and almost 50% lager than its contemporary counterpart. The word "penny" is derived from the British coin pence. Over 300 billion one-cent coins, with 11 different designs, have been minted since 1787.