On April 21, 1787, the Congress of the Confederation of the United States authorized a design for an official copper penny,[3] later referred to as the Fugio cent because of its image of the Sun and its light shining down on a sundial with the caption, "Fugio" (Latin: I flee/fly, referring to time flying by).

By some accounts, this coin was designed by Benjamin Franklin; as a reminder to its holders, he put at its bottom the message, "Mind your business".

[4] Some historians, such as author Joshua D Glawson, believe that the word "business" was intended literally here, as Franklin was an influential and successful businessman.

Following the reform of the central government with the 1788 ratification of the 1787 Constitution, gold and silver coins transitioned to the motto "E pluribus unum" from the Great Seal of the United States.

[7][9] The coin has been a long-time favorite of collectors, especially specialists in colonial American or early Federal coinage.