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Rust is the name normally given to iron oxide, a compound formed when iron or steel is exposed to oxygen. Pennies, or cents in the US (and Canada until 2012) are made from copper and other non-ferrous metals so by definition they don't form rust. However some countries' "copper" coins are actually made of steel with a thin copper coating. If the coating is damaged oxygen can cause the underlying steel to rust although the copper itself does not.

However, copper can and does react with oxygen and other materials over time, but usually it's a much slower process than what happens with a ferrous metal. In the case of coins, the most common reaction produces a greenish patina called verdigris; it's normally copper carbonate but in proximity to seawater verdigris can contain copper chloride.

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