J.C. Penney*

J. C. Penney was born on a farm in 1875 in Hamilton, Missouri. To help support the family after the death of his father, Penny took a job as a store clerk for a local dry goods merchant.

In his early twenties, Penny opened a combination butcher-bakery shop in Longmont, Colorado. When this business failed, he became a clerk in a clothing store that was part of a small chain of Golden Rule stores.

In 1902, he was offered a one-third partnership in a new Golden Rule store in Wyoming. In 1908, he bought out his partners and continued to open more Golden Rule stores. In 1913, he incorporated the J. C. Penney Company, and the Golden Rule name was phased out. During the 1920s, J. C. Penney expanded nationwide, and by 1929, operated 1,400 stores.