From this point forward, you’ll have to pay more than a penny for your thoughts. The U.S. Mint made the final penny on Wednesday, ending the coin’s 232-year run.
The U.S. Mint said in a release that the final penny was struck in Philadelphia by United States Treasurer Brandon Beach.
“While general production concludes today, the penny’s legacy lives on,” Kristie McNally, Acting Mint Director, said. “As its usage in commerce continues to evolve, its significance in America’s story will endure.”
If you want the Mint’s two cents on the issue, production costs are to blame for the penny’s extinction. U.S. Mint’s release stated that over the past decade, the cost of making each penny has risen from 1.42 cents to 3.69 cents. Business Insider reported that the government will save roughly $50 million annually by ceasing penny production.
There are still about 300 billion pennies in circulation. The Mint stated that because the supply exceeds the amount needed for commerce, pennies can still be used. Stores can still price items in one-cent increments — so don’t throw your piggy bank away just yet.
President Trump ordered the penny to be canceled back in February of this year. He said on Truth Social: “For far too long, the United States has minted pennies which literally cost us more than two cents.”
In the 2024 annual report, the U.S. Mint recorded that the cost of producing pennies increased by 20.2% in that year alone.
“This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies,” Trump declared.
So, nine months later, it did, at the Mint where the country’s lowest-value coins have been made since 1793. The penny entered circulation after the Coinage Act was passed in 1792.
President Abraham Lincoln has been the face of the one-cent coin since 1909. Lincoln was the first president featured on a coin in honor of his 100th birthday. The tails side of the most recent coin represents Lincoln’s preservation of the United States as a single country.
Over the 232-year lifespan of the penny, the design has evolved. The first penny showed a woman with her hair flowing, which the U.S. Mint said symbolized liberty. In its original form, the penny was larger and completely made out of copper. Today’s design is a mix of copper and zinc, featuring smaller elements.
More fun facts — back in 1943, the majority of pennies were made of zinc-coated steel in order to conserve copper needed for munitions during World War II.
Close-up view of United States One Cent Pieces, original World War II dates, placed on the American Flag
Fast forward to 2017, when pennies made in Philadelphia had a “P” marking on them for the first time to celebrate the Mint’s 225th anniversary.
With billions of pennies still around, who knows what history you’ll find in your coin purse, your change jar, or in between your couch cushions.
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