The Penny, 1793-2025

 

The end of a 232-year-old era is officially over:

The penny dropped.

The U.S. Mint struck the final 1-cent coin that will be used as legal tender on Wednesday, six months after the Trump administration announced that it would stop producing pennies because the cost of making them is almost four times more than they’re worth.

From now on, the only new pennies the Mint releases will be collector versions that aren't currency and will be produced "in limited quantities," the agency said in a statement.

Treasury Secretary Scott Bessent and Treasurer Brandon Beach were at the U.S. Mint in Philadelphia when the coin press punched out the historic final penny, the agency confirmed.

"We’re saying goodbye to the penny today, but let me just be crystal clear, like I said, it’s still legal tender," Beach said. "So you can still use it at your stores and retail outlets."

As for the last penny, Beach said they plan to auction that one off as well as the one that was struck before it. 

There are still an estimated 250 billion pennies in circulation, the American Bankers Association said in October.  [snip]

Officially known as the cent, the first penny was struck in 1787 and had a sundial design that was dreamt up by Benjamin Franklin, one of the Founding Fathers.

The U.S. Mint took over penny production in 1793, a year after Congress passed the Coinage Act.

Like its predecessor, this penny was also made of copper. But it was slightly bigger and came to be known as the “Flowing Hair” cent because it had a woman representing liberty on one side and 15 chain links on the other side.

In 1857, a smaller penny was introduced that had a flying eagle design on one side and a wreath on the other. And it was 88% copper and 12% nickel.

Then, in 1859, the penny was revamped again, this time with an "Indian Head" design on one side.

It wasn’t until 1909 that the familiar President Abraham Lincoln in profile appeared on the penny to mark what would have been his 100th birthday.

The Mint said that ending penny production will save taxpayers about $56 million annually. And it will continue to be legal tender for as long as it's around.

That said, the penny is not worth much. You can’t even buy penny candy, which made its debut in 1896, with just a penny.

But its cultural value is incalculable.

Stingy people still “pinch pennies.” An unexpected windfall is still referred to as “pennies from heaven.” And a fiscal planner who is “penny wise and pound foolish” should be avoided.

But after Wednesday, the penny once saved and cherished will be the penny spurned, rather than earned.  (our emphasis)

Also, thoughts will now, due to inflation, cost at least a nickel.  But still, a penny saved is a penny earned!

You will live forever in the jars and drawers of (some) Americans.