The last penny was produced Nov. 12 after being in circulation for over two centuries, but the one-cent coin can still be used to make purchases.
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Unfortunately, making the one-cent coin really did cost a pretty penny.
After 232 years in circulation—nearly as long as the United States of America has been a country—the final penny was minted Nov. 12 in Philadelphia by United States Treasurer Brandon Beach.
For the historic event, the United States Mint held a ceremonial strike to commemorate the end of the one-cent coin.
“Today the Mint celebrates 232 years of penny manufacturing,” acting Mint Director Kristie McNally shared in a statement. “While general production concludes today, the penny’s legacy lives on.”
Although no more pennies will be created, there are still an estimated 300 billion copper coins in circulation—that’s $3 billion in value—and can still be used. (Plus, some previously minted pennies are worth up to $1.7 million.)
“As its usage in commerce continues to evolve,” McNally continued, “its significance in America’s story will endure.”
After being authorized by the Coinage Act of 1792, the penny has played a major role in both business and culture. While “charm pricing” uses the coin’s one cent value as a marketing tactic to make items appear cheaper—after all, $19.99 is less than $20—the penny has also inspired fashion, by way of penny loafer shoes, and movies, such as 1936’s Oscar-nominated Pennies From Heaven and its 1982 Oscar-nominated remake starring Steve Martin and Bernadette Peters.
As for why the penny will no longer be produced? As it turns out, it costs more to create the one-cent coin than it is actually worth. In fact, the U.S. Mint noted “the cost of producing each penny has risen from 1.42 cents to 3.69 cents per penny.”
Following the news of the penny’s death, social media users had an array of reactions, many of which leaned into humor.
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“So what am I going to give people for their thoughts now?” one user wrote on X (formerly Twitter), as another quipped, “This doesn’t make any cents.”
Meanwhile, a parody account purporting to be the late President Abraham Lincoln, who had graced the front of the penny since 1909, wrote, “Well this f–king sucks.”
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