The coin production of pennies has ended after 232 years. Joined by U.S. Treasury Secretary Scott Bessent and U.S. Treasurer Brandon Beach, the U.S. Mint printed the final penny on Nov. 12. “God bless America, and we’re going to save the taxpayers $56 million,” Beach said at the U.S. Mint in Philadelphia before hitting a button to strike the final one-cent coin. The final five pennies ever printed were adorned with a special omega symbol, and they are being held from circulation to be auctioned at an unannounced date.
President Trump had called for their discontinuance earlier in Feb. stating in an online post, “For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” The U.S. Treasury announced they would cease production of the penny in May, citing the current lack of practical use and the four-cent production cost per penny to make.
The penny was the oldest U.S. coin in circulation, entering production in 1793. Since its production began, the penny has gone through eight major changes and countless minor ones. When the penny was first circulated, it could be used to purchase a variety of goods, including pieces of candy, a candle, a loaf of bread, or a handful of nails.
The one-cent coin will remain legal tender even though it is no longer in production. However, with no instruction on recommended courses of action, some businesses have begun rounding to avoid the need for them, including Kwik Trip. Other businesses have turned to using exact change only or offering incentives to spend only in pennies.
With the penny out of production, some have looked toward the nickel as another coin that needs to cease production. Like the penny, it costs more to produce than it is worth, with each nickel costing the United States 14 cents to make, in comparison to the dime and quarter, which cost six cents and 15 cents, respectively.