While the saying goes “a penny saved is a penny earned,” the U.S. government doesn’t seem to agree. After more than 230 years of continuous production, the U.S. Mint struck its final batch of one-cent coins on Wednesday in Philadelphia – the same city where the first pennies were minted in 1793.
U.S. Treasurer Brandon Beach oversaw the ceremonial final press, producing five commemorative pennies marked with an omega symbol to signify the end of an era. Those coins will be auctioned off in the coming weeks, with proceeds benefiting the Mint and the Treasury’s general fund.
“Given the rapid modernization of the American wallet, the Department of the Treasury and President Donald Trump no longer believe the continued production of the penny is fiscally responsible or necessary to meet the demands of the American public,” Beach said on Wednesday.
Why the penny is being retired
President Trump called for ending the production of pennies in a February Truth Social post, citing the high cost of making the coin.
The Treasury Department confirmed to Straight Arrow News in May that the cost to produce a penny is 3.69 cents, while halting production will save $56 million each year by reducing the material costs of manufacturing.
“Given the cost savings to the taxpayer, this is just another example of our administration cutting waste for the American people and making the government more efficient for the American people,” a Treasury spokesperson said at the time.
Billions of pennies sitting idle
According to the Federal Reserve, Americans are sitting on roughly $14 billion in pennies – many stashed away in jars, purses or drawers. The Wall Street Journal reports that about $68 million in coins is thrown away each year.
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The first penny featuring President Abraham Lincoln was pressed in 1909 to commemorate his 100th birthday.
“We won’t even waste our time to bring [pennies] back to Coinstar or back to the grocery store,” said Robert Whaples, a Wake Forest University economics professor who has supported retiring the penny since 2007, told The Washington Post. “We won’t even reach down and pick up a penny we see on the sidewalk.”
What happens now
Pennies will remain legal tender for now, with more than 300 billion coins still in circulation. However, as supply dwindles, retailers are expected to round prices to the nearest five cents.
The U.S. Mint has also hinted that the nickel could be next, since each five-cent coin costs nearly 14 cents to make.
A collector’s dream
The final commemorative pennies are expected to become valuable collectors’ items.
Richard De Rosa, a rare coin expert based in Florida, told The Post that a single final-edition coin could sell for as much as $1 million.
For now, the penny, once a symbol of thrift and American tradition, has officially become history.
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