The United States Mint produced its final penny on Wednesday, Nov. 12, after more than 230 years in production, a victim of the changing financial landscape shaped by digital payments and rising manufacturing costs.
For decades, the penny’s fate was debated by lawmakers, economists, and the public, particularly as the cost to produce a single cent rose well beyond its face value. According to the Mmnt’s most recent analysis, it cost more than 3 cents to manufacture and distribute each penny in 2024.
“God bless America, and we’re going to save the taxpayers $56 million,” Treasurer Brandon Beach said at the U.S. Mint in Philadelphia before hitting a button to strike the final penny. Beach said the final coins pressed will be auctioned off. The actual last pennies put into circulation from the U.S. Mint were struck in June.
The mint said it will focus on producing coins commonly used day-to-day. Cashless payments, digital wallets, and real-time transfers have reduced demand for low-denomination coins. The United States is one of several countries, including Canada and Australia, to phase out its smallest currency units.
Unfortunately, retailers are not required to round prices, which may be a minor detriment of consumers.
The end of the penny marks the end of one of America’s oldest currencies, first utilized in 1792. Although its production line has stopped, the mint said it will maintain educational materials and public displays honoring the penny’s legacy.
“Today, the Mint celebrates 232 years of penny manufacturing,” said Kristie McNally, acting mint director. “While general production concludes today, the penny’s legacy lives on. As its usage in commerce continues to evolve, its significance in America’s story will endure.”
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