An American Era Ends: The Final Penny is Struck
The United States Mint has officially produced its last batch of pennies for general circulation, bringing a definitive close to 232 years of continuous production. The historic event took place this week at the Philadelphia Mint, where Treasury Secretary Scott Bessent operated the ceremonial press to create the final five one-cent coins.
Each of these last pennies bears a small omega symbol, designating them as the ultimate coins of their kind. Following this ceremonial striking, the Mint's presses fell silent, concluding an era that began with the Coinage Act of 1792.
Multi-Million Dollar Auction Predictions and Expert Skepticism
Government officials confirmed that the final coins will bypass circulation entirely and proceed directly to auction. The rarest pieces, including the first and last struck pennies alongside special ceremonial editions, are anticipated to command staggering prices. Early estimates from USA Today suggested potential sale values ranging from $2 million to $5 million per coin.
However, numismatic experts have quickly expressed scepticism about these sky-high predictions. Richard Weaver, a prominent Philadelphia-area coin expert and owner of the Delaware Valley Rare Coin Company, cautioned that collectors would meticulously examine every physical aspect of the newly minted pieces.
Weaver specifically criticised an official photograph showing US Treasurer Brandon Beach holding one of the final pennies directly with his fingertips. 'Copper is very reactive to sweat and the oils of the skin,' Weaver stated, 'and any serious collector is going to take this photo into consideration.'
He further questioned the long-term value of coins deliberately created to be rare, contrasting them with historical coins that gained value organically over centuries. Despite this, Mint officials maintain that the historical significance of ending the American penny will generate intense demand.
The Financial Logic Behind the Penny's Demise
The decision to cease penny production stems from straightforward economic reality. According to Treasury estimates, each penny now costs 3.69 cents to produce, a significant increase from 1.42 cents just a decade ago. Last year alone, the Treasury lost $85 million minting the coins.
The dramatic wind-down began in February when former President Donald Trump announced the administration would halt new penny production. 'For far too long, the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!' Trump wrote in a Truth Social post.
The Mint expects to save approximately $56 million per year by discontinuing the circulating penny. Treasury officials also cited changing consumer habits, particularly the widespread shift towards card and mobile payments, which has rendered low-value coins financially untenable.
With this move, the United States joins other nations including Canada, Australia, New Zealand, and Ireland in eliminating its smallest-denomination coin.
The Ripple Effect and the Penny's Legacy
The penny's phase-out, while saving immediate costs, introduces a new currency dilemma: the problem of the nickel. Rhett Jeppson, a former chief executive of the US Mint, warned, 'If you get rid of the penny, it will increase the amount of nickels. You lose more on a nickel than you do on a penny.'
Nickels, worth five cents, are also a loss-maker for the Treasury, creating an $18 million deficit from their production last year. This financial strain could worsen as demand for nickels is expected to rise following the penny's discontinuation.
As the presses stopped, Mint Acting Director Kristie McNally reflected on the moment. 'Today the Mint celebrates 232 years of penny manufacturing,' she said. '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.'
The full details of the December auction for the historic final pennies are expected to be released shortly.
