The U.S. Treasury Department announced a plan to end of the production of the penny in May 2025, and now the United States Mint has just pressed the last one-cent coin ever. The 232-year production run of the penny as a circulating coin has officially come to an end. The final coin was ceremoniously struck by United States Treasurer Brandon Beach at a facility in Philadelphia, and there are plans to auction that last penny down the line.
“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.” Even so, the Mint will continue to produce numismatic versions of the penny in limited quantities for historical and collector purposes.
First crafted in 1793, the penny was present in the American economy since its earliest days. However, it no longer has the shine it once had. The U.S. Mint attributes economic and production factors, as well as evolving consumer behavior, to the end of the one-cent coin. For starters, its production had become unsustainable, as the cost of producing each penny has risen from 1.42 cents to 3.69 cents per penny—about a 160% increase. It also lost its purchasing power long ago, as one or even a few cents can’t afford what they did many decades ago.
But just because production for the penny has come to an end, it doesn’t mean it’s no longer in use. The penny will remain legal tender; it’s just that there are too many of them out there and there is no need to create more. The U.S. Mint estimates there are about 300 billion pennies in circulation, which is way more than what the market needs at the moment.
The available coins will allow businesses to continue pricing goods and services in one-cent increments, although most will likely choose to round their prices up or down to the next five-cent increment. Whatever happens, its cultural impact will likely never fade. And, coin or no coin, you will always be able to offer a penny for a loved one’s thoughts.
The United States Mint just struck the last one-cent coin ever, ending the 232-year production run of the penny.
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Sources: United States Mint Hosts Historic Ceremonial Strike for Final Production of the Circulating One-Cent Coin; US Treasury unveils plan to end production of penny coin
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