Watch the Moment the U.S. Mint Halts Penny Production

The United States quietly closed a major chapter in its financial history on Nov. 12, when the final one-cent coin was struck at the Philadelphia Mint. The penny, which has been around almost as long as the nation itself, is officially out of production — but still very much spendable.

To mark the moment, the Mint held a special ceremony as U.S. Treasurer Brandon Beach oversaw the minting of the last coin.
Acting Mint Director Kristie McNally reflected on the milestone, noting, “Today marks 232 years of producing the penny. Even though manufacturing ends here, its story continues.”

That story includes roughly 300 billion pennies still floating around in drawers, pockets, and piggy banks — about $3 billion collectively. Some older versions have turned into valuable collectibles, with rare pieces selling for well over a million dollars.

The penny’s roots stretch back to the Coinage Act of 1792, and over the years it’s become embedded in American life — from the psychological trick of $19.99 pricing, to fashion staples like penny loafers, to classic films bearing its name. Abraham Lincoln’s profile has appeared on the front since 1909.

So why cut the coin now? Pure economics. Producing a penny costs more than the coin is worth. According to the Mint, the expense rose from 1.42 cents to 3.69 cents per penny, making it a losing proposition.

News of the penny’s farewell sparked plenty of commentary online. One person joked, “What am I supposed to give someone for their thoughts now?” Another wrote, “This really doesn’t make any cents.”

A parody account posing as Lincoln himself summed it up in true internet fashion: “Well this f–king sucks.”