Unfortunately, making the one-cent coin really did cost a pretty penny.
After 232 years in circulation—nearly as long as the United States of America has been a country—the final penny was minted Nov. 12 in Philadelphia by United States Treasurer Brandon Beach.
For the historic event, the United States Mint held a ceremonial strike to commemorate the end of the one-cent coin.
“Today the Mint celebrates 232 years of penny manufacturing,” acting Mint Director Kristie McNally shared in a statement. “While general production concludes today, the penny’s legacy lives on.”
Although no more pennies will be created, there are still an estimated 300 billion copper coins in circulation—that’s $3 billion in value—and can still be used. (Plus, some previously minted pennies are worth up to $1.7 million.)
“As its usage in commerce continues to evolve,” McNally continued, “its significance in America’s story will endure.”
After being authorized by the Coinage Act of 1792, the penny has played a major role in both business and culture. While “charm pricing” uses the coin’s one cent value as a marketing tactic to make items appear cheaper—after all, $19.99 is less than $20—the penny has also inspired fashion, by way of penny loafer shoes, and movies, such as 1936’s Oscar-nominated Pennies From Heaven and its 1982 Oscar-nominated remake starring Steve Martin and Bernadette Peters.
