The American penny will pass away later today after a prolonged illness. It was 238 years old.
The last penny will be minted Wednesday afternoon at the US Mint in Philadelphia, overseen by Treasury Secretary Scott Bessent and Treasurer Brandon Beach. President Donald Trump announced via social media in February that he instructed the Mint to stop making the once-popular coin, citing the cost of production.
The penny costs nearly four cents to mint, more than the coin’s worth. Once valuable enough to buy “penny candy” like gumballs and feed parking meters or toll booths, today the penny lives mostly in coin jars, junk drawers or “leave a penny/take a penny” trays.
The penny outlived its sibling, the half-penny, by 168 years. It’s survived by the nickel, dime, quarter, and rarely seen half-dollar and dollar coins.
Despite its demise, the penny will remain legal tender.
Problems despite long planned end
For a coin that seems obsolete, its removal from circulation is causing more problems than expected, especially for retailers.
Some merchants plan to round prices to the nearest nickel, often a penny or two more. Others are asking customers to pay with pennies to help supply. But in some states, merchants could face legal trouble for rounding up or down.
Additionally, any savings from discontinuing the one-cent coin could be offset by the need to press more nickels, which costs the US Mint more money than the penny.
Press operator Siltham Smith moves a container of freshly minted pennies at the United States Mint in Denver in 2009. Matthew Staver/Bloomberg/Getty Images
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