The United States Mint Strikes Its Final Penny After More Than Two Centuries of Circulation

The US penny is obsolete. U.S. Mint recently said it made its last one-cent coin. The amazing 232 years of American money history are over. Stopping penny making was due to money and spending issues.

Trump made it impossible to make pennies, so the idea gained popularity. The Mint says making pennies has cost more than they’re worth for years, causing big losses. Over three billion pennies were made in 2024, but the Mint lost $85 million. Each coin cost over three cents.

A penny is less useful in business. Less than 20% of U.S. purchases are cash. Cash use is falling and digital payments are rising. This trend lowers penny coins. Canada, New Zealand, and Australia discontinued one-cent coins long ago.

Though discontinued, the penny remains legal tender. US pennies total $300 billion. Businesses and individuals will gradually round cash transactions to five cents. Electronic payments will allow precise amounts.

A limited number of rare pennies will be available to collectors. The coins are for collecting, not spending. Wheat pennies and minting errors may be worth more. Collectors can use coin databases or professional appraisals to value most pennies, which will still be one cent.

Many Americans value extra pennies. Donate them to charities, trade them at banks, or use coin counting machines. Even though it’s obsolete, the penny will always represent the nation’s financial history.

People are using money differently as the economy goes cashless. Ending the penny goes beyond money.

Sources
United States Mint Annual Report 2024
Federal Reserve Bank of Boston
National Public Radio (NPR)
Axios