US Mint to stop producing pennies after 230 years. Interesting facts on the ‘one-cent piece'

The United States Mint has officially ended production of the penny, with the last batch struck on Wednesday, as per the Associated Press. The one-cent coin has been produced for more than 230 years, but that era has now come to an end.

These one-cent coins have lost much of its usefulness due to rising commodity prices. AP reported that making one penny costs about four cents- four times its face value. The Mint said the increase in costs led to the decision to halt production, AP reported.

Interesting facts about the penny

Here are some interesting facts about the penny:

1. As per History.com, the official name of the penny is “one-cent piece.” The Americans continued to use the British word penny out of habit.

2. The penny was designed by Benjamin Franklin. Called the Fugio cent, the coin bears the image of a sun and sundial with the message “Mind Your Business.” On the reverse side, a chain with 13 links, representing each of the original colonies, encircles the motto “We Are One”.

3. The coin was one of the first productions by the US Mint after its establishment in 1792.

4. Benjamin Franklin also coined the phrase, “A penny saved is a penny earned.”

5. During World War II, pennies were cast in zinc-coated steel.

6. In the 1980s, US military bases overseas started rounding all transactions to the nearest 5 cents, abolishing the use of the penny.

7. The US Mint lost $85.3 million in the 2024 fiscal year that ended in September for producing 3.2 billion pennies.

Treasurer Brandon Beach on ceasing production of pennies

“God bless America, and we’re going to save the taxpayers $56 million,” Treasurer Brandon Beach said at the US Mint in Philadelphia, where he ceremonially pressed a button to strike the last penny. The last few such coins will be put up for auction, where they are likely to fetch a high price, as collectors seek to acquire them.

The penny was introduced as far back as 1793. The last time a denomination was discontinued in coin form was when the half-cent coin ceased production in 1857, Treasurer Beach informed.

“For far too long, the United States has minted pennies which literally cost us more than 2 cents,” US President Donald Trump said in an online post in February this year. “This is so wasteful!” he added, becoming the president to order the production of these coins to stop.

Penny to remain legal tender

While the production of the penny coins has been discontinued, the existing coins will remain legal tender. According to The Guardian, there are still billions of pennies in circulation in the economy. However, with a steep decline in their value, one needs a whole heap of them to buy anything substantial.

As per the estimates of the Treasury, the government will be saving around $56 million per year by ceasing production of these coins. Gone are the days when a penny was good enough to buy candies, biscuits or such stuff. Now, they have mainly become a curiosity of an earlier age, kept as showpieces by many. With no new ones being made, they will soon have the added benefit of being seen as remnants of an earlier era.

FAQs

When was the one-cent penny first produced?

The US Mint produced the first penny in 1793.

Who is the Treasurer of the United States?

Brandon Beach holds the post presently.

Will the penny coins remain legal tender?

Yes, they remain legal tender.