Say Goodbye to the Penny
It’s officially the end of the line for the penny. Earlier this year, the U.S. Department of the Treasury announced it would stop producing the one-cent coin, a major first step in phasing it out of circulation. Although collector editions will continue, the final penny for everyday use was struck in November.
Pennies are still legal tender, but if you have jars or drawers full of them, now is a great time to deposit them at your bank or donate your stash to a small business or local nonprofit collecting spare change. Without new coins entering the system, they’ll slowly disappear from commerce, although most people won’t feel much disruption, especially if they typically pay with cards or mobile wallets.
Life After the Penny
The U.S. isn’t alone in saying goodbye to our smallest coin. Several countries, such as Canada and Australia, have phased out their lowest denomination coin. In those countries, when exact change was no longer possible, totals were settled by rounding up or down to the nearest amount, which in the U.S. would be the nickel.
Did You Know?
We’re all feeling a bit nostalgic for the littlest member of America’s currency lineup. To ease the farewell, here are some facts about the penny worth storing in the memory bank.
1. The first and final pennies were minted in Philadelphia, an era spanning 232 years.
2. By 2025, the cost of producing a single penny was 3.7 cents. With the rising price of metal, making pennies added up to millions in annual losses.
3. A women with flowing hair, nicknamed Liberty, appeared on the first penny. This was the design for the next 60 years.
4. Abraham Lincoln’s portrait debuted on the penny in 1909, the 100th anniversary of his birth.
5. Around 7 billion pennies were minted each year.
6. The average penny remained in circulation for 25 years, with most ending up in drawers, jars, and couch cushions.
7. Up until 2006, the cost to produce a penny was less than one cent.
8. In 1943, a Lincoln cent was mistakenly struck in bronze. That “mistake” later sold at auction for $1 Million.
