Goodbye Penny
Image Courtesy of Texas A&M.
By Olivia Sobkowicz
The time of the penny has come to an end. November 12, 2025 was a historic day at the Philadelphia Mint as the last set of pennies were sent through the machine.
The one-cent coin is America’s oldest coin and has been around since 1793. The penny was created with The Coinage Act of 1792. In 1793, the first penny was made out of pure copper and featured Lady Liberty, which was the design on the penny for about 60 years until 1857. The penny then became smaller, and the design changed to feature a flying eagle on one side and a wreath on the other. The design of the penny was redone once more in 1859 before finally settling on President Abraham Lincoln in 1909. President Lincoln was the first executive of America to be featured on the coin, an honor bestowed upon him to celebrate his 100th birthday.
This is not the first time that the U.S. has retired a coin. In 1857, the United States stopped making the half-cent coin. However, the debate of whether or not the penny should still be made has persisted for decades. The Price Rounding Act of 1989, suggested by U.S. Representatives Jim Kolbe and James Hayes, pushed to get rid of the penny and round all prices to the nearest five cents. This bill and all subsequent bills were never passed. In 2017, Senators John McCain and Mike Enzi sponsored the Currency Optimization, Innovation, and National Savings Act which would have suspended the minting of the penny for ten years. At this time, the government would examine if the change should be permanent. Nevertheless, no action was fully taken against the penny until recently as Congress would have needed to pass a law which the president would have had to sign. But, after decades of the penny question, Congress passed the law, and President Trump signed it.
President Trump and the rest of his administration have stated that this move will save America money. The one-cent coin took nearly four cents to make, and the Treasury Department has stated that the decision to end production will save the country about $56 million annually. Critics of the penny say that the coin has almost no value and needed to be taken out of circulation, just as other U.S. coins have been. The coins are costly both financially and environmentally and drain the country of much-needed resources. Other critics claim that with the rise of electronic transactions, hard cash of almost any kind will become less popular.
While there are critics of the penny, some Americans argue that its production is necessary. Pennies keep consumer prices down and low income households are going to suffer the most. It is expected that business will round costs up, leading to increased prices for all shoppers. According to a study by the Richmond Federal Reserve, the rise in prices could cost American citizens up to $6 million each year. Various charities have shown their support for the penny by stating that much of their funds have come from donations of pennies. Advocates for the coin also point out that a penny can be used for decades and is more cost-efficient to produce than a nickel. As noted by the Treasury Department, the five-cent coin costs about 13-cents to produce. Other countries like Canada, Australia, and New Zealand have phased out their lowest value coins, but Americans are wondering: will the nickel be the next to go?
Pennies will not disappear overnight. While production for the coin has ended, there are about 250 billion one-cent coins out in circulation. The coins will remain as legal tender, but the supply will begin to dwindle as the pennies are left forgotten in piggy banks, between seat cushions, and on the sidewalks.
