PHILADELPHIA — After 232 years in circulation, the U.S. penny is officially gone. The very last one-cent coin came off the line on Wednesday at the Philadelphia Mint, putting an end to America’s tiniest piece of money.
That final penny rolled out just past noon, wrapping up a minting tradition that kicked off back in 1793 while George Washington was in office. Mint spokespeople say the Lincoln-profile coin—unchanged since 1909—won’t be made anymore, thanks to an executive order signed by President Donald Trump.
Trump set the wheels in motion back in February, instructing Treasury Secretary Scott Bessent to pull the plug on new pennies. His order zeroed in on the math: each coin has cost more than a cent to produce since 2006. Add in the fact that cash is fading fast in everyday transactions, and the case was clear.
Numerous economists and consumer groups have long advocated for the elimination of the penny. They point to Canada, which axed its version in 2013 and barely noticed the difference. On the flip side, some folks hate to see a classic go—phrases like “a penny for your thoughts” and old-school penny drives for charity won’t feel quite the same.
The U.S. Mint incurs a cost of approximately 3.7 cents to produce and distribute a single penny, according to the latest fiscal year 2024 data from the annual report.
Nickels, dimes, quarters, and bigger coins will keep coming off the presses. Any pennies already in circulation will remain legal tender forever, officials stressed.
Treasury officials estimate that the move will save roughly $50 million per year in the budget. No other coins are on the chopping block right now, although stores are already discussing rounding totals to the nearest five cents.
Over the decades, the penny went from chunky copper slabs in the 1700s to the zinc-filled versions we know today. Dropping it puts the U.S. in line with countries like Australia and New Zealand that said goodbye to their one-cent pieces long ago.
The last penny heads to the Mint’s vault—a low-key sendoff for a coin that once stood for saving every last cent and keeping things humble.
