The United States Mint hosted a ceremonial “strike” event Wednesday at its Philadelphia facility, where U.S. Treasurer Brandon Beach struck the final, circulating one-cent coin — otherwise known as the penny. The event marked the official end of the penny’s 232-year production run as a circulating coin.
“Today the Mint celebrates 232 years of penny manufacturing,” said Kristie McNally, acting mint director. “While general production concludes today, the penny’s legacy lives on. As its usage in commerce continues to evolve, its significance in America’s story will endure.”
The penny, first authorized by the Coinage Act of 1792, has long played a role in daily American life — from the earliest days of the U.S. economy to the present. However, economic and production factors, combined with evolving consumer behavior, have made its continued production unsustainable. Over the past decade, the cost of producing each penny has risen from 1.42 cents to 3.69 cents per penny.
While circulating production has ceased, the penny remains legal tender. There are an estimated 300 billion pennies in circulation, far exceeding the amount needed for commerce. Retailers and other businesses can continue to price goods and services in one-cent increments.
The Mint will continue to produce numismatic versions of the penny in limited quantities for historical and collector purposes, according to a press release.
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