The U.S. Mint marked the end of an era Wednesday with a ceremonial strike of the final circulating one-cent coin at its Philadelphia facility.
U.S. Treasurer Brandon Beach struck the last penny, closing the Mint’s 232-year production of the coin used in everyday commerce since 1792.
“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.”
Authorized by the Coinage Act of 1792, the penny has been a fixture in American life since the nation’s earliest economic days. Rising production costs and shifts in consumer habits led to the decision to end circulating production.
In fiscal year 2024, the penny accounted for 57% of the Mint’s total circulating coin production of 5.61 billion coins. The cost of producing each penny has increased from 1.42 cents to 3.69 cents over the past decade.
“The Secretary of the Treasury has decided to suspend production of the one-cent coin (penny) upon determining that it is no longer necessary to meet the needs of the United States,” explains a statement from the United States Mint. “Based on the most recent estimates, the Mint expects to save approximately $56 million per year in production savings.”
The penny remains legal tender, with an estimated 300 billion still in circulation—far more than needed for everyday transactions. Businesses may continue pricing goods and services in one-cent increments.
The Mint will continue producing limited-edition numismatic versions of the penny for collectors and historical preservation.
Congress created the Mint in 1792, and it became part of the Department of the Treasury in 1873. The Mint produces all U.S. legal tender coinage and a range of numismatic products, including commemorative coins and medals. Its numismatic programs are self-sustaining and operate at no cost to taxpayers.
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~ Written by Sandhills Sentinel Assistant Editor Abegail Murphy. Abegail has been writing for Sandhills Sentinel since 2021.
