U.S. Kills the Penny After 232 Years

You know the saying: “Find a penny, pick it up, all day long you’ll have good luck…” Well guess what, Your luck just expired because the penny is officially leaving us. *Cries in Spanish*

After 232 years, yes the penny has literally been around almost as long as America itself, the final one-cent coin was minted on Nov. 12 in Philadelphia. The historic last strike was carried out by U.S. Treasurer Brandon Beach during a full-on ceremonial event held by the United States Mint. Very dramatic. Very “end of an era.” Very Iris coded!

Acting Mint Director Kristie McNally summed it up perfectly:

“Today the Mint celebrates 232 years of penny manufacturing. While general production concludes today, the penny’s legacy lives on.”

Read More: The U.S. Is Officially Killing the Penny—Here’s Why It Matters

But why kill the penny?

Because making the one-cent coin actually cost a pretty penny. According to the U.S. Mint, producing each penny now costs 3.69 cents. That means every time we made one, we were basically donating money to the void. Even President Trump chimed in, saying:

“For far too long, the United States has minted pennies which literally cost us more than TWO cents. This is so wasteful!”

And if you think ditching pennies means smooth sailing, hold onto your coin jars. We might need more nickels, which cost 13.8 cents each to produce. 

What happens now that the Penny will no longer be made?

With no new pennies entering circulation, the U.S. is still sitting on an estimated 300 billion pennies. That’s $3 billion worth of copper coins still out there. And YES, you can still use them. And YES, some older pennies are worth up to $1.7 million (BRB going to check my junk drawer ASAP.)

McNally said it best:

“As its usage in commerce continues to evolve, its significance in America’s story will endure.”

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Are stores going to round prices UP?

Experts say prices will round to the nearest five cents… but let's be real… companies aren’t known for rounding down. Canada got rid of its penny in 2012 and studies showed shoppers ended up paying more each year. Cries in Spanish.

Moral of the story? If you drop a penny today… just leave it. It’s basically a historic artifact now.

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