The penny’s long run as America’s smallest unit of currency is officially coming to an end.
According to The Associated Press, the U.S. Mint in Philadelphia is set to strike its last circulating penny on Wednesday, marking the end of a tradition that dates back more than 230 years. President Donald Trump ordered the termination of the 1-cent coin after production costs ballooned to nearly four times its face value.
Back in 1793, when the first penny was minted, it could buy a candle, a biscuit, or a piece of candy. Today, many of them sit forgotten in drawers and jars — and now, their time has run out.
“For far too long the United States has minted pennies which literally cost us more than 2 cents,” Trump wrote in an online post earlier this year. “This is so wasteful!”
The U.S. Mint has produced pennies in Philadelphia since 1793, one year after Congress passed the Coinage Act of 1792. Though billions remain in circulation, the 1-cent piece has become increasingly obsolete in an economy dominated by digital transactions.
The phase-out has caused frustration among some retailers, who say they received little guidance on how to handle rounding or pricing once supplies ran low. Some stores have opted to round prices down to avoid shortchanging customers, while others have encouraged shoppers to pay with exact change.
A few even offered small prizes — like a free drink — in exchange for spare pennies.
“We have been advocating abolition of the penny for 30 years. But this is not the way we wanted it to go,” said Jeff Lenard of the National Association of Convenience Stores.
Banks have also begun rationing remaining pennies as demand briefly spiked ahead of the final production. Ironically, nearly half of all U.S. coins ever produced have been pennies.
Treasury Secretary Scott Bessent and U.S. Treasurer Brandon Beach were expected to attend Wednesday’s ceremony in Philadelphia. Officials estimate that discontinuing the penny will save the Treasury Department roughly $56 million annually in materials — though the nickel remains even more costly to produce, at nearly 14 cents per coin.
For many Americans, the penny has long been seen as a symbol of thrift and luck. Now, it’s set to become a relic of the past.
