Jump to: First Mintage of the Penny | Why is it Fading | Last Design | The Bronze Penny | Should you Cash In your Pennies? | Looking Ahead
The penny has been a mainstay of American life for more than two centuries, but its days of production are coming to an end. On November 12, the U.S. Mint struck what is expected to be the final batch of one-cent coins in Philadelphia, closing a 232-year chapter in American coinage history.
While pennies remain legal tender, the decision reflects the rising costs of production and the declining role of cash in everyday transactions.
Key Takeaways
- The U.S. Mint has likely struck the final circulating batch of pennies after 232 years.
- Producing each penny now costs more than its face value due to rising production costs.
- Cash transactions continue to decline, reducing the practicality of circulating low-denomination coins.
- Collectors may benefit from increased scarcity, attention, and value—especially for rare or historic issues.
The First Mintage of the Penny
The story of the American penny begins with the founding of the U.S. Mint in 1792. The Mint’s goal was to establish a national coinage system, and the one-cent coin became an essential part of everyday commerce.
The first official pennies were struck in 1793, featuring the famous “Flowing Hair” design. These early coins were made primarily of copper and represented one of the first efforts to unify the fledgling nation’s currency.
Over the centuries, the penny evolved in composition and design, but it remained an integral part of American life—used by children collecting coins, businesses rounding out transactions, and collectors seeking rare and historic issues.
Why the Penny Is Fading
Back in February, we covered how President Trump instructed his Secretary of the US Treasury to stop producing new pennies.
Over the past decade, it has become increasingly expensive to produce pennies. In 2015, the Mint’s cost to create a single penny was 1.42 cents. By 2025, that figure had climbed to 3.69 cents per coin—more than the coin’s face value. With cash payments now accounting for just 14% of consumer transactions, compared to 31% in 2016, pennies are becoming less practical.
Data extracted from the US Mint 2024 Annual Report
Banks and retailers are adjusting accordingly. Many coin-counting kiosks and in-branch machines are disappearing, making it harder to exchange jars of change for usable cash. Some businesses, inspired by Canada’s 2013 penny phase-out, are already rounding transactions to the nearest nickel, while others simply post signs stating they do not accept pennies.
Inflation Is Taking Its Toll
Beyond practicality, inflation erodes the value of coins stored at home. For example, a household that had $100 in coins five years ago would now see that same amount buy roughly $20 less, based on current consumer price index data. And unlike assets that hold or appreciate in value, loose change sitting in jars simply loses purchasing power over time.
For many individuals looking to protect their wealth, precious metals such as gold and silver offer a long-standing hedge against inflation and the devaluation of fiat currency. Historically, these metals have preserved value even during periods of economic uncertainty, currency depreciation, or rising consumer prices.
While pennies may lose ground to inflation, bullion products retain their intrinsic value and can serve as a safeguard in a diversified financial strategy.
For collectors, however, the story is different. Pennies—particularly older or rare varieties—may now gain renewed attention as supply diminishes. Coins like the 1943 D Lincoln Bronze Penny, Wheat Cents, and other historic one-cent issues have long commanded collector interest and value. Even everyday pennies may become a focus for enthusiasts who recognize the historical significance of the last circulating cents.
See our list of the most valuable pennies for collectors.
The Penny's Last Design
The penny most Americans are familiar with features President Abraham Lincoln on the obverse, a design created by Victor D. Brenner and first introduced in 1909 to commemorate Lincoln’s 100th birthday.
In 2010, the reverse was updated with the Union Shield design by artists Lyndall Bass and Joseph Menna. Symbolizing the nation’s unity and strength, the shield, with its vertical stripes and banner, reinforces the idea of the United States as a cohesive entity, tying the coin’s historical significance to modern symbolism.
The Lincoln penny has become one of the most recognizable coins in the world, and its final design now represents the culmination of over a century of numismatic history.
The 1943 Bronze Penny – A Record-Breaking Rarity
One of the most famous rarities in U.S. coinage is the 1943 Bronze Lincoln Penny. During World War II, copper was urgently needed for the war effort, so the U.S. Mint produced pennies using zinc-coated steel. However, a small number of bronze planchets from 1942 were mistakenly fed into the presses at the Philadelphia, Denver, and San Francisco mints.
These accidental bronze 1943 pennies are some of the rarest coins ever released into circulation. In recent years, high-grade examples have sold for over $1 million, making the coin potentially the most valuable penny in history.
The mystique surrounding the 1943 Bronze Penny has captivated collectors for decades, reinforcing that even the humblest coin can become a treasure under the right circumstances.
See other Penny Errors Collectors Should Look For.
Should You Cash In Your Pennies?
Financial planners suggest now is a good time to convert loose change into cash or deposit it in an interest-bearing account. With the penny’s purchasing power eroding, coins that sit in jars at home are not only inconvenient but slowly losing value.
For collectors, the appeal may lie in selectively saving notable coins, but for the average consumer, it may make more sense to roll up the pennies and put them to work in a modern financial account.
Also read: New U.S. Mint Director Nominated— Why Paul Hollis Could Be a Big Win for Coin Collectors.
Looking Ahead
While the penny may no longer be minted in the coming years, its place in American history is secure. From the iconic Lincoln cent to rare collectible issues, pennies have long told a story of the nation’s evolving economy and culture.
For those interested in precious metals and numismatics, SD Bullion’s blog provides plenty of ways to explore coins with enduring value, whether silver, gold, or historic collectibles like the Wheat Cent.
Even as the era of the penny winds down, coin collectors and enthusiasts can celebrate the legacy of one of America’s most iconic coins—while making sure any loose change in jars today doesn’t go to waste.
