On November 12, 2025, a quiet but momentous event unfolded at the United States Mint in Philadelphia: the final penny rolled off the presses, marking the end of a coin that has jingled in American pockets for more than 230 years. The decision to halt production of the 1-cent coin, officially known as the cent, was driven by mounting costs, evolving consumer habits, and a push from the Trump administration to cut government waste. While billions of pennies will remain in circulation as legal tender, the era of new pennies in everyday commerce has officially come to a close.
When the penny was first introduced in 1793, it could buy a biscuit, a candle, or a piece of candy. Its journey began with the U.S. Mint’s founding, and the coin quickly became a fixture of American life. Over the centuries, its design evolved—from Lady Liberty’s flowing hair to the iconic profile of President Abraham Lincoln, first added in 1909 to commemorate his 100th birthday. The penny’s reverse side also shifted, from wheat stalks to the Lincoln Memorial and, most recently, to the Union Shield, symbolizing Lincoln’s preservation of the Union.
But nostalgia and tradition could not outweigh economic realities. According to the Associated Press, each penny now costs nearly 4 cents to produce, a number that ballooned to 3.69 cents per coin in 2024, resulting in an $85 million annual loss for the Treasury. As President Donald Trump bluntly put it in a Truth Social post earlier this year, “For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies. Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time.”
The Trump administration’s February directive set the wheels in motion for the penny’s demise. The move was echoed in Congress, where Senators Jeff Merkley (D-Ore.) and Mike Lee (R-Utah) introduced a bipartisan bill to halt penny production. “Each penny costs four cents to make, so cutting this waste will save the American taxpayer over $85 million every year,” Senator Lee said in a statement shared with Nexstar. Merkley added, “If President Trump is serious about ending this wasteful spending — with each penny costing 4 times more to mint than it’s worth — he should work with Congress to take up necessary legislation, like my bipartisan bill with Senator Mike Lee. It’s time to make sense, not cents.”
Most penny production had already wound down over the summer of 2025, but the final ceremonial pressing in Philadelphia was a poignant affair. Factory workers stood in silence as the last coins emerged, before breaking into applause and cheering one another. “It’s an emotional day,” said Clayton Crotty, a 15-year veteran of the Mint. “But it’s not unexpected.” The last few pennies were carefully placed on a tray for journalists and will be auctioned off, while only collector versions will be produced in limited quantities from now on.
Treasury Secretary Scott Bessent and Treasurer Brandon Beach were scheduled to attend the final production run, though Bessent canceled due to travel issues. Beach, however, was present and struck the historic final penny. “We’re saying goodbye to the penny today, but let me just be crystal clear, like I said, it’s still legal tender,” Beach said, according to NBC News. “So you can still use it at your stores and retail outlets.”
The practical implications of the penny’s phaseout are already rippling through the economy. Retailers and banks have scrambled to adapt as shortages began piling up around Labor Day, with the Federal Reserve suspending penny orders at more than half of its regional distribution sites. Some businesses have started rounding prices down to the nearest nickel to avoid shortchanging customers, while others have offered prizes or promotions in exchange for loose pennies. “People didn’t realize how quickly this was going to spread,” Austen Jensen, senior executive vice president at the Retail Industry Leaders Association, told Politico. Banks, too, have faced challenges, with some rounding up cash transactions and seeking federal guidance to ensure consistency and avoid regulatory pitfalls.
The Treasury Department has considered issuing guidance to help businesses navigate the transition, including how to round cash transactions and handle payments without one-cent coins. However, trade groups representing retailers, grocers, restaurants, and gas stations are urging Congress to pass legislation establishing a national standard for rounding transactions to the nearest nickel. Without such a policy, businesses worry about potential lawsuits under state consumer protection laws. “Having different businesses have different policies just doesn’t feel right,” said Steve Kenneally, senior vice president of payments at the American Bankers Association, to Politico.
The Federal Reserve’s decision to stop accepting penny deposits at many coin distribution locations has further complicated matters, making it hard for banks with excess pennies to recycle coins back into circulation. The American Bankers Association warned in a letter that this policy is “accelerating the slowdown of penny circulation drastically.” The Fed responded that “coin distribution locations accepting penny deposits and fulfilling orders will vary over time as localized inventory is depleted.”
Despite the logistical headaches, the financial upside is clear. Ending penny production is expected to save taxpayers about $56 million annually, according to the Treasury Department. The penny’s demise also mirrors moves in other countries: Canada stopped minting its penny in 2012, and several others have phased out low-value coins as cashless payments become more prevalent.
Still, the penny’s cultural resonance persists. Expressions like “a penny for your thoughts,” “penny wise and pound foolish,” and “pennies from heaven” are woven into the American lexicon. Collectors and historians lament the loss of a coin that, in the words of University of Houston emeritus professor Frank Holt, “reflect[s] our politics, our religion, our art, our sense of ourselves, our ideals, our aspirations.” The first penny, struck in 1787, featured a sundial designed by Benjamin Franklin, and the coin’s many redesigns over the years have chronicled the changing face of the nation.
For now, the estimated 250 to 300 billion pennies still in circulation will continue to serve as legal tender, likely lingering in jars, drawers, and wishing wells for years to come. The U.S. Mint’s final press may have closed a chapter in American currency, but the penny’s legacy—both as a symbol and as a piece of history—will not be so easily spent.
