In a press released issued by the U.S. Mint on Wednesday, Nov. 12, a ceremonial strike event was held that day at the Mint’s Philadelphia facility where U.S. Treasurer Brandon Beach struck the final, circulating one-cent coin (penny). The event marked the official end of the penny’s 232-year production run as a circulating coin.
“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.”
The penny, first authorized by the Coinage Act of 1792, has long played a role in daily American life—from the earliest days of the U.S. economy to the present. However, economic and production factors, combined with evolving consumer behavior, have made its continued production unsustainable. Over the past decade, the cost of producing each penny has risen from 1.42 cents to 3.69 cents per penny.
While circulating production has ceased, the penny remains legal tender. There are an estimated 300 billion pennies in circulation—far exceeding the amount needed for commerce. Retailers and other businesses can continue to price goods and services in one-cent increments.
The Mint will continue to produce numismatic (related to those who study and collect currency) versions of the penny in limited quantities for historical and collector purposes.
Answers to FAQs
The U.S. Mint also shared several “Frequently Asked Questions” for those interested in learning more about the Mint. Answers to these questions and paraphrases include the following:
• Congress created the U.S. Mint in 1792. The Mint became part of the Department of the Treasury in 1873. As the nation’s sole manufacturer of legal tender coinage, the Mint is responsible for producing circulating coinage for the nation to conduct its trade and commerce. The Mint also produces numismatic products, including proof, uncirculated and commemorative coins; Congressional Gold Medals; silver and bronze medals; and silver and gold bullion coins. Its numismatic programs are self-sustaining and operate at no cost to taxpayers.
• Regarding why circulating penny production is being suspended, the Mint noted the Secretary of the Treasury has decided to suspend production of the one-cent coin (penny) upon determining it is no longer necessary to meet the needs of the U.S. The decision was influenced by the rising cost of producing the penny.
• Regarding if pennies can still be used for retail transactions, they noted the penny remains legal tender and may still be used for transactions.
• The projected cost savings from the penny suspension, based on the most recent estimates, are approximately $56 million per year.
• The penny accounts for 57 percent of the Mint’s total circulating coin production of 5.61 billion coins.
• The Mint produced and shipped approximately 3.2 billion pennies in Fiscal Year 2024.
• A coin’s typical lifespan is 30 years.
• Melting, treating or exporting pennies and nickels remains prohibited, with limited exceptions.
• Penny specifications are 2.5 percent copper and 97.5 percent zinc. Weight is .088 ounces. It is .750 inches in diameter. Its thickness is .06 inches, and it has a plain edge.
• The current design on the penny is: Obverse (Heads): Features President Abraham Lincoln, a design first introduced in 1909; Obverse Inscriptions: LIBERTY, IN GOD WE TRUST, 2025; Reverse (Tails): The Union Shield design, introduced in 2010, symbolizing Lincoln’s role in preserving the U.S. as a single, united country; and Reverse Inscriptions: UNITED STATES OF AMERICA, E PLURIBUS UNUM, ONE CENT.
• The penny was one of the first coins produced by the U.S. Mint, authorized under the Coinage Act of 1792.
• Its original design was as a large copper coin featuring a woman with flowing hair symbolizing Liberty.
• Other designs included: 1793–1857 - Various Liberty designs; 1857–1858 - Flying Eagle obverse with wreath reverse (first “small cents”); and 1859–1909 - Indian Head obverse.
• In 1909, Lincoln became the first U.S. president to appear on a coin, commemorating his 100th birthday. The reverse has changed several times since, including: Wheat Penny Reverse from 1909-1958; Lincoln Memorial Reverse from 1959-2008; the Lincoln Bicentennial Reverse (four unique reverses in 2009); and the Union Shield design since 2010.
• Pennies were minted in Philadelphia and Denver for circulating and uncirculated coins; San Francisco for Proof coins; and at the West Point Mint (2019) for special collectible pennies with a “W” mint mark.
• Finishes used on pennies include: Circulating - Produced for everyday use, no special finishes; Uncirculated - Higher-quality coins made for collectors with an enhanced finish; Proof - Highly detailed with mirror-like backgrounds and frosted designs, made using burnished blanks and polished dies, and struck at least twice for extra detail; and Reverse Proof - Frosted background with mirror-like design elements.
• Special and unusual pennies issued by the Mint include: 1943 Steel Penny - Zinc-coated steel pennies were minted in 1943, since copper was diverted for WWII; 1943 Copper Penny - Before production switched to steel pennies, the Mint accidentally produced some 1943-dated copper pennies. (These rare coins are highly valuable today.); 2017 "P" Penny - Philadelphia minted pennies in 2017 with a "P" mint mark to celebrate the Mint's 225th anniversary; and 2019 "W" Penny - West Point minted collectible pennies in 2019 with proof and reverse proof finishes.
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