Treasury announces penny production will end in the United States
The United States will officially end production of the penny this month for the first time in 233 years, according to a statement from the Treasury Department.
The U.S. Mint will issue the last ever penny on Wednesday, Nov. 12, and the public will have a chance to bid on them.
U.S. Treasury Secretary Scott Bessent and Treasury Secretary Brandon Beach were on hand at the U.S. Mint in Philadelphia for the striking of the “last circulating penny” on November 12.
The last five pennies are stamped with a special Omega symbol and will never go into circulation, according to the Treasury Department. The government plans to auction off the pennies in the future.
According to the Treasury Department, the government has been producing the U.S. penny since 1793.
What happens to the last five pennies minted?
The Treasury announced that the last five pennies, engraved with a special Omega symbol, will be auctioned in the future. The Treasury Department has not released details about the bid or its timing.
How much will the last coin you earn be worth at auction?
Experts say the auction could cause a frenzy. “Collectors will be enamored with the modern rarity of the Business Strike Lincoln cent,” John Feigenbaum, publisher of Gray Sheet, a price guide for rare coins, told USA TODAY.
“Demand will be incredible, as this item is a necessary element of a true ‘complete set,'” said Feigenbaum, who is also executive director of the Professional Numismatists Guild (PNG), a nonprofit organization comprised of many of the country’s rare coin experts.
He estimates the coins could be worth between $2 million and $5 million each.
Another expert, Mike Fulgents, president of Universal Coin & Bullion in Beaumont, Texas, is a little less bullish. Fulgents said he has consulted with other top coin dealers, US Coins of Houston, Texas, and Minshull Trading of California’s Palos Verdes Peninsula, about the issue.
“We believe every last penny could be sold at auction,” he told USA TODAY in a statement. “The second and third final pressings could fetch $10,000 and $20,000, respectively.”
Mr. Fulgentz also had some advice for the lucky buyers who might get their hands on a rare penny. “Purchasers of these unique historical pieces should have them expertly authenticated, graded, and placed in a sealed holder by one of the three major grading services: Certified Acceptance Corporation (Certified Acceptance Corporation), Numismatic Guaranty Corporation (NGC), or Professional Coin Grading Service (PCGS) for future lineage verification,” he said.
Why did the government decide to end penny income?
President Donald Trump ordered the Treasury Department in February to halt minting pennies, saying the cost of minting them was higher than the coin’s value. The U.S. Mint said in its annual report that the cost of manufacturing a penny is 3.69 cents.
Even if the U.S. Mint stops producing pennies, that doesn’t mean they’ll disappear anytime soon. According to the Treasury Department, there are approximately 300 billion pennies in circulation.
But some retail stores and restaurants like McDonald’s are starting to run out of change, forcing them to round cash transactions to the nearest 5 cents if customers don’t have change.
This story has been updated with new information.
Mike Snyder is a national trends news reporter for USA TODAY. You can follow him on Threads, Bluesky, and X, and email him at: mike snyder & @mikegsnider.bsky.social & @mikesnider & msnider@usatoday.com
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