Unfortunately, making a one-cent coin did cost a lot of money.
After 232 years in circulation—almost as long as the United States has been a country—the last penny was struck on November 12 in Philadelphia by the U.S. Treasurer. Brandon Beach.
In conjunction with this historic event, the United States Mint held a ceremonial walkout to commemorate the discontinuation of the one-cent coin.
“Today the Mint celebrates 232 years of penny production,” Acting Mint Director. Christy McNally shared in statement. “While overall production ends today, the penny’s legacy lives on.”
Although there will be no more coins, there are still about 300 billion copper coins in circulation (that's $3 billion) and they can still be used. (Plus some previously minted pennies cost up to $1.7 million.)
“As its use in commerce continues to evolve,” McNally continued, “its importance in American history will continue.”
After the coin was approved by the Coinage Act of 1792, it played an important role in both business and culture. While the “price of charm” uses the value of a one-cent coin as a marketing tactic to make products look cheaper (after all, $19.99 is less than $20), the penny has also inspired fashion through loafers and movies, such as the 1936 Oscar-nominated film. Pennies from heaven and its 1982 Oscar-nominated remake starring Steve Martin And Bernadette Peters.
