On November 12, 2023, the last penny was minted at the Philadelphia Mint, marking the end of an era for the iconic coin. The U.S. Mint held a ceremonial pressing to commemorate this significant moment, concluding a production run that lasted an impressive 232 years. With the coin’s production ceasing, questions arise about the future of the penny in everyday transactions.
According to the U.S. Mint’s latest annual report, the cost of producing one penny is approximately 3.69 cents. In fiscal year 2023, the Mint produced 4.5 billion pennies, incurring a total cost of over $179 million. This staggering number indicates that while there may be billions of pennies in circulation, their practical use is diminishing.
Concerns about the penny’s future are compounded by changing consumer habits and retail practices. Many businesses, including major retailers like Walmart, are beginning to phase out the penny from their transactions. A recent anecdote highlighted this shift: when a Walmart automated teller runs out of pennies, it reportedly rounds up transactions to the nearest nickel.
During a recent shopping trip to Walmart, a customer stumbled upon what could be one of the last pennies in circulation. After purchasing groceries, predominantly consisting of cheese and crackers in preparation for an impending snowstorm, the shopper discovered a solitary penny in the change cup at the self-checkout.
This penny, abandoned and alone, prompted a moment of reflection. The customer wondered how long it had been overlooked and whether it had been separated from its more valuable coin counterparts. Unable to leave the penny behind, they handed it to the checkout attendant, sharing a lighthearted moment about its potential collectible status.
As the customer walked away, they pondered whether they had just parted with the last penny ever minted in their local Walmart. This encounter illustrates not just the decline of the penny but also evokes a sense of nostalgia for a simpler time when cash transactions were more commonplace.
While the production of pennies may have ceased, their presence lingers in the closets of penny hoarders and in the change jars of households across the country. However, as stores adapt to modern payment methods, the future of the penny grows increasingly uncertain.
Though the penny may soon become a relic of the past, its impact on American culture and commerce is undeniable. Many will remember the days when the penny held a place of value, even if it now represents a bygone era.
