Philadelphia Mint Strikes What Officials Call the Final U.S. Penny — What to Know

The U.S. Mint in Philadelphia on Wednesday struck what officials say will be the final penny produced there — a symbolic milestone in the planned phase-out of the 1-cent coin. President Donald Trump ordered the penny's cancellation earlier this year, arguing that production costs had risen above the coin's face value.

When was the first penny minted?

The cent was among the first coins issued by the U.S. Mint after its 1792 founding, produced alongside a half-cent piece. Congress discontinued the unpopular half cent in 1857 but kept the penny, reducing its size in part to save on copper. Modern pennies are composed of 97.5% zinc with a thin copper plating.

Where will these final pennies go?

Officials say the coins struck in Philadelphia are largely symbolic. U.S. Treasurer Brandon Beach told reporters the final pennies produced at that facility will be set aside and auctioned. Because hundreds of billions of pennies already exist, the newly struck pieces will not make pennies disappear from circulation immediately.

How many pennies are there today?

Numbers vary by source: the Treasury reports about 114 billion pennies currently in active circulation, while the American Bankers Association has estimated up to 250 billion pennies exist in total across vaults, banks and pockets. The difference reflects coins that are hoarded, stored by institutions, or temporarily out of everyday use.

Are pennies expensive to make?

The U.S. Mint says producing a penny costs nearly 4 cents each. The Treasury estimates that stopping penny production could save roughly $56 million per year in material costs. Critics call the minting expense wasteful; defenders note that other coins also cost more than their face value to produce — for example, the nickel costs almost 14 cents to make, a dime about 6 cents, and a quarter about 15 cents.

Where are pennies used?

Pennies retain sentimental and practical uses. Many people collect them or view them as lucky; they also play a role in charity drives and remain useful for cash transactions where exact change matters. Cultural touches — like the rhyme “See a penny, pick it up — all the day you'll have good luck” — underscore the coin's longstanding place in everyday life.

So what happens now?

The phase-out raises practical questions for retailers and consumers. Pricing that ends in $.99 is deeply embedded in U.S. retailing, and some businesses worry about how cash transactions will be handled. The American Bankers Association says many banks and retailers may adopt a rounding policy for cash — rounding totals to the nearest five cents — following the example of countries such as Canada and Australia after they retired their lowest-value coins. Importantly, pennies will remain legal tender until any change to that status is made by law.

Bottom line: The Philadelphia strike is largely symbolic: minting will slow or stop, the last coins may be auctioned, pennies remain legal tender, and households and businesses will adjust to practical changes such as potential cash-rounding policies.