Treasurer of the United States Brandon Beach holds the last penny stamped at the US Mint. Matthew Hatcher/Getty Images.

Dear Commons Community,

From here on out, a penny saved is more than just a penny earned; it’s also a relic of history.

The final penny was minted yesterday at the Philadelphia Mint after over 230 years in circulation as a useful coin flip device, a vehicle to cast wishes into lucky ponds and the smallest form of U.S. currency.

“Today, we retire the penny,” Derek Theurer, who is performing the duties of Deputy Secretary of the Treasury, said in statements delivered at the Philadelphia Mint, the same city where the first penny was created over two centuries prior.

U.S. Treasurer Brandon Beach also spoke at the event, highlighting the historic moment. Beach said the last time the United States discontinued a coin was the half cent in 1857.

“Given the rapid modernization of the American wallet, the Department of the Treasury and President Trump no longer believe the continued production of the penny is fiscally responsible or necessary to meet the demands of the American public,” Beach said, laying out what he claimed were financial benefits to the country.

According to the U.S. Treasury Department, the cost of producing a single penny has more than doubled in the past 10 years, to 3.69 cents.

“Although today we say goodbye to our copper one-cent coin, let me be crystal clear, the penny remains legal tender,” said Beach. “We have over 300 billion pennies that remain in circulation and we encourage you to use them.”

Beach also shared that the final pennies minted will be auctioned off and will not go into circulation.

Good bye President Lincoln!

Tony

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