The last penny was minted on Nov. 12, marking the end of penny production in the United States.
The penny carries significant historical weight in America.
“The penny was first produced in 1787,” said History Professor Denise Damico. “It was the first official currency ever circulated in the United States.”
The Coinage Act of 1792 determined the penny’s worth to be one-hundredth of a dollar. While this has not changed, the penny’s outward appearance has undergone several makeovers over the centuries.
The first penny was a small, copper coin that displayed the words “we are one” and “fugio,” which is Latin for “I fly.”
President Theodore Roosevelt chose the likeness of one of his Oval Office predecessors, Abraham Lincoln, to be featured on the penny.
“Teddy Roosevelt really liked Abraham Lincoln and thought of himself as Lincoln’s political heir,” said Damico.
Roosevelt wanted to honor Lincoln by making him the first president to appear on American currency.
Lincoln has been on the penny since 1909, which marked the 100th anniversary of his birth.
Penny production has been a topic of conversation in economics for years.
“It costs 3.7 cents to produce a penny right now,” said Randy Frye, Dean of the Shields School of Business.
Frye said that because it costs more to produce pennies than they are worth, ending their production will create financial benefits.
“It will save millions of dollars on minting coins,” he said.
Frye said that because the penny’s value is only one cent, almost nothing can be purchased with them in today’s world.
“When I was a kid, you used to be able to buy penny candy,” he said. “What can you buy with a penny anymore?”
Frye also noted that the end of penny production will likely have a negative effect on small businesses that deal primarily in cash transactions.
“It is another step toward digital currency,” he said.
Penny Fun Facts:
– The first penny was designed by Benjamin Franklin with interlinked chains to symbolize unity during the Revolutionary War era. However, many mistook the meaning to be a reference to slavery. A wreath replaced the chains.
– During part of World War II, zinc-coated “steel cents” were minted due to a copper shortage.
– If you save a penny a day from the day you are born, the total after 80 years would be $292.20, give or take a few cents de- pending on leap days.
