The Penny is Going Away Forever

The Penny is going away forever 

Oh, the humble penny—that tiny, copper-colored disk that’s been jingling in American pockets since the days of powdered wigs. It’s the coin you find stuck under couch cushions, the one you toss into a fountain with a wish (usually for more useful money), and the one that’s been proudly sporting Abraham Lincoln’s mug for over a century. But, alas, the penny’s time is up! The U.S. Treasury Department has declared that by early 2026, the penny will take its final bow, exiting stage left from circulation. Grab a tissue (or a jar of pennies), and let’s dive into the hilarious history of this one-cent wonder and why it’s being shown the door.

The Penny’s Origin Story: When Copper Was King

Picture it: 1793, a time when the U.S. was just figuring out how to be a country. The Coinage Act of 1792 birthed the U.S. Mint, and out popped the first pennies, dubbed “Large Cents.” These bad boys were the size of a modern half-dollar, heavy enough to double as a paperweight, and made of pure copper. With designs like Flowing Hair and Liberty Cap, they screamed, “We’re free, and we’ve got fancy hair to prove it!”

Fast forward to the 1800s, and copper prices started acting like a diva, forcing the Mint to shrink the penny and mix in some nickel for the “Flying Eagle” cent in 1857. By 1864, they switched to a bronze alloy because, apparently, even coins need to budget. Then, in 1909, the Lincoln cent strutted onto the scene, designed by Victor David Brenner to celebrate Honest Abe’s 100th birthday. It was the first coin to slap a president’s face on it, which caused a bit of a stir—some folks thought it was too regal, like putting Lincoln on a throne made of pennies.

The Lincoln cent got makeovers over the years. In 1959, the wheat stalks on the back were swapped for the Lincoln Memorial, because who doesn’t love a good monument? In 2009, for Abe’s bicentennial, the Mint rolled out four reverse designs, giving us a penny slideshow of Lincoln’s life. Since 2010, it’s rocked a shield, because nothing says “one cent” like a patriotic emblem. Oh, and during World War II, copper was needed for bullets, so the 1943 pennies were made of zinc-coated steel, earning them the nickname “steelies.” A few copper ones slipped through, though, and they’re worth more than your car now. By 1982, copper prices were at it again, so the penny became copper-plated zinc, basically a zinc impostor with a copper wig.

The Penny’s Glory Days (and Its Fall from Grace)

Back in the day, a penny was a big deal. In the 1800s, it could buy you a stick of candy or a newspaper—real purchasing power! Benjamin Franklin’s “a penny saved is a penny earned” was the ultimate mic-drop for thrifty folks. Pennies were the stars of piggy banks, wishing wells, and those “take a penny, leave a penny” trays that taught us sharing is caring.

But then inflation crashed the party. By the 21st century, a penny couldn’t buy you a single jellybean, unless the store was really desperate. Pennies became the annoying houseguests of currency—always showing up, never leaving, and piling up in jars like copper squatters. Americans started treating them like glitter: impossible to get rid of and mildly irritating. Businesses weren’t thrilled either, as counting pennies slowed down lines faster than a toddler at a checkout counter.

The Penny’s Pricey Problem: A Financial Fiasco

Here’s where the penny’s story gets downright comical: it costs more to make a penny than a penny is worth. In 2024, the U.S. Mint admitted that churning out one penny cost 3.7 cents. That’s right—every time they minted a penny, they lost 2.7 cents. It’s like opening a lemonade stand where each cup costs you a dollar to make but sells for a nickel. The Mint pumped out over 7 billion pennies in 2024, bleeding millions in what economists call “negative seigniorage.” Meanwhile, quarters and dimes are out there making bank, covering the Mint’s bills like responsible older siblings.

The penny’s not just a money pit; it’s a logistical nightmare. Banks and stores spend hours sorting and hauling these coins, which weigh more than a small dog when you add them up. Many retailers have already said, “No thanks,” rounding cash transactions to the nearest five cents. Canada kicked their penny to the curb in 2012, and guess what? Their economy didn’t collapse, and nobody’s crying over lost cents. It’s like the penny’s been auditioning for “Most Useless Coin” and finally won the role.

The Great Penny Purge's

Pennies have been dodging the axe for decades, with lawmakers like Barack Obama throwing shade at its inefficiency since the ‘90s. But sentimentality—mostly over Lincoln’s noble profile—kept it alive. That is, until February 2025, when President Donald Trump, never one for subtlety, told the Treasury to pull the plug. Treasury Secretary Scott Bessent summed it up: “It costs three cents to make one cent. That’s Washington math for ‘time’s up.’” The plan? The Mint will order its last batch of penny blanks in 2025 and stop production by early 2026, when the copper well runs dry.

The penny Phase-out

The phase-out is less a guillotine and more a gentle nudge out the door. Pennies will stay legal tender, but they’ll slowly vanish as businesses round prices. The Treasury’s promising to hold our hands through it with public campaigns, probably featuring slogans like “Don’t Cry for the Penny!” Canada and Australia have shown rounding works fine, so we’ll survive without our one-cent sidekick.

The Penny’s Farewell Tour: Laughs and Tears

The reaction to the penny’s demise is a mixed bag. Economists and budget hawks are popping champagne, thrilled to save millions and ditch the coin that’s been freeloading for years. X users like @MarioNawfal are cheering, pointing out the absurdity of a 4-cent penny. But not everyone’s laughing. Some folks are clutching their penny jars, worried rounding will hit the poor hardest (studies say it won’t, but try telling that to the “Save the Penny” crowd). Others see Lincoln’s face as a national treasure, like the Statue of Liberty but smaller and less green.

The Penny’s Last Laugh

As the penny prepares to ride off into the sunset, it leaves behind a legacy of small change and big laughs. It’s been with us through wars, recessions, and that time we thought penny candy was a balanced diet. Sure, it’s not worth much, but it’s got stories—like that one time you found a 1969-S Double Die penny and thought you were rich (spoiler: you weren’t). The penny’s exit is a reminder that even the tiniest coin can make a big fuss. So, next time you see one, give it a wink—it’s earned its place in the comedy of American currency.