After 232 years in circulation, the last pennies were minted last Wednesday in Philadelphia. After more than two centuries of history, one-cent coins will no longer be minted, making these last pieces potentially worth millions. These coins will be offered to the highest bidder in December, and only five of them have sparked special interest among collectors. According to USA Today, five of these coins feature a partially engraved symbol, which would send the world of collecting into a frenzy, according to rare coin expert John Feigenbaum. It is estimated that the value of each coin could range between $2 and $5 million, although the auctions are expected to break records.
The first penny in the United States
Shortly after the establishment of the United States Mint in Philadelphia in 1793, the first American penny was struck. The first design, known as the “large cent,” was much larger than the modern penny and was made of solid copper. The design and composition of the penny have evolved since then. For example, in 1909, the portrait of Abraham Lincoln was introduced, and starting in 1982, the penny began to have a zinc core coated with copper.
However, after 232 years of continuous circulation, the last one-cent coins were minted this past Wednesday in Philadelphia, where it all began. “May God bless the United States, and we are going to save taxpayers $56 million,” said Treasurer Brandon Beach at the United States Mint in Philadelphia before pressing a button to mint the last penny. According to the portal El Diario, while the latest minting was taking place, the workers at the Mint remained silent on the floor. When the last coins came out, they began to applaud and rejoiced at witnessing a historic moment: “It’s an emotional day,” said Clayton Crotty, who has worked at the Mint for 15 years. “But it’s not unexpected.”
Peculiarities of these latest coins
According to information published by USA Today, among the amount of the latest minted coins, there are 5 that are more special. Only five of them have an omega symbol engraved to emphasize their historical significance. According to rare coin specialist John Feigenbaum, this could be a strong attraction for coin collectors. Collectors would go crazy for a modern rarity of circulating Lincoln cents.
How much will they cost?
The context in which these latest coins have been minted affects their price. It’s not just another coin to complete a collector’s numismatic collection, but rather the last specimens of a cent, which also feature an intentional distinction that makes them true treasures for collectors. Feigenbaum estimates that the value of each piece could be around $2–$5 million, but it is not ruled out that auctions could break sales records.
What will happen to the last pennies?
The American Bankers Association stated that there are still about $250 billion in pennies in circulation, and although they will not disappear, their circulation will decrease and they will retain their modest value, as they are considered underused. Although they will be no longer minted, billions of pennies are still in circulation and will remain legal tender, but there will be no new issues.