Philadelphia Mint Mints Last Pennies, Some Worth Millions

After more than two centuries in circulation, the last pennies were minted on November 1, 2023, at the Philadelphia Mint. This marks the end of an era for the one-cent coin, with these final pieces expected to attract significant interest from collectors, some potentially valued at over $5 million.

The final minting event was a historic occasion, attended by officials including Brandon Beach, the U.S. Treasurer, who remarked, “May God bless the United States, and we are going to save taxpayers $56 million.” Following the minting process, employees at the Mint celebrated with applause, acknowledging the significance of the moment. Clayton Crotty, a Mint employee for 15 years, expressed mixed emotions, stating, “It’s an emotional day, but it’s not unexpected.”

Unique Features and Collector Interest

Among the last minted pennies, five coins have garnered particular attention due to a unique partially engraved omega symbol. According to rare coin expert John Feigenbaum, this feature could make them highly sought after in the collecting community. He estimates that each of these coins could be valued between $2 million and $5 million. The upcoming auction in December is anticipated to break records, attracting bidders eager to own a piece of numismatic history.

The history of the penny in the United States dates back to the establishment of the Mint in 1793, where the first American penny was struck. Known as the “large cent,” it was significantly larger than the modern penny and made of solid copper. The design has evolved over the years, with the introduction of Abraham Lincoln’s portrait in 1909 and a transition to a zinc core coated with copper in 1982.

The Future of the Penny

Despite the cessation of minting, the American Bankers Association estimates that approximately $250 billion in pennies remain in circulation. While their production will cease, these coins will continue to be legal tender and retain their value, although their everyday use may decline. As collectors and investors prepare for the auction, the legacy of the penny will endure in the pockets of Americans and the annals of history.

The last pennies minted represent not only a significant financial opportunity for collectors but also a nostalgic farewell to a coin that has been a staple in American currency for over 232 years.