By John Q. Hosedrinker 
The U.S. Mint in Philadelphia is set to strike its last circulating penny on Wednesday, ending production due to the rising costs of manufacturing the 1-cent coin. President Donald Trump ordered the penny’s discontinuation as the cost to produce them exceeded their value. While the penny had a historical significance and some retailers voiced concerns about the abrupt phase-out, the Treasury Department anticipates saving $56 million annually by halting production. Despite this change, the nickel, dime, and quarter are still in production, though their cost of production also outweighs their value.
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US Mint in Philadelphia to press final penny as the 1-cent coin gets canceled, a seemingly simple decision, sparks a cascade of reactions and reflections. After almost 232 years of gracing our pockets, the penny’s days are numbered, and the US Mint in Philadelphia is set to press the very last one. It’s a moment that stirs up a mix of emotions – nostalgia for a familiar piece of history, relief at the prospect of fewer coins cluttering our lives, and, for some, a touch of apprehension about the changes ahead.
This move, however, isn’t without its controversies. While many celebrate the penny’s demise, viewing it as a long-overdue step, there’s a legal debate surrounding the decision. The law dictates what currency should be produced, and some argue that ending the penny’s production without Congressional approval is, in fact, an illegal act. This raises questions about the proper channels for such significant changes and the balance of power between the executive and legislative branches.
That said, there’s a plausible interpretation that provides some cover. The Treasury Secretary can decide the number of pennies to mint, and if Congress says to mint the necessary number, and the Secretary decides that number is zero, that’s possible. However, even if that’s the case, some feel it should have still been a collaborative decision involving the entire government. At least, the government is communicating steps and guidance to businesses so they can deal with the issue of rounding prices. It’s good to see some transparency and planning in place, especially when such a big change will impact so many people.
The immediate reaction for many is simply relief. The penny has long been a source of frustration, with its low value making it a hassle to carry and use. The thought of prices ending in .99 to .97 seems like a welcome change for a lot of people. It’s a change that’s been talked about since the 80s, and it’s interesting to see it finally coming to fruition. Many of us have forgotten the last time we actually spent a penny, and the same goes for other coins. For anyone using modern slim wallets, it has made spending coins a rare event.
The implications of this move go beyond mere convenience. Phrases like “penny for your thoughts” and “this is just my two cents” might become relics of a bygone era. Even the iconic “Give a Penny, Take a Penny” tradition could face a reckoning. Will we see “Give a Nickel, Take a Nickel” in the future? And of course, there is the potential to hurt tourist attractions that are famous for Penny Presses.
The Netherlands provides a historical precedent, having eliminated its cent in the early 1980s. They phased it out of circulation for official transactions and again later in 2014 with the Euro-cent. This, and other examples of countries phasing out lower value coinage, gives some comfort that the US can successfully navigate this change. The adoption of a cashless society is a concern for some, and it’s always interesting to see how these transitions can be politicized.
The decision also triggers a cascade of speculation and practical considerations. Will the value of wheat pennies increase, leading collectors and those holding onto old coins to cash in? How will stores adjust their pricing strategies? Will the copper used in pennies become a valuable commodity? It’s a time of change and adaptation, where we’ll see new habits and processes evolve.
This change is viewed by some as an authoritarian act, a bold move implemented without Congressional approval, yet one that yields the desired outcome. The public has discussed removing the penny for decades because of its impracticality and the production cost, and yet Congress couldn’t write the legislation to end it. It will be interesting to see if this trend continues.
In the end, as the final penny rolls off the presses, we’re left with a mix of anticipation and reflection. The penny, a symbol of American commerce for over two centuries, is taking its final bow. The change is not just about economics; it’s about the evolution of our society, our habits, and the small pieces of history we hold in our hands. While some may mourn the penny’s departure, most of us will likely welcome the shift, adapting to a future where the jingle of the penny becomes a distant memory.