America says goodbye to pennies after 232 years as US Mint ceases penny production
After 232 years, the U.S. penny has been laid to rest.
In a Nov. 12 ceremony, the U.S. Mint struck the final, circulating "one-cent coin (penny)."
"... The Mint celebrates 232 years of penny manufacturing," Kristie McNally, acting Mint director said during the ceremony.
"While general production concludes today, the penny's legacy lives on. As its usage in commerce continues to evolve, its significance in America's story will endure."
The penny was first authorized by the Coinage Act of 1792 , an act that created the first U.S. Mint and established the rules for America's money system, making the penny one of the longest-running coins in U.S. history.
The act established the first official U.S. monetary system and defined the value of the dollar as well as created the Mint in Philadelphia.
The penny has played a role in American life from the earliest days of the U.S. economy to present day.
However, the U.S. Mint attributes the end of its production as a change in evolving consumer behaviors and economic and production factors.
"Over the past decade, the cost of producing each penny has risen from 1.42 cents to 3.69 cents per penny," the Mint explains.
But the end of production doesn't mean pennies will simply vanish from circulation.
In fact, the U.S. Mint says "the penny remains legal tender," and there are "an estimated 300 billion pennies in circulation."
For historic and collector purposes, the U.S. Mint said it will still produce "numismatic versions of the penny in limited quantities."
History of the penny
According to the U.S. Treasury , the penny was one of the first coins made. It featured a woman with flowing hair symbolizing liberty.
This coin was larger than the modern penny and was made of pure copper, unlike current pennies, which are made with copper and zinc.
Liberty stayed onthe penny for more than 60 years until 1857 when it was changed to a flying eagle on one side and a wreath on the other.
This design became known as the "Indian Head" design.
This Image would hold until 1909 when Abraham Lincoln became the first president to be featured on a coin in honor of his 100th birthday.
The penny featured the same image of Lincoln as it does today, but from 1909 to 1958, the reverse side was marked with two sheaves of wheat.
These pennies have become sought after and in some cases are worth thousands or even millions .
From 1959 to 2008, the reverse image was of the Lincoln Memorial, which was designed to commemorate Lincoln's 150th birthday.
The penny changed again in 2008 when the Mint issued four different penny designs throughout the year in recognition of the late president's 200th birthday.
Today, on the reverse side of the penny is a "Union Shield," which was first issued in 2010. The reverse side features former President Lincoln's face, which has been on the penny since 1909.
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