We’ll Soon Be Penniless: A Farewell to the One Cent Coin
by Leo Rainey
Illustration by Sydney Smith
On November 12, after a miraculous lifespan of 232 years, the penny died peacefully at the U.S. Mint in Philadelphia. The coin’s death was the result of a decades-long debate over its usefulness, seeing as nothing can be purchased with just one cent anymore, and its utility is limited to exact-change cash transactions. Perhaps the strongest argument for its demise is the fact that as of recently, the cost to mint the coin was nearly four cents! Finally, this past February, the Trump Administration directed the Secretary of the Treasury to discontinue all penny production before the end of the year.
Upon hearing the news, I found myself saddened by the loss of this great American staple. Yes, its death is noteworthy for collectors and fanatics, but moreover, the economic repercussions will be significant: what will happen to those take-a-penny-leave-a-penny boxes? How will anyone pay me for my thoughts? How can I claim good luck in a world where not a single penny can be found face up on the asphalt of the Walmart parking lot? Luckily, there are enough little-Lincolns in circulation (some estimated 300 billion) that it will be a while yet until we begin to see the outright disappearance of the coin, but its discontinuation certainly marks the end of an era in American currency.
The penny isn't the first U.S. coin to meet its maker. The half-cent enjoyed 64 years of life before becoming obsolete in 1857. Similarly, the two-cent coin, which began production during the Civil War, hasn't been used in circulation in nearly 150 years. Yes, many copper saucers have come and gone without much emotion or recognition, but the penny’s passing seems to carry a different sort of weight (besides its 2.5 grams of copper and zinc).
Intent on learning what this passing has meant to our generation, I ventured to interview students around campus to determine if the penny will truly be missed.
How do you feel about the recent discontinuation of the penny?
Frances Berta (college first-year): Oh, I thought that was a joke. I saw that somewhere online and assumed it wasn't real… but I don't really care that much to be honest. I don’t really use pennies.
Ellis Louda (college second-year): In a way, I feel sad– I love the penny. But also, I never use coins, and all my transactions are with my card. So my life is fundamentally unchanged…but I think they're cute.
Francesca Lanier (conservatory first-year): You know, I'm a little disheartened, even though I can't remember the last time I used a penny. I think it's a good idea they discontinued it because it would’ve cost a lot of money to keep going, but I still think “aww man”! I also think it's interesting that they're bidding off the final pennies being produced.
Ryan Hoff (college third-year): I think I have bittersweet feelings. I think it had a good run. I think it was long overdue. I think our change is slightly less colorful now. But being minted for more than two hundred years is more than any coin could ask for, and more than we could ask of any coin.
Do you have any specific memories of the penny?
FB: I don’t really have any penny-specific memories, but my dad and I used to count and sort a bunch of coins before putting them in my piggy bank, including pennies.
EL: For special events, my grandfather would always give us pennies from the year we were born. Like, if I was turning twelve, I would get twelve rolls of pennies from 2005. He would go around and collect pennies from me and my brother’s birth-years. He wasn’t a very emotional man, but it was his way of showing his love.
FL: I love finding penny presses! One of my favorite pennies is a press from Long Beach, WA with Jake the Alligator Man on it.
RH: I do actually, and I'm rather surprised by that. I remember when I was a child, my mother put me to work rolling pennies – I was pretty bad at it. But I do remember the satisfaction of turning a bunch of loose coins into a neat fifty-cent roll.
Do you think you’ll miss it?
FB: No I will not.
EL: I’ll miss it for the novelty, but for the practicality? Fuck no!
FL: No, I don’t think I’ll end up missing it, and I never use them. But what are you gonna do when you can't find a penny to flatten in one of those machines?
RH: I don’t think so, as I think it will still be very close to me, like, in the corner of my room somewhere. I don’t think we’ll be rid of the penny anytime soon, but maybe they’ll just get more green and oxidized.
The general consensus is what many might expect: most of Gen Z has done away with cash transactions and pennies are already more of a novelty object than a currency. They live up to a sense of fun and nostalgia, but lack the one adjective that should be applied to currency– useful. Ending its costly and impractical production will save taxpayers some 56 million dollars a year, which is almost as much as Abe Lincoln's next chiropractor will charge him– after all, holding one pose since 1909 can’t be good for anybody.
Born to Alexander Hamilton and the Coinage Act of 1792, the penny is survived by its three brothers: the nickel, the dime, and the quarter, alongside its distant cousin, the dollar coin. Its death may not be felt for generations to come, but someday, when the last pennies have fallen behind couch cushions and we’re all stuck rounding to the nearest nickel, we’ll wonder if it was worth it. But that's just my two cents.
Interview responses have been edited for length and clarity
