An Ode to Pennies
It’s often said that we fail to appreciate what we have until it’s gone.
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The U.S. Mint’s Philadelphia office made history by producing the last penny on November 12, 2025. While billions of these coins remain in circulation and can still be used, no new pennies will be minted moving forward. I had seen this coming; every store I entered in the months leading up to this day had signs at the register declaring, “The penny has been retired. Cash will be rounded to the nearest 0 or 5. Exact change is appreciated!” Yet, I was still caught off guard by the wave of emotion that overwhelmed me at the loss of such an iconic coin.
The penny has a rich history tied to our nation’s founding. After the Revolutionary War, America faced the challenge of establishing its economy and political structure. While the Constitution was being debated, individual states continued to issue their own currencies and rely on foreign ones, leading to confusion and chaos.
After the majority of states ratified the U.S. Constitution, Congress recognized that the new nation needed a unified coinage system. Thus, the Coinage Act of 1792 was passed, establishing a national mint in Philadelphia. According to the U.S. Mint, the new coinage system included:
Copper: half cent and cent
Silver: half dime, dime, quarter, half dollar, and dollar
Gold: quarter eagle ($2.50), half eagle ($5), and eagle ($10)
On March 1, 1793, the U.S. Mint in Philadelphia delivered the nation’s first circulating coins: 11,178 copper cents. These initial pennies featured a design of Lady Liberty, chosen by Congress to symbolize freedom and independence, avoiding the practice of placing political figures on currency as seen in the United Kingdom. Back then, these all-copper pennies were not only larger than today’s coins but also held better value, enough to purchase a biscuit, a candle, or a piece of candy.
As time passed, the size of the penny shrank and its composition evolved from pure copper to a blend of copper and zinc. A pivotal moment occurred in 1909, when, in honor of President Lincoln’s centennial, his distinguished image took the place of Lady Liberty on the pennies.
Today, many people, including the president, see pennies as little more than a nuisance. The situation is exacerbated by the fact that it costs nearly 4 cents to produce each penny. Moreover, Americans’ spending habits have drastically changed; once, using a credit card for even small purchases was frowned upon. Now, in our advancing digital economy, consumers seamlessly swipe their cards or use Apple Pay for minor transactions without a second thought. Cash transactions have plummeted, now representing just 20% of all exchanges. The demise of the penny seemed inevitable.
While the monetary value and practicality of the penny have diminished over its 230-year history, its cultural significance and influence on our values endure. Expressions and customs surrounding the penny serve as reminders of important financial principles.
Take the saying, “A penny saved is a penny earned,” attributed to Benjamin Franklin. This timeless piece of advice highlights the importance of saving and being frugal, lessons I often pass on to clients and young family members.
Similarly, the phrase “Every penny counts” reinforces the idea that consistent saving, no matter how small, can lead to significant financial benefits in the long run. Embracing these ideas can make a lasting difference in our financial habits.
If you are an investor or work in the financial services industry, you have probably heard of “penny stocks,” which are defined as securities trading at a share price of less than $5 (the upper limit used to be $1). Penny stocks embody the essence of how capital markets function. They fall into the category of high-risk, yet potentially high-reward investments. These stocks are typically issued by small companies with significant growth potential, but they are also vulnerable to fraud and failure. Since penny stocks are not traded on regular stock exchanges, they are usually bought and sold over the counter. Nevertheless, they provide entrepreneurs and new businesses with a crucial means of raising capital.
Penny stocks present a valuable opportunity for small investors who may not have the luxury to risk large sums of money. For these investors, a successful investment can lead to impressive returns while simultaneously contributing to the launch of groundbreaking products and emerging technologies. Even in the case of unsuccessful bets, many find the financial impact manageable due to the small amount invested.
However, it’s important to note that penny stock investment is not suitable for those who are already in a tight financial spot. If you’re struggling to make ends meet and already “pinch every penny,” prioritizing savings is the wiser choice.
It’s inspiring to hear someone say, “I never borrowed a penny from anybody,” as it speaks volumes about their commitment to financial independence.
When we praise something is “worth every penny,” we mean it is truly valuable. Conversely, the phrase “penny-wise and pound-foolish” serves as a reminder not to focus excessively on trivial matters while overlooking what is truly important in life.
If someone declare, “If I had a penny for every time I’ve been asked…” it’s best not to ask them the same question again, as their frustration is likely apparent.
When a person refers to themselves as a “bad penny,” they are using self-deprecating humor to indicate that their presence is unwelcome or unappreciated. However, finding a penny on your walk is often seen as a sign of good luck, and you should definitely seize the moment and pick it up!
Across many cultures, the tradition of placing a penny in a bag for good fortune is cherished. I fondly recall how my mom would wrap a penny in a dumpling during the Chinese New Year celebrations. The person who discovered the penny inside was believed to be blessed with good fortune for the entire year.
As more people move away from cash and penny production comes to an end, the expressions, idioms, and customs associated with pennies are likely to fade from our culture and language. This inevitability fills me with both nostalgia and sadness. It’s often said that we fail to appreciate what we have until it’s gone, and pennies are no exception. Their disappearance urges us to reflect on the values they embody: thrift, prioritization, independence, and pride. While the physical presence of pennies may fade, we must strive to carry forward these important values in our culture, ensuring they continue to resonate in our lives long after the last penny has been created.
Hello Helen,
When I was in Japan in 1988-1989, a 1000 yen note was worth about US$6.00. However I was able to find coins for 1 yen (none in circulation) and other values similar to our coins. I asked ChatGPT about Japan's inflation from 1945 to 1950 and got this chart. It explains why the 1 yen coins are no longer available.
1945 ~ 51.1 % (see bracketed estimate)
Wikipedia
1946 ~ 364.5 % (estimate)
Wikipedia
1947 ~ 195.9 % (estimate)
Wikipedia
1948 ~ 165.5 % (estimate)
Wikipedia
1949 ~ 63.3 % (estimate)
Wikipedia
1950 ~ 18.2 % (estimate)
Wikipedia
I am sure that other countries have had similar circumstances and coins have become useless in trade.
From 1793 to 1857 the USA minted half-cent coins but they were discontinued. The penny is now following its smaller brother. I think that soon the nickle will/should follow suit.
Thank you for your story. It was quite interesting.