A penny for your thoughts on this one…
The U.S. penny, long seen as a virtually-valueless coin, has finally ceased production at the U.S. Mint in Philadelphia.
Indeed, the very last new penny was minted on Wednesday, bringing a long end to the copper-plated coin.
The Abraham Lincoln penny that we know so well has been in circulation since 1909, though the United States has had a once cent coin as far back as 1787.
Over the years, as prices have risen, the usefulness of a penny has come into question, especially as it costs over 2¢ to make a single 1¢ coin.
With the retirement of the penny, consumers will still be able to use them as currency, but they will no longer be produced. US Gold and Coin continues to accept pennies and other coins from customers looking to convert their collections into cash.
With billions of them still in circulation, we don’t see the penny becoming a collector’s item for quite some time, however.
Will you be holding onto your stash of pennies, now that they’ll no longer be made?
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3 Comments
I agree that they are too expensive to produce and should be eliminated. It’s a good thing that they will be useable and of value.
Why not use paper money for denominations of 01, 05, 10, 25, 50? Other countries use paper instead of coins.
Nah, I’ll cash them in as needed, Thanks! Jan