This week marks a significant event for collectors: the last U.S. penny minted may soon be worth quite a bit of money.
Experts believe these final pennies, which were minted on Wednesday, could potentially sell for as much as $5 million each during an auction scheduled for December.
U.S. Treasury Secretary Brandon Beach was on hand to mint the last pennies at the Philadelphia Mint, officially marking the end of a 232-year run for this coin.
The penny was first introduced in the U.S. back in 1793, back when Philadelphia was the nation’s capital.
The last five minted pennies each feature a unique Omega symbol, which makes them particularly desirable to collectors. There’s a good chance they will attract significant bids at auction later this year.
John Feigenbaum, who publishes the rare coin pricing guide, the Gray Sheet, mentioned that the “modern rarity” of these last pennies would likely enthrall collectors, making them a vital addition to any serious collection.
He estimates that each of these rare coins might be valued between $2 million and $5 million.
However, not everyone shares this optimism. Mike Fulgents, from Universal Coin & Bullion in Beaumont, Texas, thinks the last penny might only reach about $1 million, while predicting that the second and third-to-last coins could sell for around $10,000 and $20,000, respectively.
Proceeds from the auction are set to support Mint operations, with any additional funds directed to the U.S. Treasury.
The Mint has produced 232 Omega-stamped pennies for the auction, one for each year of the coin’s existence, with a few extra created for display purposes. Additionally, a gold coin with 235 pennies was issued.
This decision to phase out the penny came as President Trump ordered its destruction earlier this year, citing increased production costs, as each coin now costs around 3.69 cents—nearly four times its face value.
“For too long, we’ve minted pennies that cost more than two cents,” he remarked, calling it a waste of resources.
Phasing out the penny is projected to save taxpayers about $56 million every year.
Despite the discontinuation, Beach clarified that existing pennies will still be legal tender and encouraged people to continue using them.
With approximately 300 billion pennies currently in circulation, the Mint has plans to keep producing limited collector versions in the future.
However, retailers are already feeling the impact of this change. Some shops are rounding cash transactions to the nearest nickel, significantly affecting their bottom line.
For instance, Kwik Trip, a convenience store chain in the Midwest, has adopted a policy to minimize penny usage. It’s expected to be a costly adjustment.
Legal complications arise in four states and major cities like New York and Philadelphia, where businesses are required to give precise change.
The National Association of Convenience Stores has reached out to Congress, seeking clarity on how to navigate this change. Jeff Leonard, a spokesperson for the group, mentioned that they have been advocating for the penny’s elimination for 30 years but hadn’t anticipated the situation unfolding this way.
The penny, which first appeared in 1793, featured Abraham Lincoln’s profile starting in 1909, making it the first U.S. coin to depict a president.
