Why has the US Mint ended its penny production after 232 years? Here’s all you need to know about it

The U.S. mint officially pressed its last penny on November 12. Photo Courtesy: File pic

After more than two centuries, the U.S. Mint has officially stopped producing the 1-cent coin as of November 12. The penny has played a crucial role in American culture. A coin that could buy biscuits or a piece of candy in 1793 has now lost its value in everyday transactions.

Why is the U.S. penny going away?
The U.S. Mint has ended penny production to cut costs and acknowledge the declining relevance of the 1-cent coin. Production costs had outpaced the coin's value for years, and its purchasing power had become virtually obsolete.

History
The first penny was pressed in 1787 - making it older than the U.S. Mint itself. Its official name is 'cent,' as designated by the U.S. Mint, while the U.S. Treasury calls it the 'one-cent piece.' The term 'penny' comes from the British coin of the same name.

Composition
Throughout history, the penny has primarily been issued as a copper or copper-plated coin. When production began in 1793, it was made from 100 pct copper. However, over time, the composition changed. Since October 1982, the penny has been made of copper-plated zinc containing 97.5 pct zinc and 2.5 pct copper.

Design
The penny's design has changed several times across its two-century history. The earliest versions featured a larger coin bearing the image of Lady Liberty. After multiple redesigns, Abraham Lincoln began appearing on the coin in 1909 to mark his 100th birth anniversary.

In 1815, no cents were produced due to a supply shortage that began in October 1814 during the war. Minting resumed in December 1816, though it remains unclear whether those coins were stamped 1814 or 1816.

End of an era
The final batch of pennies was pressed in Philadelphia. The last U.S. coin to be discontinued before this was the half-cent, which was removed from circulation in 1857.