New Delhi: A piece of American history clinked to a close this week as the US Mint in Philadelphia produced its final penny. It marked the end of a 230-year-old tradition.
US Treasurer Brandon Beach before striking the last batch of pennies, pressed the ceremonial button and declared, “God bless America, and we’re going to save the taxpayers $56 million.” This is followed by President Donald Trump’s directive to halt penny production. He has called it “wasteful” since each coin costs over two cents to make.
A sign of nostalgic token?
An estimated 250 billion pennies continue to be in circulation and will remain legal tender, but the new ones will not be made. Production of most pennies ended over the summer, according to an Associated Press report.
It was introduced in 1793. The penny was once powerful enough to buy a biscuit or a candle. Today, most lie forgotten in drawers or jars, worth less than the metal they are made of. Yet, for many Americans, the coin remains as a nostalgic token. Pennies have been underutilised although some Americans find it fun to collect. “See a penny, pick it up. All day you’ll have good luck.”
Legacy that continues to shine
According to a report by the Associated Press, though many retailers believed that the phase-out was abrupt, it also did not come with any government guidance on how to handle transactions. They have however expressed concerns over the abrupt transition. Some have already rounded prices to the nearest five cents.
The Mint has produced 232 Omega-stamped coins for auction and 235 gold pennies for institutional display to commemorate the historic farewell. The last coin to be discontinued before this was the half-cent, nearly two centuries ago.