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Farewell to the Penny

Jun 10, 2025

1 min

Jared Pincin


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Since its creation in 1792, the penny has had a notable role in American currency. But 2026, will mark the end of the one cent after 233 years. 


In June of 2025, the U.S. Treasury made its final order for penny blanks. The U.S. Mint stated that it's lost $85.3 million on the 3.2 billion pennies they produced in the 2024 fiscal year. It is estimated that the government will save $56 million annually once the production of the penny stops. 


The penny was one of the first coins produced by the U.S. Mint in 1792 and was originally designed by Benjamin Franklin. Since then, the penny has been used to mark significant events in American history as its design has changed over the years. The penny, starting in 1857, has been the smallest form of currency used in America. 


Now the nickel will become the smallest coin to be used in cash purchases. With this change it is expected that getting your exact change will become difficult, causing businesses to either round up or round down to the nearest five cents. 


Dr. Jared Pincin is an expert on economics and is available to speak to media regarding penny production and the economy – simply click on his icon or email mweinstein@cedarville.edu to arrange an interview.



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Jared Pincin

Jared Pincin

Associate Professor of Economics

Dr. Jared Pincin is a nationally respected expert on economic issues facing the United States of America

Economics and EducationEconomicsEconomics and Behaviour
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