Unfortunately, it was quite expensive to make a penny.
After 232 years in circulation, almost as long as the United States of America has existed as a nation, the last penny was struck in Philadelphia by the United States Secretary of the Treasury on November 12th. Brandon Beach.
To mark this historic event, the United States Mint held a ceremonial strike to commemorate the obsolescence of the one-cent coin.
“Today, the Mint celebrates 232 years of penny production,” said Mint Deputy Director. Christy McNally shared by statement. “General production ends today, but Penny’s legacy lives on.”
Although no more pennies will be created, an estimated 300 billion copper coins are still in circulation, valued at $3 billion, and can still be used. (Plus some previously minted pennies It is worth up to $1.7 million. )
McNally continued, “While its use in commerce continues to evolve, its importance in American history will continue.”
Since its authorization by the Coinage Act of 1792, the penny has played an important role in both business and culture. “Attractive pricing” uses a coin’s penny value as a marketing strategy to make the product look cheap, but after all, $19.99 is less than $20. Pennies have also influenced fashion, including the penny loafer shoes and the 1936 Oscar-nominated film. Penny from Heaven and the 1982 Oscar-nominated remake steve martin and Bernadette Peters.
