A Fond Farewell to the Penny: A Look Back at Its Storied History
The penny, a familiar yet undervalued piece of American currency, has officially ceased production. The last penny rolled off the presses at the U.S. Mint in Philadelphia, marking the end of an era for the 232-year-old coin. Known for its luck-bringing qualities and its iconic use in idioms, the penny will continue to hold a place in American culture, albeit as a relic of a bygone time.
Farewell, sweet penny. The last of you was minted last week, but you will never stray far from our thoughts and aphorisms.
Matthew Hatcher/Getty Images
Matthew Hatcher/Getty Images
The penny’s origins trace back to its British ancestor, a coin once valuable enough to be divided into smaller denominations like the halfpenny and farthing. The penny’s name hails from the German word for pan, “pfanne,” which evolved into “pfennig” and finally “penny.” In America, the first one-cent coin, not yet called a penny, was minted in 1787 as the fugio cent, a 100% copper coin bearing the phrase “mind your business.”
Abraham Lincoln’s likeness graced the coin in 1909, coinciding with the addition of the words “In God We Trust.” This marked the penny as the first U.S. currency to feature the national motto. Yet, despite its storied past, the penny’s current composition of 2.5% copper and mostly zinc means it now costs more to produce than its face value.
As the U.S. Treasury reports, producing a single penny in 2024 required 3.69 cents, raising economic concerns and prompting the decision to halt its minting. Nevertheless, the penny is expected to linger in circulation for approximately 30 more years, given the average lifespan of a coin.
A child could buy bubble gum for a penny in 1975. You’d have to buy in bulk to get that rate today.
Peter Keegan/Keystone/Getty Images
Peter Keegan/Keystone/Getty Images
While the penny may no longer be minted, its presence will endure in language and culture. Phrases such as “penny wise, pound foolish” and “a penny saved is a penny earned” will continue to resonate. James Geary, author of “The World in a Phrase: A Brief History of the Aphorism,” remarked on the coin’s enduring appeal: “The penny lends itself to aphorisms because they are both small — the aphorism is the shortest form of literature, and the penny is the smallest monetary denomination.”
Despite myths suggesting otherwise, a penny dropped from a height cannot reach fatal speeds, as confirmed by the Mythbusters. The penny, though small, holds a significant place in history and culture. Its surviving companions, the nickel, dime, and quarter, will continue their journey, but the penny will remain a cherished memory, embodying the adage of humble beginnings and lasting impact.
This article was originally written by www.npr.org
