See a Penny Pick it up

 

 

After 200 years, the penny has finally been retired. There are still 300 billion pennies in circulation, and each will continue to hold its value. However, no new pennies will be minted, and no additional coins will enter circulation.

The penny, America’s one-cent coin, traces its origins back to the late 18th century, making it the very first currency authorized by the United States. In 1792, the US Mint was established, and the penny was the first it produced. But the penny is even older. The very first one-cent coin was produced by a private mint in 1787. Known as the Fugio cent, it was designed with input from Benjamin Franklin. 

It currently costs about 4 cents to make and distribute a single penny, roughly four times its face value. This is one cost saving method made by this administration that does make sense, but it is still sad. 

In 1792, a single penny could buy small everyday items like a piece of bread, a mug of beer, or a handful of apples, its purchasing power was far greater than today.  By thee 1960's, however, the most iconic use of a penny was for candy, jawbreakers, licorice sticks, gumdrops, or a piece of bubble gum. I remember my brother and I going to the 7‑11 with our dad to pick up the Sunday New York Times. He would hand each of us a nickel for penny candy, and the choice felt monumental. We’d stand there for several minutes, carefully deciding which sweets would be ours for the week.

What does discontinuing the penny mean for us? Without pennies, cash transactions must be rounded to the nearest nickel. While this may seem like a minor detail, critics worry it could lead to subtle inflation if businesses consistently round up. As a shopper, I can’t help but feel that, even if it’s only a penny or two, I’m paying more than expected, and that leaves me feeling a little cheated.

 When I was in Paris France this past year, I found that many of the merchants did not like accepting cash. The United States is moving steadily toward a cashless society, but a fully cashless future is not guaranteed. Current trends show that more than half of Americans already live largely cash-free, yet cultural, economic, and equity concerns mean cash will likely remain in some form for years.

The general consensus is that pennies will never be worthless. they’ll always equal one cent. But their collectible value depends on rarity, age, and condition. For me, pennies carry sentimental weight, piggy banks, penny candy, lucky pennies. Their retirement adds a layer of nostalgia that may increase interest among collectors or not. Personally, I will always have pennies.

It would be interesting how you may feel about the demise of the penny.  Please leave your comments.