A Poet's Love Letter to the Penny

A cent conserved was a cent gained. A cent could purchase your reflections. A cent appeared charming. A cent was tightly controlled. A cent might possibly be concealed within your shoe.

The Treasury Department announced on Thursday that such occurrences will significantly decrease moving forward. phasing out the penny .

Following a lifetime almost as lengthy as the nation itself, the American one-cent coin is set to gradually disappear from daily transactions. The U.S. Mint has placed its final order for the metal discs utilized to produce these coins, with the Treasury anticipating their cessation in general use before the start of the new year.

Over more than two centuries, the perception of the penny has changed significantly. Once seen as an emblem of frugality, usefulness, and even good fortune, the penny now often represents inefficient governmental expenditure.

Nowadays, fewer individuals utilize pennies for regular purchases. However, producing a single penny costs approximately 4 cents, resulting in the government bearing substantial annual expenses amounting to tens of millions of dollars. In February, President Trump shared his two-cents worth on this issue. Producing them wasn't very logical. .

Penny Marshall. Penny Pritzker. Penny Hardaway. This roster of individuals bearing monikers linked to the copper-and-zinc currency spans far and wide. In due time, these names will symbolize an epoch from the past.

Well, this is quite embarrassing," remarked Penny Lee, who serves as both the president and CEO of the Financial Technology Association—a trade group based in Washington, D.C. "I suppose I can only fault myself since my career is tied to the fintech sector. Fingers crossed though; maybe they won’t push me into retirement!

Maybe not many people will regret the disappearance of the penny. However, Clayton Durant certainly will. At age 31, he mentioned owning around 500 pennies dating back to as early as the start of the 19th century, which is just a fraction of his over 4,000-coin collection.

When he was 10 years old, his grandfather presented him with his initial collection of specialized commemorative coins. His preferred piece among them was a penny. He ponders about how upcoming numismatists will enter this pursuit since the penny served as a simple and reasonably priced gateway for him during his childhood.

"The penny carries a rich and substantial history," stated Durant, who serves as a director at an advertising firm.

The Penny came into existence through the Coinage Act of 1792, which set up a mint in Philadelphia for the production of national coins to supplant those created individually by different states. In the subsequent March, approximately 11,178 copper cents entered circulation, with each coin being bigger than today’s quarter.

The coins served as a tribute to the emerging democratic society. Depicting a woman with cascading locks, they aimed to represent freedom. Unlike British currency featuring their rulers, these coins did not bear images of presidents.

Not until 1909 did President Lincoln's image appear on the penny as a tribute for his centennial celebration.

At the Abraham Lincoln Presidential Library and Museum today, visitors will notice a penny set into the floor. Usually, another loose penny sits atop it, allowing children to discover it during their tour. The volunteer guides ensure they replenish this penny for the following child’s excitement.

Throughout the decades, the penny gained quite an extensive journey. An iconic coin dating back to 1909 ended up coated in Martian dust as it accompanied a mission there. NASA's Mars rover Curiosity landed in 2012. .

However, many do not circulate at all. Approximately 60% of thecoins in circulation, or up to $14 billion worth, sit in coin jars as stated by the Federal Reserve.

Sarah Bowen Shea, one of the co-founders of an online running community, is among a select few who take pleasure in picking up change On their outings, the 59-year-old chooses not to spend the money they come across. Instead, they collect these funds and keep them stored in jars at their residence in Portland, Oregon.

Midway through her five-mile jog on Thursday morning, Shea bent down to grab a gleaming penny lying face-up. Considering this an omen of fortune, she quietly wished for her teenager's health without knowing that the Treasury had ceased issuing new pennies.

"My belief is, 'If you overlook the pennies, you'll never discover any silver,'" stated Shea, who boasts a collection of at least 6,000 pennies.

In 2006, the situation regarding pennies took a critical turn. The production costs surpassed their nominal value due to an increase in the price of copper and zinc. This expense has escalated notably recently, with a significant 20% jump occurring as late as 2024.

This caught the eye of President Trump, leading him to call for an end to penny production. At this stage, the penny had turned into a topic that both Democrats and Republicans criticized. Subsequent bills were introduced as a result. both chambers of Congress .

Once the Mint ceases production of new pennies, businesses may face shortages of the necessary coinage for making change in daily cash transactions. Consequently, they might be forced to adjust cash prices up or down to the closest nickel.

Nevertheless, the nickel does not prove profitable for the government as well. According to the Mint, producing each coin costs close to 14 cents. Mark Weller , a lobbyist based in Washington, D.C., who also serves as the executive director of Americans for Common Cents—a organization supporting the use of pennies—thinks that the authorities should initially tackle the elevated expense associated with producing nickels. An increase in the number of nickels might become necessary following the discontinuation of the penny.

"Concentrating solely on the penny ends up costing the government more money," he stated.

Send your message to Oyin Adedoyin. oyin.adedoyin@wsj.com and Ken Thomas at ken.thomas@wsj.com