Additional Coverage:
- The final batch of pennies sold for $16.7 million (businessinsider.com)
Final Pennies Fetch Nearly $17 Million at Auction, Marking the End of an Era
In a historic sale that captivated collectors and the public alike, the last sets of pennies ever minted in the United States have sold for a staggering $16.76 million. Stack’s Bowers Galleries, a renowned coin auction house, partnered with the U.S. Mint to facilitate the sale of 232 three-coin sets, each representing a small piece of American history.
These aren’t your average pocket change. Each coveted set includes a penny struck at the Philadelphia Mint, another from the Denver Mint, and a special 24-karat gold penny.
What truly sets these coins apart, however, is the subtle “Ω” (Omega) symbol they bear, signifying the end of an era stretching back to the U.S. Mint’s establishment in 1792.
According to Stack’s Bowers Galleries, the nearly $17 million total represents a record for special coins sold on behalf of the United States Mint. “They captured the public imagination like few rare coins we’ve ever handled,” stated Brian Kendrella, President of Stack’s Bowers Galleries. “Even our staff of expert numismatists, who see the world’s most famous and valuable rare coins day in and day out, were excited by the chance to handle the very last pennies struck before the suspension of circulating production.”
The discontinuation of the penny was set in motion in February when President Donald Trump instructed Treasury Secretary Scott Bessent to halt production. For decades, the rising cost of producing the single-cent coin had been a point of contention for leaders of both major political parties.
The U.S. Mint reported a loss of over $85 million on penny production in fiscal year 2024.
While the President’s authority to unilaterally eliminate the penny was initially debated, the administration moved forward with its plans. A 2024 New York Times Magazine report highlighted a legal theory suggesting a section of the U.S. Code granted the Secretary of the Treasury the power to effectively discontinue the coin.
In May, the U.S. Mint placed its final order for penny blanks, and by November, the very last U.S. penny was ceremoniously struck with the aid of Treasurer of the United States Brandon Beach.
Fittingly, the final auction was divided into 232 lots, each corresponding to a year of the coin’s existence. The ultimate lot, set 232, which included “the very last circulating penny intended for issuance struck at Philadelphia and Denver” along with the canceled dies used to strike the final series of coins, sold for an astounding $800,000. That’s a lot of nickels for a penny!
Read More About This Story:
- The final batch of pennies sold for $16.7 million (businessinsider.com)