After 230 years in circulation, the copperhead run has come to an end. And consumers should prepare for the price on everything to go up four cents over time.
That's the big news announced yesterday when the US Treasury minted its last one-cent coin forever.
In a penny-pinching move, the U.S. Mint has produced its last one-cent coin. The final penny was minted in Philadelphia Wednesday, 232 years after the first penny rolled off the production line. The government decided to stop making new pennies because each one costs nearly 4 cents to produce. The move is expected to save about $56 million a year.If you have a jar of pennies on your dresser, or a few stuck in your couch cushions, don't worry. They're still perfectly legal for making payments. But of the more than $1 billion worth of pennies in circulation, most never circulate. And it was costing the government a lot of money to keep making more of them.
As a proud son of the Land of Lincoln, the great state of Illinois, I am rather saddened by the end of the penny. There was a time when Illinois' political leaders would never have let this happen. In fact, the movement to get rid of the penny has been around for decades, but back in the day, the Illinois reps would effectively squelch any move by any rep from any state to eliminate the Lincoln penny. And with a strong electoral presence, legendary political leaders in the House and Senate, and the power of Chicago politics, no serious penny-pinching plan ever got off the ground or out of committee.
The word from the Illinois contingent was clear: Mess with the penny and your state will never pass a single bit of meaningful legislation or receive any favors from the federal level again.
Perhaps that story is a bit apocryphal ... but for anyone growing up in the Land of Lincoln, I don't doubt it. In fact, many years ago, the College Board actually put a synthesis DBQ argument question on the AP English Language and Composition national test about whether to eliminate the penny. My students that year were quite proud to have additional knowledge on the issue, giving them enough evidence for perhaps an additional paragraph to their essay. Argue for or against keeping the penny? Nonsense. It didn't matter because it was never gonna happen.
But, now ... it's over.
Of course, while penny critics note that a penny costs almost five cents to produce and eliminating it will save the taxpayers $56 million, the nickel actually costs much more at nearly fourteen cents. So, perhaps the feds should eliminate the nickel and round up to the dime. Or why not just round everything up to the next dollar and eliminate all change?