Last US Penny Set to Fetch Up to $5 Million as Mint Shuts Down Production Forever
In a shocking turn of events, the final US pennies are expected to fetch up to $5 million each when they hit the auction block in December. The last coins were minted on Wednesday at the Philadelphia Mint, marking the end of an era for the iconic one-cent coin.
Experts estimate that the omega-stamped pennies, which bear a special symbol marking their status as the last ever produced, will be highly sought after by collectors. "Collectors would go nuts for a modern rarity of business-strike Lincoln cents," said John Feigenbaum, publisher of rare coin price guide Greysheet. The demand for these coins is expected to be incredible, with some experts putting the value between $2 million and $5 million per coin.
However, not everyone is optimistic about the value of the final penny. Mike Fuljenz, president of Universal Coin & Bullion in Texas, estimates that the last penny could fetch up to $1 million, while the second and third final coins might bring in just $10,000 and $20,000 respectively.
The shutdown of US penny production is a move aimed at saving taxpayers $56 million a year. The cost of producing pennies had ballooned to 3.69 cents per coin, nearly four times face value. President Trump's order to eliminate the penny was sparked by these costs, which he deemed "wasteful."
Despite the demise of the penny, existing one-cent coins are not going anywhere. Beach said that collectors will still be able to purchase and collect collector versions of pennies in limited quantities.
The shutdown has already caused headaches for retailers, with some stores rounding cash transactions to the nearest nickel or even down to avoid paying out pennies. Four states and major cities, including New York and Philadelphia, require merchants to provide exact change, creating legal complications that have prompted calls for legislation from the National Association of Convenience Stores.
As the US says goodbye to the copper 1-cent coin, it remains to be seen what the future holds for collectors and enthusiasts who will no longer be able to purchase new pennies. For now, the final five omega-stamped pennies will go up for auction in December, with the potential to fetch a small fortune.
In a shocking turn of events, the final US pennies are expected to fetch up to $5 million each when they hit the auction block in December. The last coins were minted on Wednesday at the Philadelphia Mint, marking the end of an era for the iconic one-cent coin.
Experts estimate that the omega-stamped pennies, which bear a special symbol marking their status as the last ever produced, will be highly sought after by collectors. "Collectors would go nuts for a modern rarity of business-strike Lincoln cents," said John Feigenbaum, publisher of rare coin price guide Greysheet. The demand for these coins is expected to be incredible, with some experts putting the value between $2 million and $5 million per coin.
However, not everyone is optimistic about the value of the final penny. Mike Fuljenz, president of Universal Coin & Bullion in Texas, estimates that the last penny could fetch up to $1 million, while the second and third final coins might bring in just $10,000 and $20,000 respectively.
The shutdown of US penny production is a move aimed at saving taxpayers $56 million a year. The cost of producing pennies had ballooned to 3.69 cents per coin, nearly four times face value. President Trump's order to eliminate the penny was sparked by these costs, which he deemed "wasteful."
Despite the demise of the penny, existing one-cent coins are not going anywhere. Beach said that collectors will still be able to purchase and collect collector versions of pennies in limited quantities.
The shutdown has already caused headaches for retailers, with some stores rounding cash transactions to the nearest nickel or even down to avoid paying out pennies. Four states and major cities, including New York and Philadelphia, require merchants to provide exact change, creating legal complications that have prompted calls for legislation from the National Association of Convenience Stores.
As the US says goodbye to the copper 1-cent coin, it remains to be seen what the future holds for collectors and enthusiasts who will no longer be able to purchase new pennies. For now, the final five omega-stamped pennies will go up for auction in December, with the potential to fetch a small fortune.
The thought of that last penny selling for like $5 million is kinda crazy lol. I mean, it's not like we're gonna miss the thing or anything. We've had plenty of other ways to make change and get rid of pennies already. But at the same time, if someone really wants one as a collector's item... i guess that's their prerogative 
. It's just wild thinking about how much money some of these coins are gonna be worth now that production is shutting down. I hope some of it ends up in museums or something, so people can still appreciate the history behind 'em 
the penny era is ending & i'm literally heartbroken 
those omega-stamped coins are gonna be WORTH IT 
i heard theyre still available for collectors in limited quantities tho 
so fingers crossed for me 
. $5 million each? That's like buying a private island 
! I mean, collectors might be willing to pay top dollar for those omega-stamped coins, but what about the rest of us who just want to use our cash without having to do math in our head every time we buy something 
. But hey, at least collectors will be able to look back on their collections and say "I had one of those!" 
It's crazy how the shutdown of US penny production has become a metaphor for the 'cutting waste' and reducing costs, just like President Trump said 
. It's also interesting to see how this relates to the broader conversation around income inequality and who benefits from economic policies 
and honestly who knew it'd be this big of a deal? like we're saying goodbye to pennies and all that 
and i'm still trying to figure out how to use all these features 
and how does snapchat work 
anyway back to this news... i guess the last penny is going to be super valuable 
btw have you seen that new show on netflix 
It's just a little something for him to learn about history and economics. And what about the people who can't afford $5 million? It's just a coin, right? 
I hope collectors will be able to get them at a fair price so they don't end up losing out on something because of the government making a decision that benefits taxpayers but doesn't think about everyday people like me. 
I remember when I was a kid, my grandma used to save up her pennies and try to collect them all... it's crazy how much they're worth now! 
But for collectors, this is like a dream come true... can't wait to see what happens at the auction in December 
