The U.S. Mint is auctioning the last pennies—and they could sell for millions
In a historic move, the United States Mint has officially ceased the production of one-cent pennies, marking the end of a 232-year legacy that began in 1793. The decision to halt minting is rooted in economic realities; for nearly two decades, it has cost more to produce a penny than the coin is worth at face value. In 2024 alone, the U.S. lost an estimated $85.3 million due to the manufacturing of nearly 3.2 billion pennies. As the cost of raw materials, particularly copper, continues to rise, it seems increasingly unlikely that Congress will take action to revive penny production. This shift not only reflects changing economic conditions but also highlights the evolving nature of currency in a digital age.
To commemorate the end of penny production, the U.S. Mint has partnered with Stack’s Bowers Galleries to auction off a limited edition set of 232 “Omega” pennies, symbolizing each year of the denomination’s existence. Each auction lot features a unique penny from both the Denver and Philadelphia Mints, along with a special 24-karat gold penny. The final set will also include the original die casts used in the minting process. Given their rarity—over 2,000 times fewer than the renowned 1909-S V.D.B. Lincoln penny—experts predict that these Omega pennies could fetch between $2 to $5 million at auction. Live bidding is set to begin on December 11, 2023, at 12 p.m. EST, and collectors are eagerly awaiting the opportunity to own a piece of numismatic history.
While the Omega pennies are expected to attract significant interest, some coin enthusiasts express skepticism about their projected auction prices. Richard Weaver, a Philadelphia-based numismatist, points out that the coins were specifically made to be rare, unlike older coins that have survived for centuries. This unique context may influence how collectors value these final pennies. Regardless, the auction represents a poignant moment in American monetary history, as the last pennies are set to transition from everyday currency to coveted collectibles, leaving behind a legacy that has shaped transactions for generations. As the saying goes, “In for a penny, in for a pound,” and for those who choose to bid, it may well be worth every cent.
In everyday transactions, a one cent penny is worth exactly its face value. But as any coin
collector
knows, some pennies are worth more than others. For example, a single mint-condition 1909
Lincoln wheat penny
is currently valued at around $21, while an even rarer
“Indian Head” penny
from 1859 can sell for as much as $986. While it’s unclear how much the very last pennies ever produced are worth, purchasing them at an upcoming
auction
will undoubtedly cost much more than pocket change.
After 232 years, the United States
ceased minting one cent pennies
on November 12. While abolishing the penny once and for all will require an act of Congress, it’s unlikely that new coins will ever arrive again. The decision to halt production is years in the making and stems from basic economics. For the past 19 years, it’s simply cost more money to make new pennies than they’re actually worth at face value. Economists estimate the United States
lost around $85.3 million
on the almost 3.2 billion coins manufactured in 2024 alone. Unless the price of copper craters, it’s safe to say that the era of US penny production is at an end.
Each set includes an Omega penny cast from 24-karat gold. Credit: US Mint
To commemorate the occasion, the
United States Mint
has partnered with Stack’s Bowers Galleries to auction off 232 sets of
“Omega” pennies
–one for every year of the denomination’s production dating back to 1793. Every lot includes a penny featuring an “Ω” privy mark from both the Denver and Philadelphia Mints, as well as one made with 24-karat gold. The final set will also include the cancelled original die casts used to make the pennies.
“This mintage is more than 2,000 times lower than that of the famous 1909-S V.D.B. Lincoln penny and only a fraction of the production quantity for the original 1793 Chain Reverse pennies that started it all,” the auction house
explained in its announcement
. “Though many thousands of collectors are actively assembling sets of Lincoln pennies at any given time, only 232 will have the opportunity for true completion.”
Live bidding is
scheduled to begin
on December 11 at 12 p.m. EST. Although some experts have estimated the Omega pennies could sell for anywhere between $2 to $5 million, other coin aficionados aren’t so sure.
The last set auctioned will also include the die casts themselves. Credit: US Mint
“You see, they were
made
for this purpose. They were
made
to be rare,” Philadelphia-based numismatist Richard Weaver
said earlier this month
. “When you see people paying in the millions for coins, they are paying for coins that are 100 or 200 years old, of which only a handful are known to exist and that have survived for so many years without anyone making them for that purpose in 1933 or 1794.”
That said, whoever does ultimately purchase the Omega coins likely already knows the old adage: In for a penny, in for a pound.
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The U.S. Mint is auctioning the last pennies—and they could sell for millions
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