The penny’s long decline to worthlessness ended Wednesday in Philadelphia, where the last penny was minted.
The American one-cent coin, formerly known as the penny, died in Philadelphia on Wednesday. He was 232 years old.
The Treasury said this was due to its irrelevance and excessive costs.
You can no longer buy anything with a penny, not even so-called “penny candy.” Furthermore, the cost of minting a penny rose to more than three cents, an economic irrationality that led to the coin’s ruin.
The last penny was minted Wednesday afternoon in Philadelphia. His last visit was attended by senior officials from the Ministry of Finance. The last words were not recorded.
In its heyday, the penny had an immense impact on culture. In the expression “a penny for your idea,” it was the price of someone else’s idea. It was a symbol of frugality saved and/or earned, with the phrase “A penny saved (a penny earned)”, that is, a penny saved and a penny earned. In some cases, the words used when talking about large sums of money can be quite beautiful, such as the phrase “quite a penny.” At other times, “pennies from heaven”, synonymous with good luck, would fall from the sky. And how many ideas never would have come to fruition if we hadn’t had 20 chips or, as the original saying goes, “the penny dropped”?
It is said that picking one will bring you good luck for 24 hours, and while this is commonly said, it has not been proven in double-blind scientific studies.
On the dark side, Penny can definitely be bad, especially when she appears, as there’s an expression that says “appear like a bad penny.”
He appeared in a movie (Penny Serenade or Song of Memory in Spanish) and also starred in a song (“Penny Lover”).
Their foray into footwear, particularly moccasins called penny loafers, was a huge success for decades, and the type of shoe with a coin slot is still available today.
In comparison, nickels and dimes were best made of wood, as the expression “wooden nickel” is synonymous with fraud.
The U.S. penny was preceded in death by its younger brother, the Half Cent (1793-1857), and its cousin, the Canadian Penny (1858-2012). Originating in the 7th century, British pennies have survived incredibly well.
The American penny was born in Philadelphia in 1793. His ancestor is Alexander Hamilton, the first Secretary of the Treasury and the principal author of the Currency Act that created the penny and its sister coins.
The penny went through several reinventions. When he was born, he carried the symbol of the Statue of Liberty. Starting in 1909, Abraham Lincoln graced the surface with the rest of his metallic presence.
The reverse side of the coin is decorated with a 15-link chain, a crown, a wheat stalk, and the Lincoln Memorial, showing the most versatility. In 2009, variations such as a wooden cabin were added. It was recently engraved with the Coat of Arms of the Union.
Initially, the penny was technically a copper coin. In 1943, due to copper shortages associated with the war effort, it was replaced with galvanized steel for a year. As of 1982, and until his death, the penny, associated with its copper color, was actually 97.5 percent zinc and only 2.5 percent copper plated.
As the penny entered its long period of decline, it became increasingly common to see it casually tossed into a jar at someone’s home or disgracefully dumped in a “take-a-penny” tray at a store. The number of calls for euthanasia due to old age has increased. Ultimately, President Donald Trump signed the death warrant in February.
Even if a penny dies, it doesn’t disappear immediately. There are approximately 250 billion pennies in circulation, and they will either continue to sit there gathering dust or, in very rare cases, be used to complete payments. As the last penny gradually disappears, businesses will have no choice but to round transactions to the nearest nickel when dealing with cash.
With the penny gone, the worried eyes of coin enthusiasts now turn to their old friend, the nickel. Purchasing power has also been reduced to almost zero, and manufacturing costs are a dime, or more than a dime.
Victor Mather has been a reporter and editor at The Times for 25 years, covering sports and breaking news.
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