The U.S. penny has been the icon of American commerce and culture since its creation in 1793. As of this writing in November, it has formally ceased production. This significant moment in U.S. history was marked by a special auction where the last three pennies ever minted sold for an impressive sum, reflecting the coin’s deep-rooted place in American life.
When the penny was first introduced it had the same purchasing power as a biscuit or piece of candy does now. In those subsequent 232 years, the penny became so rooted in the American fabric that it affected the language, culture, politics, and economics of the nation. To pay homage to this legacy, the auction included 232 grouplets, one for each year of the penny’s existence.
The final three pennies — the final pennies of the 232nd set of U.S. pennies ever minted — sold at auction for $800,000. Completing this set, the buyer took home the three dies that produced these final and lasting Lincoln cents. Each bag of U.S. pennies includes 2025 pennies from the Philadelphia and Denver Mints. It comes with a one-of-a-kind 24-karat gold penny, officially putting to rest the small copper currency that has dazzled Americans for generations.
Bidders raced to every point of the auction, eager to scoop up the rest of those last few pennies available. Their eagerness produced a wave of tremendous excitement. The market value of these coins was then reduced down to the bids received during this unprecedented event.
John Kraljevich, director of numismatic Americana at Stack’s Bowers, said it underscored the cultural importance of the penny.
“American culture has incorporated the penny into our lexicon, into our pop culture, into all of this stuff,” – John Kraljevich
Unfortunately, this was an end-of-an-era auction for the U.S. penny. It reinforces just how deeply entrenched this one tiny coin is in American history and culture. Collectors and enthusiasts alike are mourning the passing of this iconic currency. They consider its remarkable evolution from humble medium of exchange to beloved artifact of Americana.
“I’ve been going to coin auctions for 40 years, and I can tell you, I’ve never seen anything like this, because there’s never been anything like this.” – John Kraljevich
Brian Kendrella highlighted the emotional resonance surrounding the auction, noting,
“They captured the public imagination like few rare coins we’ve ever handled.” – Brian Kendrella
This auction not only signifies the end of an era for the U.S. penny but also illustrates how deeply ingrained this small coin is within American history and culture. As collectors and enthusiasts bid farewell to this iconic currency, they reflect on its journey from a simple means of exchange to a cherished piece of Americana.
