Short Wave

The Indicator: Take A Penny, Leave A Penny, Get Rid Of The Penny

December 18, 2025

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  • The U.S. government minted the final penny after a 232-year run because the cost to produce the coin (3.7 cents by the end, up from 1.4 cents in 2006) exceeded its face value. 
  • The decision to stop penny production was a long time coming, as former U.S. Mint Director Ed Moy noted that lawmakers initially did not treat the increasing production cost as an urgent issue because the loss was small relative to the federal budget. 
  • Artist Robert Wexler continues to find wonder in the penny, using 100,000 of them to create a 3D lattice sculpture, appreciating the unique patina that environmental exposure creates on the metal. 

Segments

NPR Funding Appeal
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(00:00:00)
  • Key Takeaway: NPR is soliciting end-of-year financial support to maintain editorial independence amidst federal funding losses and attacks on the free press.
  • Summary: Support for NPR and its local stations is requested to continue producing content without fear or favor. Donors signing up for Short Wave+ unlock perks like bonus episodes and support public media. The call to action directs listeners to plus.npr.org.
Introducing Penny Episode
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(00:01:32)
  • Key Takeaway: Short Wave is cross-promoting an episode from its economics podcast cousin, The Indicator, focusing on the fiscal math behind the penny’s discontinuation.
  • Summary: Host Emily Kwong introduces the episode from The Indicator, which covers why the penny may soon be obsolete. The featured episode promises science, math, and fun penny facts. Listeners are encouraged to follow The Indicator podcast.
Penny’s Cultural Significance
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(00:02:12)
  • Key Takeaway: A penny from 1909, featuring Abraham Lincoln (the first president on a circulating coin), has reached Mars, symbolizing a positive representation of the U.S.
  • Summary: Pennies are ubiquitous, found everywhere from couch cushions to Mars, where one artifact from 1909 resides. Christina Schutt notes that Lincoln’s image on the coin is a good representation of the best of America. The U.S. government recently minted the final penny, ending its 232-year circulation run.
Mint Director Interview Setup
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(00:05:02)
  • Key Takeaway: The cost of producing a penny surpassed its one-cent face value starting in 2006, prompting early discussions about its future.
  • Summary: The hosts introduce Ed Moy, former director of the U.S. Mint (2006-2011), whose interest in coins began working in his parents’ restaurant. The Mint aims to produce currency at no cost to taxpayers, meaning production cost should not exceed face value, a concept known as seigniorage profit.
Penny Production Costs Rise
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(00:06:39)
  • Key Takeaway: In 2006, the cost to make a penny rose to 1.4 cents due to increasing base metal prices, leading Moy to consult Congress about alternatives.
  • Summary: In 2006, the Mint was losing money on pennies and nickels, while dimes, quarters, and dollar coins remained profitable. Lawmakers did not view the penny loss as urgent, as an $80 million loss was negligible compared to the $7 trillion federal budget. Alternatives like steel or non-metallic materials were studied but deemed impractical.
Penny’s Final Decline
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(00:08:23)
  • Key Takeaway: By the time the Mint announced the end of production, the cost to make a penny had escalated to 3.7 cents, solidifying the decision to cease manufacturing.
  • Summary: When Ed Moy left the Mint in 2011, the cost to produce a penny had reached 2.4 cents, and demand for cash was declining. The final decision to stop production was made when the cost hit 3.7 cents. Moy believes the decision was inevitable.
Artist’s Penny Tribute
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(00:09:18)
  • Key Takeaway: Artist Robert Wexler completed a seven-year project involving cutting notches into 100,000 pennies to form a 3D lattice sculpture displayed at Wellesley College.
  • Summary: Wexler was concerned the penny would be canceled before he finished his artwork, which he views as having more to say than just being a memorial. He orders pennies in bulk, which banks dislike due to the weight and security concerns of delivery timing. He finds wonder in the colors (blues, greens, oranges, reds, blacks) that pennies develop from exposure to filth.
Future of Circulating Pennies
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(00:11:09)
  • Key Takeaway: Existing pennies will be absorbed by artists like Wexler, saved by individuals like Ed Moy, or used by institutions like the Lincoln Museum to teach children about Lincoln.
  • Summary: The Lincoln Museum in Illinois has given away over 200,000 pennies to children to delight them and provide an opportunity to discuss Lincoln. The museum’s gift shop, however, no longer accepts pennies. The nickel’s production cost is now even higher, costing the Mint nearly 14 cents to produce.