The Indicator from Planet Money

Take a penny, leave a penny, get rid of the penny

December 8, 2025

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  • The U.S. government minted the final penny in November after 232 years in circulation, despite approximately 300 billion pennies remaining in use. 
  • The cost to produce a penny surpassed its one-cent face value starting in 2006, rising to 3.7 cents by the time production ceased. 
  • Artist Robert Wexler continues to value the penny for its aesthetic transformation through oxidation, contrasting with the general public's indifference to the coin. 

Segments

Penny’s Cultural Significance
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(00:00:16)
  • Key Takeaway: The Lincoln penny, first designed in 1909, is the first circulating U.S. coin to feature a president.
  • Summary: Pennies are ubiquitous, found everywhere from couch cushions to Mars, where one artifact dates back to 1909. This was the year Abraham Lincoln was added to the penny’s design, making him the first U.S. president on a circulating coin. The end of penny production marks a final frontier for this 232-year-old piece of currency.
Fiscal Math of Penny Production
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(00:02:42)
  • Key Takeaway: The cost to produce a penny exceeded its one-cent face value for the first time in 2006, reaching 3.7 cents by the time production stopped.
  • Summary: Former U.S. Mint Director Ed Moy noted that the Mint aims for coins to cost less than their face value, ideally generating seigniorage profit for the Treasury. In 2006, rising base metal costs pushed the penny’s production cost to 1.4 cents, and by the final production run, it cost 3.7 cents. Attempts to find cheaper alternatives, like steel or non-metallic materials, were deemed impractical as they still exceeded the one-cent cost.
Artist’s Tribute to Pennies
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(00:06:57)
  • Key Takeaway: Artist Robert Wexler created a 100,000-penny cube sculpture, valuing the coin’s ability to develop unique colors from exposure to filth.
  • Summary: Robert Wexler spent seven years creating a 3D lattice sculpture using 100,000 pennies, worrying the coin would be canceled before completion. He sources pennies in bulk from banks, who dislike handling the heavy coins for security reasons. Wexler finds beauty in how the pennies oxidize, turning blue, green, orange, red, or waxy black from exposure to muck.
Future of Circulating Pennies
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(00:08:48)
  • Key Takeaway: Despite production ending, circulating pennies will be used by artists, saved by individuals, and distributed by the Lincoln Museum to teach children about Lincoln.
  • Summary: Robert Wexler plans to acquire circulating pennies for future art projects, while Ed Moy saves his in a jar for bank deposit. The Abraham Lincoln Presidential Library and Museum has given away over 200,000 pennies to children to facilitate discussions about Lincoln. However, the Lincoln Museum gift shop no longer accepts pennies, noting that nickels now cost the Mint nearly 14 cents to produce.