The Indicator from Planet Money Take a penny, leave a penny, get rid of the penny
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Dec 8, 2025 
In this discussion, Ed Moy, the former director of the U.S. Mint, shares insights on the end of penny production after 232 years. He explains the fiscal challenges posed by rising costs and declining demand, revealing that minting pennies became unsustainable over time. Moy also touches on Congress's indifference to penny losses and failed attempts to find cheaper materials for production. Additionally, artist Robert Wexler discusses his creative tribute to the penny, emphasizing its unique cultural value and history.
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Mint’s Mandate And Penny Economics
- The U.S. Mint must produce circulating coins at no net cost to taxpayers and ideally generate seigniorage.
- Rising metal prices turned pennies from profit to a 3.7-cent loss, forcing policy reconsideration.
Childhood Coin Curiosity Led To The Mint
- Ed Moy's interest in coins began at age 10 working the cash register at his parents' restaurant and inspecting unusual coins.
- That childhood hobby eventually led him to become director of the United States Mint decades later.
Metal Prices Made Pennies Costly
- Metal price swings drive production costs and can quickly make low-denomination coins uneconomical.
- The penny moved from 1.4 cents in 2006 to 2.4 cents by 2011 due to base metal price increases.