This Day The Penny Is Dead [Some Sunday Context]
Nov 16, 2025
Dive into the fascinating world of the Fugio cent, America’s first one-cent coin, designed by none other than Ben Franklin. Discover why the minting of the penny has come to an end and how rising production costs played a role. Uncover the symbols etched into the coin, from a sundial to Franklin's 'Mind Your Business' motto. Hear about the early struggles of minting and the chaos surrounding contracts that led to corruption. This rich history highlights the importance of stable currency in shaping a young nation.
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Penny Production Ends
- The U.S. minted its last new penny recently, closing a loop that began with the first one-cent coin in 1787.
- Today the penny costs more to produce than its face value, so circulation will phase out and transactions will round to nickels.
The Fugio Cent Origins
- The Fugio cent, authorized in 1787, is considered the United States' first official coin and was made of copper.
- The coin is often attributed to Benjamin Franklin and has significant collector value depending on rarity.
Why A Federal Penny Was Needed
- Early U.S. coinage varied widely and private coppers degraded, prompting Congress to seek a stable, government-backed copper coin.
- Stability meant tying coins to metal content and preventing clipping or shaving that reduced their value.