The humble United States penny, often dismissed as having little value, has recently commanded millions from eager collectors. Following the government's decision to cease cent production in November, the final pennies circulated in the U.S. were snapped up at auction.
The U.S. Mint sold 232 three-cent sets for a staggering sum of $16.76 million at an auction last Thursday hosted by Stack’s Bowers Galleries, which contained the last three pennies ever made and sold for $800,000.
The successful bidder for this historic set also acquired the three dies used to strike those Lincoln cents.
John Kraljevich, director of numismatic Americana at Stack’s Bowers, described the event as unparalleled.
"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," Kraljevich stated.
Brian Kendrella, President of Stack’s Bowers, added: "They captured the public imagination like few rare coins we’ve ever handled."
Each set comprised 2025 pennies struck at the Philadelphia Mint and the Denver Mint, alongside a 24-karat gold penny. Every cent also bore a unique Omega symbol, marking their role as the capstone to a two-centuries long legacy that first began in 1793 with the Chain Cent.
The 232 "grouplets" were created to reflect each year the coin had been embedded in American culture.
While a penny could once buy a biscuit or a piece of candy when introduced in 1793, most now end up tucked away in jars or junk drawers. Yet, for coin collectors, they remain cherished relics of history.
Kraljevich highlighted the penny's deep cultural integration: "American culture has incorporated the penny into our lexicon, into our popular culture, into all of this stuff. And I think for a lot of people, the ending of production of cents for circulation is an item of nostalgia."
