Pennies from the final minted set of the coin sold for over $16.76 million at an auction on Thursday, according to Stack’s Bowers Galleries in California. According to a press release, the auction house sold 232 sets of three coins each featuring a 2025 penny from the Philadelphia Mint, a 24-karat gold penny from the Philadelphia Mint and a 2025-D penny from the Denver Mint. These coins were also embossed with the omega symbol “Ω” marking the final run of the coin first minted in 1793.
Each trio of coins sold for an average lot value of over $72,000, and the final set, No. 232, sold for $800,000, as it included the very last circulating pennies from Philadelphia and Denver and the final gold omega penny.
READ: Donald Trump declares ‘TikTok is back’ ahead of inauguration (January 20, 2025)
“It’s an extraordinary honor to again be selected to partner with the United States Mint to offer exciting numismatic rarities to the collecting public,” said Stack’s Bowers Galleries President Brian Kendrella. The Mint’s acting director, Kristie McNally, said in a press release that she was excited to put the coins up for bid.
“The penny has withstood 232 years of our Nation’s history, and we are proud to offer the chance for the public to celebrate this moment into perpetuity by purchasing one of these special sets. It’s truly an honor to continue Connecting America through Coins,” McNally said.
Minting pennies was halted in November, with the federal government shutting down production. President Trump had directed the Treasury Department to stop minting new pennies, citing the rising cost of producing the one-cent coin.
“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump had posted on Truth Social.
Pennies, which honor Civil War president Abraham Lincoln and are made of copper-plated zinc, today cost nearly four cents each to make — more than twice the cost of a decade ago, according to the Treasury Department. It estimates the decision to end production will save about $56 million a year. Officials have argued that the rise of electronic transactions have made pennies increasingly unnecessary.
The Treasury Department mentioned that about 300 billion of the coins will remain in circulation, “far exceeding the amount needed for commerce.”
Other countries have also been phasing out low value coins. Canada made its last batch of one cent coins in 2012. The UK floated a plan to scrap 1p coins in 2018, though the proposal was later withdrawn. However, the rise of electronic transactions did prompt the UK to halt production of coins in 2024, after officials decided there were sufficient 1p and 2p coins in circulation.