'The Last Penny'... U.S. 1-Cent Coin Set Sells for 24.7 Billion Won at Auction

Trump Orders Production Halt, Citing "Waste"
232 Final Sets Minted This Year Sold for 24.7 Billion Won
Average Price Per Set: 106 Million Won, Final Set Fetches 1.18 Billion Won

The final mintage of the 1-cent (penny) coins, whose production was halted by order of U.S. President Donald Trump due to manufacturing costs exceeding their face value, was recently sold at auction for approximately 24.7 billion won.

The last set of 1-cent coins sold at auction on the 12th. Photo by Yonhap News Agency

According to ABC News and other outlets on December 16 (local time), Stack’s Bowers Galleries, an auction house in California, announced that 232 sets of the last circulation 1-cent coins produced were sold at auction on the 12th for a total of 16.76 million dollars (about 24.7 billion won).

Each set consists of three types: a 1-cent coin issued by the U.S. Mint last month, a 1-cent coin made of pure gold, and a 1-cent coin minted at the Denver Mint. Every coin features an engraved “Omega” (Ω) mark, signifying it is part of the final production run.

The average price per set exceeded 72,000 dollars (about 106 million won), and the final set, number 232, reportedly fetched as much as 800,000 dollars (about 1.18 billion won).

Previously, in February, President Trump instructed the Secretary of the Treasury to halt new production of the 1-cent coin, stating, “The cost of making a 1-cent coin exceeds its face value.”

The U.S. Treasury Department estimated the production cost per 1-cent coin at 1.69 cents, and analyzed that discontinuing production would save 56 million dollars (about 8.27 billion won) annually.

Accordingly, the final batch produced at the Philadelphia Mint on the 12th of last month marked the official end of 1-cent coin production in the United States.

However, even though new production has ceased, the 1-cent coin will remain legal tender. The Treasury Department currently estimates that about 300 billion 1-cent coins are in circulation.

In addition, while general circulation production has stopped, 1-cent coins for collectors will continue to be issued on a limited basis.

First issued in 1793 and used for 232 years, the 1-cent coin is the oldest coin in U.S. history. Known as the “penny,” it has become a cultural icon, appearing in various traditions, films, and proverbs.

With the 1-cent coin disappearing into history, it is expected that the value of rare coins will surge. According to the UK’s The Mirror in March, the “Lincoln Penny,” a 1-cent coin of historical significance, was even claimed to be worth as much as 121 million dollars (about 176 billion won).