The last penny was stamped at the Philadelphia U.S. Mint during an event on Wednesday, Nov. 12, part of an effort to retire the coin that now costs more to produce than it is worth.

The U.S. Mint punched out the last pennies ever on Wednesday, Nov. 12 – and the public will have a chance to bid for them.

U.S. Treasury Secretary Scott Bessent and U.S. Treasurer Brandon Beach were on hand at the U.S. Mint in Philadelphia for the striking of the "final circulating penny" on Nov. 12.

The last five pennies were stamped with a special omega mark and will not go into circulation, according to the Treasury Department. The government plans to auction the pennies off in the future.

The government has made one-cent U.S. coins since 1793, the Treasury Department said.

What will happen to the last five pennies minted?

The Treasury Department said the last five pennies, which were stamped with a special omega mark, will be auctioned off in the future. The Treasury Department didn't release any details about the auction or its timing.

How much could the last pennies made bring at auction?

The auction could set off a frenzy, experts say. "Collectors would go nuts for a modern rarity of business-strike Lincoln cents," John Feigenbaum, publisher of rare coin price guide Greysheet, told USA TODAY.

"The demand would be incredible because the item would be a required element of a truly 'complete set'," said Feigenbaum, who is also executive director of the Professional Numismatists Guild (PNG), a nonprofit organization composed of many of the nation's rare coin experts.

He estimates the coins could be worth between $2 million and $5 million each.

Another expert, Mike Fuljenz, president of Universal Coin & Bullion in Beaumont, Texas, is slightly less bullish. Fuljenz said he consulted with some other top coin dealers, U.S. Coins of Houston, Texas, and Minshull Trading of Palos Verdes Peninsula, California, on the issue.

"We believe the final penny struck could bring up to one million dollars at auction. The second and third final pressing could bring $10,000 and $20,000 each," he told USA TODAY in a statement.

Fuljenz also had some advice for the lucky buyer who might gain possession of the rare pennies. “The buyers of these unique pieces of history should immediately get them expertly authenticated, graded and placed into sealed holders by one of the three leading grading services – CAC Grading (Certified Acceptance Corporation), Numismatic Guaranty Corporation (NGC) or Professional Coin Grading Service (PCGS) – for future verification of pedigree," he said.

Why did the government decide to quit making pennies?

President Donald Trump ordered the Treasury Department back in February to stop minting pennies because the coins cost more to mint than they are worth. The U.S. Mint said in its annual report that each penny costs 3.69 cents to make.

Even though the U.S. Mint has stopped making pennies, they won’t go away anytime soon. That’s because there are about 300 billion pennies in circulation, according to the Treasury Department.

However, some retailers – and restaurants such as McDonald's – have begun running short of pennies and have had to start rounding cash transactions up or down to the nearest five cents when customers don’t have exact change.

This story has been updated with new information.

Mike Snider is a national trending news reporter for USA TODAY. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @mikegsnider.bsky.social & @mikesnider & msnider@usatoday.com

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This article originally appeared on USA TODAY: The last pennies were minted. The special coins will be auctioned in the future.

Reporting by Mike Snider and Phaedra Trethan, USA TODAY / USA TODAY

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