Podcast Summary: "The Death of the Penny"

Podcast: Post Reports (The Washington Post)
Air Date: November 20, 2025
Host: Colby Ekowitz
Guest: Jacob Bogage, White House Economic Correspondent

Episode Overview

This episode examines the end of the penny’s production in the United States after 232 years. Host Colby Ekowitz and guest Jacob Bogage discuss why the government made this decision now, what it means for consumers, the historical significance of the penny, and whether other forms of physical money might fade away as well. The discussion incorporates economic facts, cultural nostalgia, and the practical implications for everyday Americans.

Key Discussion Points & Insights

1. Why the Penny Was Discontinued

• Excess in Circulation, but Not Use
  • The U.S. government stopped minting new pennies, though existing ones remain legal tender. There are approximately 300 billion pennies already in circulation, but most are dormant (00:55).
• Cost Savings Argument
  • Ceasing penny production is touted as a cost-saving measure: “It will save $56 million a year, according to the treasury, just in materials alone, by ceasing production of the penny. The problem is our economy is a $7 trillion economy. 56 million is like finding coins on the couch.” – Jacob Bogage (02:31)
• Presidential Action
  • President Trump directed the Treasury to stop producing pennies via social media in early 2025, signaling a personal, rather than strictly policy-driven, interest (03:06).

2. What Happens to Existing Pennies?

• Still Usable
  • Pennies already in circulation remain valid; only production stops (01:55).
  • Only Congress can fully retire currency as legal tender (03:43, 14:00).

3. The Final Minting Event

• Collector’s Items
  • The last pennies produced include five rare coins—initially planned as two—with a special Omega symbol. These will be auctioned and are expected to fetch millions (04:10–06:03).
    • "I talked to a rare coin expert, and he said this is a wild card in the rare coin market... It's not unusual for them to go for well over a million dollars each. These could probably go for far greater than that." – Jacob Bogage (05:30)

4. Economic and Consumer Impact

• Will Prices Change?
  • The vast majority of Americans pay electronically, but questions remain for cash users.
  • Retail transactions involving cash will see change rounded to the nearest 5 cents. Academic studies indicate this “rounding off” evens out and doesn’t favor either consumer or retailer (06:12–08:11).
  • “There's actually been academic studies on this... so any of the exact change inflation should come out in the wash over time.” – Jacob Bogage (07:36)
• Public Concerns
  • Listeners express worry about being “nickel and dimed,” but study findings and expert opinions show negligible impact (08:19).

5. Penny History and the Meaning of Physical Money

• A 232-Year Legacy
  • Pennies date back to 1793; materials shifted from copper to zinc (with a copper coating) and briefly steel, especially during wartime shortages (11:49–13:18).
    • “1792, Congress passes a law saying we need our own coins... That gives rise to the penny, which starts production in 1793 in Philadelphia. It is a 100% copper coin. Over time, that gets more expensive.” – Jacob Bogage (11:49)
• Cultural Significance
  • The penny is “almost mystical” in American culture—expressions, superstitions, and fashion (16:02). Colby and Jacob both reflect on nostalgia.

6. The Future of Coins and Cash

• What’s Next?
  • More coins may be eliminated for cost reasons; the nickel, for example, costs 14 cents to produce (14:33–14:59).
    • “The nickel's 5 cents. It costs about 14 cents to produce.” – Jacob Bogage (14:56)
  • Moving toward electronic payments allows for more flexible, even fractional, pricing, comparable to cryptocurrency transactions (15:03–15:44).
  • Paper bills, being cheaper to produce, will likely persist.

7. Rethinking Value: Time vs. Money

• A Thought-Provoking Perspective
  • Jacob cites economic studies: An average American’s time is now valued at about one cent per second. It’s not worth the time spent handling pennies from an economic perspective (16:34–18:25).
    • “The most precious currency we all have is time. It is not dollars. It is not cents. It is time. Our time in this case is literally worth more than this piece of currency.” – Jacob Bogage (18:25)

Notable Quotes & Memorable Moments

• On the end of penny production:
  “Financially, don't expect this to make a whole lot of difference, but it is a moment. It is a moment that is worthy of us taking a pause and going, wait a minute. The economy and the world has changed around us, and maybe we haven't noticed until right now.”
  – Jacob Bogage (00:57)

• On rare collector’s pennies:
  “These could probably go for far greater than that. Is it absolutely insane to buy a penny for more than a million dollars? I'm just saying if I had a million dollars, I would buy a fleet of jet skis.”
  – Jacob Bogage (05:30)

• On “rounding” at the register:
  “There's actually been academic studies on this... so any of the exact change inflation should come out in the wash over time.”
  – Jacob Bogage (07:36)

• On the deeper value:
  "The most precious currency we all have is time. It is not dollars. It is not cents. It is time. Our time in this case is literally worth more than this piece of currency."
  – Jacob Bogage (18:25)

Timeline of Important Segments

• 00:01–01:21 — Introduction: Personal reflections, overview of the penny’s magic and symbolism
• 01:47–03:43 — Why the penny is ending: Logistics, government decisions, and Trump’s role
• 04:01–06:03 — Final minting event and collector speculation
• 06:12–08:19 — What the change means for pricing, payment, and consumers
• 11:36–14:21 — Penny’s history: coinage, materials, and cultural context
• 14:33–15:59 — Discussion of other physical currency and the impact of electronic payments
• 16:02–18:25 — Cultural significance and deeper reflections on value (money vs. time)

Tone and Style

The conversation weaves nostalgia with matter-of-fact economics, balancing the sentimental attachment many Americans feel for the penny with pragmatic analysis on currency policy. The episode remains accessible, empathetic, and gently humorous—especially when discussing rare coin auctions or the absurdity of the penny outlasting its utility.

Final Thoughts

“The Death of the Penny” reflects on a genuinely historic but surprisingly subdued economic moment. It’s handled with both wit and insight, offering listeners comfort that the loss of the penny is more symbolic than practical, while nudging us to consider new ways we define value and tradition in an increasingly digital world.

We love you, penny. (19:39–19:40)