According to the U.S. government statistics, there are approximately 170 billion of these in existence today, and everybody in this room has owned thousands of these in your lifetime. What are they?

The ubiquitous one-cent coin, commonly known as the penny, perfectly fits the description. With approximately 170 billion of these small copper-colored discs estimated to be in existence, it's virtually guaranteed that everyone has encountered and held thousands throughout their lives. Though officially called a "cent" by the U.S. Mint, the nickname "penny" has stuck since the coin's inception (Review), drawing a parallel to the British currency of the same name.

The history of this humble coin is quite rich, dating back to 1793 when it was one of the very first coins produced by the newly established U.S. Mint. Initially, pennies were significantly larger and made of pure copper. However, due to the rising cost of copper, its composition underwent several changes over the centuries. A notable shift occurred in 1982, when the penny transitioned to a zinc core thinly plated with copper, a composition that remains largely the same today. This alteration was a direct response to the increasing expense of producing the coin.

The familiar image of President Abraham Lincoln has graced the obverse of the penny since 1909, making it the first U.S. coin to feature a historical figure. Despite its long history and widespread use, the penny has faced economic challenges. For many years, the cost to manufacture a single penny has exceeded its face value, with the U.S. Mint reporting that it cost 3.69 cents to produce one in 2024. This economic reality led to the U.S. government's decision to halt the production of new pennies in late 2025, although existing coins will continue to circulate.