Nation Bids Farewell to the Penny in a Mock Funeral at Lincoln Memorial
The penny, a staple of U.S. currency for over two centuries, was commemorated in a mock funeral held at the Lincoln Memorial in Washington, D.C., on Saturday. Organized by financial platform Ramp, the event was a symbolic farewell following the cessation of penny production earlier this year.
This gathering highlights the economic and cultural significance of the one-cent coin, which has been a part of American life since it was authorized in 1792.
Key Developments
- The mock funeral featured a casket and speakers delivering eulogies, including actors portraying Abraham Lincoln and Mary Todd Lincoln.
- A penny mosaic of Abraham Lincoln was displayed, illustrating the coin’s historical connection to the nation’s 16th president.
- Other characters in attendance included actors dressed as Presidents George Washington and Thomas Jefferson, as well as John Wilkes Booth, Lincoln’s assassin.
- Economist Ara Kharazian provided an "autopsy report" on the penny’s decline, attributing it to rising production costs and the increased prevalence of digital payments.
- The event followed last month’s ceremonial striking of the final penny by Treasury Secretary Scott Bessent, marking the end of production.
Full Report
A Symbolic Farewell
The event attracted a crowd that surrounded the casket, paying respects as fictional eulogies were delivered. The portrayal of prominent historical figures underscored the penny’s long-standing role in American culture and economy.
Economic Context
The penny has seen a gradual decline in practicality over the years, with production costs now exceeding four cents per coin. This economic reality fueled discussions around halting its production, a move supported by former President Donald Trump in February, who criticized the minting of pennies as wasteful.
Public Reaction
Participants expressed a range of emotions from nostalgia to practicality. Many recognized the importance of the penny in American history while simultaneously acknowledging that the shift toward digital currency has rendered the low-denomination coin obsolete.
Context & Previous Events
The penny has been part of U.S. currency since the Coinage Act of 1792. It has circulated through countless transactions for over 230 years. Recent changes in financial habits, particularly the move towards cashless payments, have played a fundamental role in the decision to discontinue the penny, as noted by various economic analysts.
