The Treasury Department said it plans to stop manufacturing the penny, calling time on one of the first coins minted by the U.S. government. "CBS Evening News" co-anchor Maurice DuBois takes a look at the wisdom inspired by the centuries-old coin.

Washington

The United States Treasury Department has announced plans to discontinue the production of the penny. The decision follows a rise in manufacturing costs, with each penny now costing nearly 3.7 cents to produce, an increase from 1.3 cents a decade ago. The U.S. Mint has produced the single-cent coin since 1793, and the current design has featured Abraham Lincoln's profile since 1909.

Despite its low monetary value, the penny has played a significant role in American culture. Over the years, it has inspired sayings such as "a penny saved is a penny earned," a proverb often attributed to Benjamin Franklin. The coin has also appeared in popular culture, including Bing Crosby’s 1936 song "Pennies from Heaven." 

The announcement comes at a time when the penny is more often discarded than valued, highlighting changing perceptions of its usefulness. As the coin is phased out, its legacy continues through the numerous idioms and expressions it has inspired.



Will famous penny sayings outlast the coin itself?

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