• Last U.S. pennies produced before the end of coin minting
• Auction of the set brings in $16.76 million

Coin collectors spent millions of dollars buying the last circulated U.S. pennies before the government stopped their production last November, defying those who believe the penny has no value.

The U.S. Mint sold 232 three-cent sets for $16.76 million at an auction held last Thursday.

The set included the final three pennies ever struck, which sold for $800,000, and the buyer also received the three dies that minted these Lincoln cents.

John Kraljevich, director of American coinage at the Mint, said: "It was an auction where you don’t know the market value of the items until people place their bids. I’ve been attending coin auctions for 40 years, and I’ve never seen anything like this before."

Brian Kendrella, the Mint’s president, added: "These pennies captured the public imagination like few rare coins we’ve ever handled."

When introduced in 1793, a single penny could buy a biscuit or a piece of candy. Today, most are stored in jars or random drawers, but they remain valuable historical pieces for coin collectors.

Each set consisted of 2,025 pennies struck at the Philadelphia and Denver mints, plus a 24-karat gold penny to mark the end of the era, and each penny bore a unique Omega symbol.

A total of 232 sets were distributed, representing each year the coin had been part of American culture.

Kraljevich said: "American culture has incorporated the penny into our language and pop culture, and I believe the end of penny production for circulation evokes a sense of nostalgia for many people."