The first official U.S. penny was minted in 1787 according to coinfacts.com, so this would make the oldest U.S. penny 227 years old as of 2014. According to the Professional Coin Grading service, these coins are still in existence.
Fugio cents were produced officially by the government as a result of inconsistent values in copper coins used before 1787. According to a report through the University of Notre Dame, the lightweight coppers used previously often lost value as they were traded or used. Benjamin Franklin produced the designs and mottos for the penny, and at least 55 different varieties of Fugio cents were produced.