The penny goes bye-bye: US Mint ends production after 232 years
Ending production is expected to save American taxpayers roughly $56 million a year in manufacturing costs.
More Stories
After more than two centuries in circulation, the U.S. Mint has produced its final one-cent coin.
Officials say the decision comes down to cost — it now takes four cents to make a single penny. Ending production is expected to save American taxpayers roughly $56 million a year in manufacturing costs.
“The cost savings of ending penny production will save the American taxpayer approximately $56 million a year in just production costs alone,” President Donald Trump said during the announcement on Wednesday.
While production has stopped, there are an estimated 300 billion pennies still in circulation. Americans can continue to use them in everyday transactions for now.
Not everyone is cheering for the change. Some merchants say losing the penny could complicate pricing, forcing businesses to round costs up or down at the register. Others note that the nickel — now in higher demand — is actually more expensive to mint than the penny itself.
The nickel, dime, and quarter will remain in production.
