The Mint announces that it will no longer produce pennies
The Government estimates annual savings of $56 million after stopping the production of a coin that cost more than it is worth.
One-cent coins
The United States Mint held a ceremony Wednesday at which the last penny destined to circulate as legal tender was produced, officially marking the closure of a production that dates back more than two centuries. The decision was finalized six months after the Trump Administration announced the end of the coinage, deeming it nearly four times more costly to manufacture than its face value.
From now on, the Mint will only issue collector's editions of the penny - not usable as current money - and in limited quantities, the agency confirmed in a statement.
"While general production concludes today, the penny’s legacy lives on. As its usage in commerce continues to evolve, its significance in America’s story will endure," Kristie McNally, acting director of the U.S. Mint, said in a statement.
Treasury Secretary Scott Bessent and Treasurer Brandon Beach were on hand at the Mint's Philadelphia headquarters for the minting of the latest issue.
A symbolic gesture and tax relief
President Donald Trump prompted the decision personally, calling it a "waste" to continue a practice that generated losses for the state. "For far too long the United States has minted pennies which literally cost us more than 2 cents This is wasteful!" he wrote in February in ordering the Treasury to halt production.
According to official estimates, the elimination of the penny will save taxpayers about $56 million a year, an argument that bolstered support for the measure among those who promote more responsible management of public spending.
Politics
Treasury Department announces it will stop putting new pennies in circulation next year
Carlos Dominguez
More than two centuries of history
Although its mintage has come to an end, the penny will remain legal tender. It is estimated that more than 300 billion coins are still in circulation, enough to maintain its symbolic presence in commerce and in the collective memory of the country for many more years.
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