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US ends penny-making run after more than 230 years
The U.S. Mint’s penny production ends after 230 years to save $56 million annually as the coin costs nearly 4 cents to make, exceeding its face value.
- On Wednesday, the U.S. Mint in Philadelphia struck the final 1-cent coin as Treasury Secretary Scott Bessent and U.S. Treasurer Brandon Beach attended the ceremonial punch.
- President Donald Trump ordered the Treasury to stop minting pennies earlier this year, citing the cost per penny of 3.69 cents, which exceeds the coin's face value.
- As coin terminals close, Federal Reserve coin terminal facilities largely stopped taking pennies, and retailers report shortages forcing rounding of cash transactions despite 250 billion pennies in circulation.
- The Treasury Department estimates ending penny production will save taxpayers about $56 million annually, while officials emphasize pennies as legal tender will keep their value indefinitely.
- Attention now turns to the nickel, which costs nearly 14 cents to make and could impact shoppers more if retired, while at least 10 states prohibit rounding to the nearest nickel, raising compliance risks for Congress and lawmakers.
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134 Articles
134 Articles
The U.S. Mint minted the last dollar cent coin this Wednesday after 232 years of legal course. The country’s treasurer, Brandon Beach, has been in charge of minting the last penny piece at the Coin House in Philadelphia. Continue Reading
·Spain
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The U.S. Mint ended production of the penny citing cost savings and the coin’s fading relevance as its buying power—once enough for a snack or candy—has all but disappeared
“God bless America,” U.S. Treasurer Brandon Beach declared before striking the final penny. “We’re going to save taxpayers $56 million.”
·New York, United States
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Total News Sources134
Leaning Left25Leaning Right14Center66Last UpdatedBias Distribution63% Center
Bias Distribution
- 63% of the sources are Center
63% Center
L 24%
C 63%
13%
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