U.S. Mint to Produce Final Penny as Trump Ends 232-Year-Old Coin
Economic concerns and rising production costs lead to the discontinuation of the one-cent coin, closing a historic chapter in American currency.
The U.S. Mint in Philadelphia is preparing to produce the final circulating penny, following a presidential decision by Donald Trump to officially discontinue the one-cent coin. This move ends more than two centuries of the penny’s presence, which has been part of American history since 1793.
The decision comes after the cost of producing a penny exceeded its actual value, currently estimated at about 4 cents per coin, making production a financially unjustifiable burden. The last minting is scheduled for Wednesday at the Philadelphia Mint, which originally produced the first U.S. penny 232 years ago.
Trump previously described continued penny production as a “waste of public money,” noting that for decades the U.S. has been minting coins whose production costs exceed their market value. The penny has also become rarely used in daily transactions, especially with the growth of digital payments.
U.S. Prepares to Retire the Penny Amid Nostalgia and Economic Savings
Despite economic reasoning, the decision has sparked widespread nostalgia, with many considering the penny a symbolic or lucky charm. Some merchants have expressed concerns over the lack of official guidance on pricing after the coin is removed from circulation, leading them to round prices or request exact change. Others have devised creative methods to manage pennies, such as offering free drinks in exchange for a collection of coins.
In recent weeks, some banks have limited penny distribution, an ironic turn for a coin long considered surplus. Over the past century, pennies have accounted for about half of all coins produced by U.S. Mints in Philadelphia and Denver.
The Secretary of the Treasury, Scott Bissell, and Treasurer Brandon Beach are expected to attend the final minting ceremony. The Treasury Department anticipates saving around $56 million annually in material costs by ending penny production.
For comparison, a nickel costs approximately 14 cents to produce, a dime under 6 cents, and a quarter about 15 cents.
While some view the decision as a logical economic step, others emphasize the historical and symbolic value of a coin more than two centuries old. The United States is now preparing to close the chapter on the “penny” in its financial history.
