Farewell to the Penny: The End of an Era in U.S. Coin Production

The U.S. Treasury has halted the production of pennies, marking the end of over two centuries of coinage due to high production costs and evolving transaction methods. An auction of the last batch is planned, with proceeds supporting Mint operations. The U.S. joins other nations in phasing out low-value coins.

The United States officially ended its 232-year production of pennies last Wednesday, following a directive from President Donald Trump. U.S. Treasurer Brandon Beach struck the final batch of the one-cent coins at the Philadelphia Mint, marking the end of an iconic era in American numismatics.

Treasury cited rising production costs and changes in consumer habits as factors behind the decision. With it costing 3.69 cents to produce each penny, the move aims to save the U.S. Mint approximately $56 million annually. The excess pennies, marked with an Omega symbol, will be auctioned to fund Mint operations, with any surplus going to the U.S. Treasury.

Suspending penny production aligns the U.S. with countries like Canada and Australia, which have already phased out their low-value coins. While pennies remain legal tender, their redundancy in modern commerce has stirred discussions in Congress about revisiting coin production costs.

(With inputs from agencies.)