End of an Era: U.S. Discontinues Penny Production After 232 Years

The U.S. Mint has ceased the production of pennies after 232 years, influenced by rising production costs and changes in consumer behaviors. The final pennies were minted at the Philadelphia Mint, with auctions planned for these coins. The move is expected to save $56 million annually.

In a historic move, the U.S. Mint has officially discontinued penny production after 232 years. The decision, ordered by President Trump, aims to counter mounting production expenses deemed unsustainable by the Treasury Department, with the cost of making each penny now significantly higher than its face value.

The final batch of pennies, including some marked with a unique Omega symbol, was struck at the Philadelphia Mint on Wednesday. The Treasury has decided to auction these special coins, aiming to offset the financial burden of penny production on national resources.

This transition away from the penny aligns the U.S. with several countries that have already phased out low-value coins in favor of more efficient financial systems. The move anticipates saving the U.S. Mint around $56 million annually, as approximately 300 billion pennies remain in circulation.

(With inputs from agencies.)