US Retires Penny: American Treasury Ends Production of the 1 Cent Coin After 231 Years
The US Treasury Department announced it will cease production of the circulating one-cent coin this week, citing soaring manufacturing costs and the coin’s diminished role in modern commerce. By ending production, the Treasury expects to save about USD 56 million annually. The move follows a directive from Donald Trump earlier this year instructing the department to stop minting pennies, calling the practice “wasteful”.
The US Treasury Department announced it will cease production of the circulating one-cent coin this week, citing soaring manufacturing costs and the coin’s diminished role in modern commerce. Officials, including Scott Bessent (Treasury Secretary) and Brandon Beach (US Treasurer), were scheduled at the US Mint in Philadelphia on Wednesday, November 12, at 2 pm to mark the striking of the “final circulating penny.” The decision stems from the fact that each penny now costs approximately 3.69 cents to make, meaning the mint loses money on every coin. By ending production, the Treasury expects to save about USD 56 million annually. The move follows a directive from Donald Trump earlier this year instructing the department to stop minting pennies, calling the practice “wasteful” and urging the government to “rip the waste out of our great nation’s budget, even if it’s a penny at a time.” ‘How Many Wives Do You Have?’: Donald Trump Asks Syrian President Ahmed al-Sharaa During Historic White House Visit; Video Surfaces.
US Treasury Ends Production of Penny Coin After 231 Years
Sorry Abe. The penny is on the way out after more than 200 years. The US treasury is no longer making them. Truthfully, I’m not fond of pennies. No one likes to get them in payment and they only sit around in jars. Thoughts? pic.twitter.com/Mdmds7RJBv
— Deborah Roberts (@DebRobertsABC) November 13, 2025
(The above story first appeared on LatestLY on Nov 13, 2025 07:41 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
