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

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