Summary
The U.S. will stop producing pennies after over 230 years. The decision aims to save money, as making each penny costs more than its value. President Trump announced the plan to cut unnecessary spending, and businesses may adjust prices as a result.
Key Facts
- The Philadelphia Mint will produce the last batch of one-cent coins.
- Pennies are now more expensive to make than their face value, costing nearly four cents each.
- The government estimates saving $56 million annually by ending penny production.
- Approximately 300 billion pennies will remain in circulation in the U.S.
- Electronic payments are making physical coins like pennies less necessary.
- Businesses might adjust prices, which could cost consumers an estimated $6 million per year.
- Other countries, like Canada, have also phased out their smallest coins.
- Attention has shifted to the nickel, which costs more to produce than its face value.
