Summary
The U.S. Mint in Philadelphia is ending the production of the penny following an order by President Donald Trump. The decision comes as the cost of producing a penny has increased to nearly 4 cents. The change is expected to save the Treasury $56 million annually.
Key Facts
- The last penny will be minted at the U.S. Mint in Philadelphia on Wednesday.
- President Donald Trump ordered the discontinuation of the penny due to its high production cost.
- It costs the U.S. nearly 4 cents to produce a single penny.
- The penny has been in production since 1793, almost immediately after the Coinage Act was passed.
- Treasury Secretary Scott Bessent and Treasurer Brandon Beach will attend the final production run.
- The Treasury expects to save $56 million each year by stopping penny production.
- The penny has historical significance, documenting over 200 years of U.S. society.
- Retailers have had concerns about how to handle transactions without pennies, sometimes resorting to creative solutions.
