The 232-year journey of the one-cent coin in the United States has come to an end. The US Mint’s bureau in Philadelphia, part of the Treasury Department, has permanently ceased the production of the Penny. This decision was executed under the orders of President Donald Trump as a comprehensive cost-saving measure.
US media reported that the penny, which had been in continuous production since 1793, is now being retired due to economic inefficiency. The primary motivation for the cessation is the coin’s production cost, which far exceeded its face value. Reports indicate that it cost nearly 4 cents to manufacture a single penny.
US Treasurer, Brandon Bach, highlighted the fiscal benefit of the move, stating: “We are going to save the American taxpayers $56 million.”
The Treasurer confirmed that while no new pennies will be minted, the existing coins in circulation will remain valid for transactions. This historic measure marks the end of a long-standing currency unit, retired because it had become an unnecessary financial burden on the national treasury.
