The United States has officially ended production of the penny after more than 200 years of minting the 1-cent coin.
The U.S. Mint facility in Philadelphia struck its final penny on Wednesday, Nov. 12, according to the Associated Press and CNN. Treasurer Brandon Beach participated in stamping the last coin during an event acknowledging the conclusion of penny production, USA Today reported.
The decision to discontinue the penny comes as manufacturing costs exceeded the coin’s face value. “God bless America, and we’re going to save the taxpayers $56 million,” Beach said before striking the final piece, per the AP.
Although no new pennies will be made, existing coins will stay in circulation and continue to be accepted as legal tender. President Donald Trump previously directed the Treasury to halt production, writing in February that the penny “literally cost us more than 2 cents,” according to NBC News. “This is so wasteful! I have instructed my Secretary of the U.S. Treasury to stop producing new pennies,” he added.
The penny is the first U.S. coin to be fully discontinued since the half-cent was eliminated in 1857, the AP noted. In recent months, some banks reportedly rationed their existing supplies, while businesses considered rounding prices to the nearest nickel.
A proposal called the “Common Cents Act” would require rounding cash transactions to the nearest five cents if passed, USA Today reported. “By the time we reach Christmas, the problems will be more pronounced with retailers not having pennies,” said Mark Weller, executive director of Americans for Common Cents, per CNN.
