The United States has officially stopped making the penny after more than 200 years in circulation.
The U.S. Mint in Philadelphia concluded production of the 1-cent coin on Wednesday, Nov. 12, according to the Associated Press and CNN.
During a ceremonial event, Treasurer Brandon Beach stamped the final penny to commemorate the end of its production, as reported by USA Today.
The decision comes after years of rising costs — making each penny became more expensive than its actual value.
“God bless America, and we’re going to save the taxpayers $56 million,” Beach said before striking the last coin, per the Associated Press.
Although production is ending, pennies that are already in circulation will remain legal tender. President Donald Trump officially ordered the discontinuation earlier this year.
“For far too long the United States has minted pennies which literally cost us more than 2 cents,” Trump wrote in February, according to NBC News. “This is so wasteful! I have instructed my Secretary of the U.S. Treasury to stop producing new pennies.”
The penny is the first U.S. coin to be discontinued since the half-cent was retired in 1857, the Associated Press noted. Near the end of production, some banks rationed pennies, and businesses considered rounding prices to the nearest nickel.
A proposed bill known as the “Common Cents Act” would require cash transactions to be rounded to the nearest five cents if passed, according to USA Today.
“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, CNN reported.
