U.S. Officially Ends Penny Era After Over Two Centuries
U.S. Treasurer Brandon Beach performed the ceremonial final strike at the Philadelphia Mint, commemorating the cessation of penny production—a distinction the nation's foundational currency had maintained since 1793, when it first entered circulation just one year following authorization under the Coinage Act.
Escalating manufacturing expenditures and shifting consumer payment preferences rendered penny production financially untenable. Production costs per penny have surged dramatically to 3.69 cents from 1.42 cents a decade prior, according to U.S. Mint data. Earlier this year, President Donald Trump directed the Treasury Department to terminate what he characterized as "wasteful" penny minting operations.
Kristie McNally, the Mint's acting director, acknowledged the symbolic weight of the moment while projecting enduring cultural significance. "Today the Mint celebrates 232 years of penny manufacturing," McNally said. "While general production concludes today, the penny's legacy lives on. As its usage in commerce continues to evolve, its significance in America's story will endure."
The fiscal impact proves substantial: suspending penny production will conserve approximately 56 million dollars annually for the U.S. Mint, according to Beach.
The penny retains legal tender status despite production cessation. Roughly 300 billion pennies currently circulate domestically—a stockpile the U.S. Mint characterizes as "far exceeding the amount needed for commerce." The agency plans to manufacture restricted numismatic editions of the penny exclusively for collectors and historical preservation.
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