Overview
- Hundreds gathered for a tongue-in-cheek sendoff hosted by Ramp, featuring a white casket, Victorian-clad performers, and presidential impersonators at the Lincoln Memorial.
- The U.S. Mint ceased making pennies last month, with Treasury Secretary Scott Bessent ceremonially striking the final coin on November 12.
- President Donald Trump said in February he instructed the Treasury to stop minting new pennies, calling the expense wasteful as production costs rose.
- Each penny costs roughly four cents to produce, the Mint reported an $85 million loss last year on nearly 3 billion pennies, and officials cite projected annual savings of about $56 million.
- Billions of pennies remain legal tender in circulation, any formal removal would require Congress, and retailers are expected to round cash totals to the nearest five cents.