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2h ago

Treasury Strikes Final Circulating Penny at Philadelphia Mint as U.S. Ends Production

Treasury projects about $56 million in annual savings from halting a coin that now costs nearly 4 cents to make.

FILE - Pennies sit in a penny press machine at the American Dream mall, March 2, 2025, in East Rutherford, N.J. (AP Photo/Julia Demaree Nikhinson, File)
FILE - A sign in a Kwik Trip store shows the store will no longer be using pennies to give change, Oct. 23, 2025, in Yorkville, Wis. (AP Photo/Morry Gash, File)
U.S. Treasury Secretary Scott Bessent speaks to reporters at the White House in Washington, D.C., U.S., November 5, 2025. REUTERS/Kevin Lamarque
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Overview

  • President Donald Trump ordered the halt in February, prompting retailers and banks to adjust cash handling and, in some cases, round transactions.
  • Pennies remain legal tender, with an estimated 300 billion in circulation, though distribution is slowing as many Federal Reserve coin terminals cease penny services.
  • Retailers and trade groups say the transition lacks federal guidance and are urging Congress or Treasury to set clear rules where some state laws prohibit rounding.
  • Localized shortages are leading businesses to request exact change or adjust change in customers’ favor, and Utah has issued provisional advice on cash rounding.
  • The Mint will continue limited collector editions, and the move aligns the U.S. with countries such as Canada, Australia, Ireland and New Zealand that retired low-value coins.