Overview
- The last circulating cent was struck in Philadelphia by U.S. Treasurer Brandon Beach, with specially marked final coins to be auctioned rather than released.
- Pennies remain legal tender, with hundreds of billions already in circulation and no new one-cent coins planned for everyday use.
- The Mint reports a unit cost of about 3.69 cents per penny and projects roughly $56 million in annual savings from ending circulation production.
- Retailers and some banks report shortages and uneven cash-handling practices, including rounding or exact-change requests, citing the absence of federal rules.
- Limited numismatic issues will continue for collectors as the Federal Reserve scales back penny redistribution services during the transition.