Overview
- The Philadelphia Mint produced the last 1-cent coins on November 12, closing out a minting program that began in 1793.
- President Trump directed the Treasury in February to stop producing the penny, calling the expense wasteful.
- About 300 billion pennies remain in circulation, and they will continue to be accepted as legal tender in quantities far above everyday needs.
- Per-coin manufacturing costs rose from about 1.42 cents a decade ago to 3.69 cents, and Treasury projects roughly $56 million in annual savings from ending production.
- Everyday use of small coins has declined with cashless payments, and Canada, Australia and New Zealand previously discontinued their 1-cent pieces; Treasury reportedly placed its final order for penny blanks in May.