Overview
- The last cent for circulation is being struck at the Philadelphia Mint under the supervision of Treasury Secretary Scott Bessent and Treasurer Brandon Beach.
- President Donald Trump ordered the stop earlier this year, citing that minting a penny costs nearly four cents.
- Pennies will remain legal tender after production ends, with the Treasury projecting about $56 million in annual material savings.
- Retailers and banks report coin shortages, rationing and ad hoc cash‑rounding policies, while laws in Delaware, Connecticut, Michigan and Oregon, plus cities like New York, Philadelphia, Miami and Washington, require exact change.
- Industry groups have asked Congress for clarity as nickel production could offset savings, a Richmond Fed study pegs consumer rounding costs near $6 million annually, and chains like Kwik Trip are rounding down at a cost to their bottom line.