Overview

• The U.S. Treasury placed its final order for penny blanks this spring and will halt one-cent coin minting by early 2026
• Each penny now costs 3.69 cents to produce, tripling its face value and driving an $85 million loss in fiscal 2024
• Phasing out the penny is expected to save taxpayers about $56 million annually by curbing wasteful minting
• Retailers will round cash transactions to the nearest nickel; existing pennies will remain legal tender
• Electronic and card payments will continue to settle to the exact cent, and rare 1943 copper Lincoln wheat pennies can fetch up to $250,000 among collectors