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7h ago

U.S. Treasury to End Penny Production After Final Blank Order

The Treasury Department confirms plans to phase out the penny by early 2026, citing rising costs and projected annual savings of $56 million.

One-cent U.S. coins known as the penny are shown in this illustration picture, after U.S. President Trump informed on his Truth Social media account that he instructed the Secretary of the US Treasury to stop producing new pennies, February 11, 2025. REUTERS/Mike Blake/File Photo
FILE - Freshly-made pennies sit in a bin at the U.S. Mint in Denver on Aug. 15, 2007. (AP Photo/David Zalubowski, File)
The US Treasury Department plans to discontinue production of new pennies starting early in 2026.

Overview

  • President Trump directed the Treasury Secretary in February to halt penny production, calling it a wasteful expense.
  • The cost of minting a penny has risen to 3.69 cents, more than three times its face value, driving the decision to discontinue the coin.
  • The U.S. Mint has placed its final order for penny blanks, with new penny production set to cease once current inventory depletes.
  • Businesses will round cash transactions to the nearest nickel as pennies are phased out, a practice already adopted by countries like Canada.
  • Two bipartisan bills, including the 'Make Sense Not Cents Act,' have been introduced to formalize the penny's discontinuation.