U.S. mints final pennies as production of the coins stops

On November 12, the U.S.’s final pennies were pressed at the U.S. Mint in Philadelphia. The Mint had been producing these coins for over two centuries, since 1793.

Penny abolition has been ongoing for quite some years, with retailers and lawmakers advocating for the cause. In February, President Trump ordered Treasury Secretary Scott Bessent to halt penny production. In an online post in February, Trump wrote, "For far too long, the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!" A bill called the Common Cents Act would formalize the order, but it has yet to be passed.

The Treasury Department said that “ongoing increases in production costs and the evolution in consumer habits and technology have made its production financially untenable."

According to the U.S. Mint, the cost of producing each penny is 3.69¢ per coin. If penny production were to stop, the U.S. could save $56 million annually.

The last coin before the penny to be discontinued was the half-cent in 1857. Other countries, such as Canada, Mexico, and Australia, no longer mint 1- and 2-cent coins.

However, pennies won't go away. People can still use pennies, and banks encourage people to bring pennies to the bank. The Treasury Department said that the penny "remains legal tender and will retain its value indefinitely".

The last two pennies were stamped with a special marking and will be auctioned off in the future. The final pennies could sell between $2 million and $5 million per coin.

Nickels soon could be eliminated, as each coin costs more than 13¢ to produce.

Prithvi Sudhakar is a fourth-year majoring in cybersecurity. To contact him, email pzs5683@psu.edu.