US Mint Stops Penny Production, Saving $50M
Update: 2025-11-13
Description
The United States Mint ceases production of the penny, a coin in circulation for 232 years. The final penny was struck in Philadelphia. Despite the end of production, there are still 300 billion pennies in circulation. The decision comes after years of debate due to the high production cost, nearly four cents per penny. The move is expected to save the US Mint $50 million annually. Retailers like McDonalds and Wendys are rounding cash transactions to the nearest nickel in penny-short locations. This shift aligns the US with countries like Canada and Sweden, which have eliminated their lowest-denomination coins.
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