The US Mint will continue limited collector editions while halting general production of the one-cent coin.
The last U.S. penny to be struck was made in Philadelphia, Pennsylvania, on Nov. 12 at a ceremony to mark the end of the coin’s production.
The penny’s 232-year production was put to an end by order of President Donald Trump, as it costs nearly 4 cents to make each penny, valued at 1 cent.
U.S. Treasury Secretary Scott Bessent and Treasurer Brandon Beach visited the United States Mint to oversee the production of the final circulating one-cent coin.
In February of this year, Trump announced the end of the penny’s production as a way of cutting waste.
“For far too long, the United States has minted pennies which literally cost us more than 2 cents,” Trump said in a Feb. 9 post to Truth Social.
“This is so wasteful! I have instructed my Secretary of the U.S. Treasury to stop producing new pennies. Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time.”
According to the U.S. Mint’s annual report, the cost of making a penny was almost 3.7 cents in 2024, and the price is trending upward.
At the time the penny’s end in production was announced, billionaire tech entrepreneur and former head of the Department of Government Efficiency, Elon Musk, voiced his opposition to the continued production.
“The penny costs over 3 cents to make and costs U.S. taxpayers over $179 million in FY2023,” Musk said in a post to X.
The penny costs over 3 cents to make and cost US taxpayers over $179 million in FY2023.
— Department of Government Efficiency (@DOGE) January 22, 2025
The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced.
Penny (or 3 cents!) for your thoughts.
Sources:https://t.co/Y5LlrpyA62…
“The Mint produced over 4.5 billion pennies in FY2023, around 40 percent of the 11.4 billion coins for circulation produced.”
While the production of the penny has ended, the U.S. Mint clarified that the coin is still legal tender: “There are an estimated 300 billion pennies in circulation—far exceeding the amount needed for commerce. Retailers and other businesses can continue to price goods and services in one-cent increments.”
According to the Mint, the first penny was authorized by the Coinage Act of 1792 and was one of the first coins made by the U.S. agency.
