The last-ever penny set to be minted in the US after Trump cancels the 1-cent coin
The penny’s final day. Why the US deemed the 1-cent coin worthless
- The U.S. Mint is ceasing the production of the circulating 1-cent coin in Philadelphia.
- President Donald Trump canceled the penny, citing its high production cost of 4 cents per coin, which he deemed wasteful.
- The Treasury Department expects to save $56 million annually by discontinuing the manufacture of pennies.
- Retailers expressed concerns about the abrupt phase-out, with some resorting to rounding prices or requesting exact change from customers.
- While pennies have been minted since 1793, other coins like the nickel also have a production cost that exceeds their face value.