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NO MORE: Treasury finally phases out pennies
Posted
May 23, 2025
Views
91,454
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May 23, 2025
91,454
1,300
860
2.36%
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2:00Now PlayingThe U.S. Mint will officially stop making pennies once its final stock of penny blanks is used up, a Treasury official confirmed Thursday. While no specific end date was given, the decision effectively marks the beginning of the end for the 1-cent coin.
This move follows a February directive from President Donald Trump, who ordered his administration to cease penny production. Trump cited the rising cost of minting the coin—now close to 4 cents per penny—and called it a wasteful use of taxpayer money.
"For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!" Trump wrote on Truth Social. "I have instructed my Secretary of the US Treasury to stop producing new pennies."
The move is expected to save $56 million annually in material and minting costs.
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