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U.S. Treasury to stop minting new pennies
Posted
May 23, 2025
Views
18,451
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497
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May 23, 2025
18,451
497
78
3.12%
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0:46Now PlayingThe U.S. Treasury Department has placed its last order for blank pennies and plans to stop minting the 1 cent coins as soon as that’s exhausted.
The Trump administration hopes to save big bucks by phasing out the penny. Each one costs nearly 4 cents to produce, so the move is expected to result in immediate savings of $56 million a year. A U.S. Treasury spokeswoman confirmed the decision, which was first reported by the Wall Street Journal.
The phase out of the penny may force businesses to round prices up or down to the nearest nickel. That’s less of a hassle, though, now that customers pay cash for fewer than one in five transactions.
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