US Mint ends penny production after 232 years

“There are an estimated 300 billion pennies in circulation — far exceeding the amount needed for commerce,” the Mint said in a statement. While the coin will remain legal tender, no new pennies will ever be released into everyday use.

Officials said the move comes down to economics and modern payment trends. Each penny now costs 3.69 cents to make, according to Mint data — more than triple its face value. “While general production concludes today, the penny’s legacy lives on,” said Acting Director Kristie McNally, reports WBLS.

Treasurer Brandon Beach, who personally pressed the final coin, said the moment was bittersweet. “Today the Mint celebrates 232 years of penny manufacturing,” he remarked.

Ending production is expected to save about $56 million a year, the agency said. The Mint will still strike limited numbers of 1-cent coins for collectors and numismatic purposes, but the days of new pennies showing up in cash drawers are over.

The American Bankers Association has asked the Treasury Department for clear guidance on how to handle rounding in cash transactions once the supply of new coins runs out.

Critics of the decision argue the phase-out could have been handled better. “We have been advocating abolition of the penny for 30 years,” said Jeff Lenard of the convenience-store association. “But this is not the way we wanted it to go.”

In February, President Donald Trump announced during the Super Bowl that the penny would cease production.

"For far too long the United States has minted pennies which literally cost us more than 2 cents," Trump noted. "This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies. Let's rip the waste out of our great nations budget, even if it's a penny at a time." Behind the Resolute Desk in the Oval Office, Trump has a sculpture of Lincoln that resembles the penny portrait.