US Mint Plans End Penny Production, Expects $56M Savings

The U.S. Mint has placed its final order of penny blanks and will cease production of the one-cent coin once current supplies are exhausted, a Treasury official confirmed, resulting in an annual savings of $56 million due to the high cost of producing pennies. The decision follows President Donald Trump's directive to end penny production, citing wastefulness as each penny costs nearly 4 cents to mint, surpassing its face value for the 19th consecutive year. While advocates for eliminating the penny highlight its limited utility and high production costs amid increasing digital payments, supporters emphasize its role in charity and small transactions. Congress could make the cessation permanent through legislation, with bipartisan bills introduced to this effect, but previous attempts have failed. Businesses will begin rounding cash transactions to the nearest five cents as pennies phase out of circulation. This move reflects broader economic trends and may prompt other countries to reconsider low-denomination coinage.