The penny’s long run has come to a close. On Wednesday, the U.S. Mint struck its final batch of 1-cent coins at its historic Philadelphia facility, where the penny has been produced since 1793. Officials say this decision could save taxpayers around $56 million annually.
“God bless America, and we’re going to save the taxpayers $56 million,” said U.S. Treasurer Brandon Beach just before pressing the last coin.
Pennies will still be accepted as legal currency, but they’re no longer being made. The move was ordered by Donald Trump earlier this year, citing the near four-cent production cost of a single penny and its decreasing use in everyday transactions.
“For far too long the United States has minted pennies which literally cost us more than 2 cents,” Trump wrote in February. “This is so wasteful!”
The last time a coin was retired was the half-cent in 1857. Still, some retailers are frustrated by the lack of guidance, and coin collectors see it as the end of a chapter in American history. Jeff Lenard of the National Association of Convenience Stores remarked, “This is not the way we wanted it to go.”
Over 300 billion pennies were minted in the past century alone, but many now collect dust in jars and drawers. Though the penny’s value has faded, its symbolic legacy remains intact.
