The United States Mint has officially ceased production of the penny after more than 230 years, with the last penny being minted in Philadelphia. The decision to end production was driven by the rising costs that made the coin too expensive to mint, costing about four cents to produce, more than its face value.
The final penny was struck on Wednesday at the US Mint in Philadelphia, overseen by US Treasurer Brandon Beach. President Donald Trump had announced the end of penny production in February, citing the high production costs.
When the penny was introduced in 1793, it held significant value, being able to purchase everyday items like biscuits, candles, or candy. However, over time, the penny’s value diminished, leading to its decline in usage and significance in modern transactions.
Treasurer Brandon Beach highlighted the cost-saving aspect of discontinuing penny production, stating, ‘God bless America, and we’re going to save the taxpayers $56 million.’ The decision to halt penny production aligns with President Trump’s call to abolish the coin earlier this year.
