Mint announces final order of pennies following decision to halt production of one-cent coin.

The United States Mint announced on Thursday that it has placed an order for the last batch of pennies, following a directive from President Trump aimed at discontinuing production of the one-cent coin. This move comes in light of increasing production costs that have surged to approximately 4 cents per penny. As a result, Trump instructed Treasury Secretary Scott Bessent to halt the minting of new pennies as swiftly as feasible.

The U.S. Treasury projects that ceasing the production of new pennies will yield immediate annual savings of million due to reduced material and manufacturing costs. This information was disclosed by a source who requested anonymity to discuss confidential matters pertaining to the minting process.

Despite this shift, the regular presence of pennies in everyday transactions is expected to remain for the foreseeable future. Currently, an estimated 114 billion pennies circulate throughout the United States, with many more likely lost or hidden in places such as sofa cushions or cars.

Advocates for ending penny production cite its diminishing practicality as consumer habits evolve towards digital payments and credit card transactions. As prices have risen over the years, the utility of the penny has decreased significantly, leading to a broader public debate about its relevance in today’s economy.

Conversely, proponents of retaining the penny argue for its importance in charitable fundraising efforts and express a sense of nostalgia for a time when a single penny could purchase candy or other small items. They also point out that nickels, which currently cost around 14 cents to produce, present a comparable financial burden.

In terms of production statistics, pennies remain the most frequently minted coin by the U.S. Mint. Last year alone, 3.2 billion pennies were produced, representing over half of the total new coins manufactured by the mint.

While President Trump’s directive is a significant move, the ultimate authority to completely abolish the penny lies with Congress, which sets the specifications for currency in the United States. However, previous legislative attempts to eliminate the penny have not succeeded.

Ultimately, the penny has a storied history, having been one of the first coins minted when the U.S. Mint was established in 1792. Whether its production will be permanently halted is yet to be determined, as the potential changes would require congressional action to solidify.