The production of the smallest coins – pennies, which have been minted in the USA since 1793, has been officially stopped. This was reported by Zamin.uz.
The ceremony for producing the last pennies was held at the mint in Philadelphia. US Treasurer Brandon Bich pressed the button to start the machine and produced the final batch of coins.
According to the mint employees, the actual last batch of these pennies was produced in July. Other coins, such as nickels, which are produced at a cost higher than their face value, will continue to be minted.
Brandon Bich emphasized that the decision to stop producing pennies was made as part of a policy to adapt to modern payment systems, initiated by the administration of former US President Donald Trump. A similar decision was last made in 1857, when half-cent coins were withdrawn from circulation.
The cost to produce one penny was 3.69 cents. It is currently estimated that Americans hold 300 billion pennies.
According to Treasury data, stopping the production of pennies will save 56 million dollars annually. According to the mint's information, a total of 5.6 billion coins were produced in the 2024 fiscal year, of which 3.2 billion were pennies.
Despite the cessation of production, existing pennies will remain in circulation as legal tender.
