- President Trump ends U.S. penny production.
- U.S. Mint finalizes last penny order.
- Cost savings anticipated at $56 million annually.
Treasury halts penny production, emphasizing $56 million savings annually and exploring coin material changes.
Lede
President Donald Trump announced the termination of penny production, citing costs. The U.S. Treasury followed suit by placing a final order for penny blanks in May 2025, phasing out over 230 years of penny issuance.
Nut Graph
The U.S. Treasury Department confirmed this action, with Treasury Secretary Scott Bessent leading changes. With about 114 billion pennies in circulation, the move ends a celebrated piece of American currency.
The cost to produce pennies exceeded face value, motivating the change. The decision aligns with efforts for governmental cost-efficiency, projecting $56 million annual savings, with potential additional savings from reduced production facility use.
“For far too long the United States has minted pennies, which literally cost us more than 2 cents. This is wasteful! I have instructed my Secretary of Treasury to stop producing new pennies.” — President Donald Trump, President of the United States.
Historical trends in American coinage reflect ongoing debates about small denomination coin efficacy. While the penny disappears, experts like Turco suggest collector value remains stable.
The discontinuation shifts U.S. currency dynamics, with broader attention on technological and regulatory adaptations in currency production. As the penny fades from current circulation, examination of future coin material usage remains a focal point for cost reduction.
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