US to Stop Making Pennies: A Costly Tradition Bites the Dust
2025-05-22
The US Treasury is phasing out the penny. Production of new one-cent coins will cease once existing blanks are used up. This move, driven by the fact that producing a penny costs over three cents, follows President Trump's earlier order to halt production. While consumers can still use existing pennies, businesses will round cash transactions to the nearest nickel. The Treasury estimates $56 million in annual savings, but increased nickel demand might offset this. This echoes Canada's previous elimination of the penny, highlighting a trend towards efficiency and waste reduction.