The US has minted its final circulating penny, ending 232 years of production as costs rose to 3.69 cents per coin
WASHINGTON: The United States has pressed its final circulating penny, ending 232 years of production.
US Treasurer Brandon Beach struck the last coin in Philadelphia on Wednesday.
The move aims to save money as the one-cent coin became less relevant over time.
Acting Mint director Kristie McNally stated that while general production concludes, the penny’s legacy lives on.
Pennies will remain legal tender, with approximately 300 billion still in circulation.
President Donald Trump called on the Treasury in February to stop producing pennies.
He presented it as an effort to slash government spending.
“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump wrote on his Truth Social platform.
The penny was first authorised by the Coinage Act of 1792.
Early pennies were made of pure copper, while today’s coins are smaller copper-plated zinc.
This gives the so-called red cent its rosy hue.
Minting costs rose from 1.42 cents to 3.69 cents per coin over the past decade.
Previous efforts to end penny production failed in Congress despite long-standing cost debates. – AFP
