The U.S. Treasury Division has introduced plans to finish manufacturing of the penny, signaling the top of one of many nation’s oldest cash.
A Treasury official confirmed to CBS MoneyWatch that the division positioned its last order for penny blanks, the metallic discs used to make cash, earlier this month. As soon as these run out, doubtless in early 2026, the U.S. Mint will stop minting new pennies, as first reported by The Wall Road Journal.
First launched shortly after the Mint was established in 1792, the penny now prices considerably extra to provide than its face worth. In keeping with the U.S. Mint’s 2024 annual report, every 1-cent coin price about 3.7 cents to fabricate and distribute.
By discontinuing the penny, the Mint is predicted to avoid wasting roughly $56 million per 12 months.
Though they seem copper-colored, pennies are primarily made from zinc with a copper coating. Zinc costs have greater than doubled since 2000, in line with the Federal Reserve Financial institution of St. Louis.
The Trump administration had beforehand hinted at ending the penny. In January, Elon Musk’s Division of Authorities Effectivity known as the coin too costly to provide. President Trump adopted up in February, saying he had directed the Treasury to cease minting it as a consequence of its excessive price.
“For a lot too lengthy the US has minted pennies which accurately price us greater than 2 cents. That is so wasteful!” Trump posted on Reality Social. “I’ve instructed my Secretary of the US Treasury to cease producing new pennies.”
Efforts to get rid of the penny aren’t new. In 2015, former Treasury Secretary Jacob Lew additionally raised considerations about its price and questioned whether or not it ought to proceed being produced.
Treasury Division To Part Out Penny
was initially revealed on
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