US Treasury confirms the end of the penny

Thursday, May 22, 2025

One cent coins will stop being produced in the US next year, the Treasury Department has confirmed. It marks the phasing out of the coins, commonly known as pennies, which have been in circulation for more than two centuries. President Donald Trump told Treasury Secretary Scott Bessent in February to stop minting the coins, calling them "wasteful". There has been a long debate over the cost and usefulness of pennies in the US. In January, Elon Musk's unofficial Department of Government Efficiency (Doge) drew attention to the cost of minting pennies in a post on X.

Posted by gracieamazed at 07:01 PM | 10 COMMENTS | permalink | Comment on This Entry |

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The penny was one of the first coins made by the US Mint, entering circulation in 1793.

But over the past 10 years, the cost of producing it has risen from 1.3 cents to 3.69 cents per coin, according to the Treasury.

The Mint estimates that stopping production will result in an immediate annual saving of $56m (42m) in reduced material costs.

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Good.

Of course, now that many people no longer use cash to pay for what they buy, what wil retailers do about those receipt totals that have pennies?

Rounding to the nearest nickel?

#1 | Posted by LampLighter at 2025-05-22 07:21 PM | Reply

They've been doing this on military bases since the 90s.

Nobody misses the stupid penny.

When I was a kid you could get a piece of Bazooka Joe bubble gum for three cents. Big piece was a nickel and it came with a comic.

Those days are gone and they're never coming back.

#2 | Posted by snoofy at 2025-05-22 07:28 PM | Reply

Yes, actually. In Canada they found that it cost consumers millions of dollars over the ten year period surveyed because companies always round up, not down.

#3 | Posted by Corky at 2025-05-22 07:28 PM | Reply

"In Canada they found that it cost consumers millions of dollars over the ten year period"

Right so that's like a dollar a year per consumer.

#4 | Posted by snoofy at 2025-05-22 07:31 PM | Reply

The stores were happy!

#5 | Posted by Corky at 2025-05-22 07:36 PM | Reply

Penny Wise and a pound foolish.

#6 | Posted by LauraMohr at 2025-05-22 08:06 PM | Reply

I guess A nickel for your thoughts going forward.

#7 | Posted by LauraMohr at 2025-05-22 09:50 PM | Reply

Right so that's like a dollar a year per consumer.

I don't think anyone really noticed they were gone.