PHILADELPHIA – The United States Mint in Philadelphia has witnessed the conclusion of a monetary era spanning over two centuries, with the production of the final one-cent coin. This historic move signals a fundamental shift in the nation’s currency policy.
Farewell to the Penny: A Historic Milestone
In the very location where the first penny was minted more than two hundred years ago, Deputy Treasury Secretary Derek Thoirer announced, “We are halting the penny’s production today,” during a ceremonial event marking this significant monetary transition.
Production Costs: The Economic Equation That Sealed the Decision
According to official data, the production cost for a single penny has reached 3.69 cents, more than double its face value. The Mint’s annual report revealed losses exceeding $85.3 million in fiscal year 2024, making continued production “fiscally irresponsible” according to official statements.
Historical Record: The Last US Coin Discontinuation
Treasury Secretary Brandon Beech noted that the last time the United States discontinued a coin was in 1857 with the halt of the half-cent production, making the decision to stop penny minting an exceptional event in American monetary history.
Political Vision: Trump and Fiscal Reform
The decision culminates the vision of President Donald Trump, who declared in a February post on Truth Social: “For too long, pennies have cost us more than their value… This is massive waste!” emphasizing his administration’s focus on reducing government spending and budget rationalization.
The Fate of Pennies: From Circulation to Auctions
Beech clarified that remaining pennies (over 300 billion pieces) will continue to be legal tender, while the final minted coins will be directed to auctions as collectible items, transitioning from their monetary role to historical and heritage artifacts.
Transforming the American Wallet: Toward a Modern Monetary System
This decision represents a step within the comprehensive modernization of American payment systems, which is moving toward enhancing digital payments and restructuring the monetary system to meet the requirements of the 21st century.
