On May 22 local time, a U.S. Treasury official announced that the United States will mint its final batch of one-cent coins before ceasing production of the penny, as ordered by President Donald Trump. The unnamed official disclosed to the media that the U.S. Mint has procured its last shipment of penny blanks and will discontinue production once these are exhausted.
In February, Trump directed the Treasury to stop issuing new pennies, citing excessive minting costs. According to the U.S. Mint's annual report, the production cost of a penny reached nearly 3.7 cents in fiscal year 2024, marking the 19th consecutive year its expense has exceeded its face value.
Approximately 114 billion pennies remain in circulation across the U.S., though their practical usage is minimal. The Treasury official estimated that halting penny production would yield US$56 million in annual savings on raw material costs alone. Advocates for retaining the penny argue that it still plays a role in charitable donations and, compared to the nickel (5-cent coin), remains far cheaper to produce.
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