U.S. Mint Halts Penny Production After 232 Years Due to Soaring Costs
The U.S. Mint has ceased penny production, following President Trump's order, due to manufacturing costs exceeding its face value. This ends a 232-year tradition, with retailers now preparing to round transactions.
RedStateStop Making Cents: U.S. Mint Puts an End to a 232-Year-Old Institution
USA TODAYThe penny, America's oldest and most iconic coin in circulation, dies at 232
Boston HeraldPenny comes to naught
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PeopleNo More Pennies: After Centuries, U.S. Mint Just Pressed Last-Ever 1-Cent Coin That Trump Called 'So Wasteful'
Overview
President Trump ordered the U.S. Mint to stop penny production in February, citing that the manufacturing cost of nearly four cents significantly exceeded the coin's one-cent face value.
The U.S. Mint in Philadelphia struck its final penny on Wednesday, concluding a 232-year history for the 1-cent coin, which was first established after the Coinage Act of 1793.
The Treasury Department expects to save $56 million annually by ceasing penny production, despite an estimated 250-300 billion pennies still remaining in circulation across the U.S.
Retailers and banks will round cash transactions to the nearest five cents due to the penny shortage, a practice seen in Canada and Australia after they discontinued their low-denomination coins.
The penny, first minted in 1787 and featuring Abraham Lincoln since 1909, has been a staple of American currency for over 230 years, despite its diminished purchasing power.
Analysis
Center-leaning sources cover the end of US penny production neutrally, focusing on factual reporting. They present the government's rationale for cost savings and the shift to electronic transactions, while also acknowledging potential impacts like price adjustments and consumer costs. The coverage includes historical context and international comparisons, avoiding loaded language or selective emphasis.