The Penny's Demise: US Mint to Stop Production

The United States Mint will soon cease production of pennies, marking the end of an era for this iconic coin. The decision, announced by the Treasury Department, is driven by the increasing cost of producing pennies—nearly four cents per coin. Last year alone, the Mint produced over three billion pennies. The final order of blanks for penny production has already been placed. "This decision will save taxpayers approximately $56 million in reduced material costs," a Treasury Department spokesperson stated. The phase-out will lead to businesses adjusting their cash transactions by rounding up or down to the nearest nickel. While the penny has been a part of American currency for over 230 years, its production will soon become a relic of the past, signifying a shift in economic priorities.