US to Stop Making Pennies, Saving Millions

The United States Treasury Department announced its plan to cease production of the penny, marking a significant cost-cutting measure for the United States Mint. The agency placed its final order for penny blanks earlier this month, signaling the end of an era for this iconic coin. Once the existing order is depleted, the production of pennies will officially stop, resulting in an estimated annual savings of $56 million, according to the Treasury. This decision follows a previous proposal by President Trump to discontinue the penny, highlighting the ongoing debate about the cost-effectiveness of the coin's production. "Ending production of the penny will save the Mint about $56 million in annual savings," a Treasury Department spokesperson stated. The discontinuation of penny production is expected to have minimal impact on consumers, as digital transactions and higher-value coins are increasingly prevalent. While some may lament the loss of the penny, the financial benefits for the government are undeniable. This move reflects a broader trend of governments worldwide reassessing the viability of low-value coins in the age of digital finance.