U.S. Mint Ends Penny Production After 230 Years

The U.S. Mint in Philadelphia ended production of the one-cent coin, known as the penny, on Wednesday, marking the close of more than two centuries of minting the nation's smallest denomination currency. The decision, ordered by President Donald Trump earlier this year, aims to curb costs that have exceeded the coin's face value, with each penny now requiring nearly four cents to produce.

U.S. Treasurer Brandon Beach presided over the final striking of pennies at the Philadelphia facility, where the coins have been made since 1793, shortly after Congress passed the Coinage Act. "God bless America, and we're going to save the taxpayers 56 million," Beach said just before activating the machinery for the last coins, which officials plan to auction off. The move is expected to save the government approximately $56 million annually in production and materials, according to Treasury estimates.

Trump highlighted the inefficiency in a February online post, writing, "For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!" The penny is the first U.S. coin discontinued since the half-cent in 1857. While billions of...