The final penny was minted Wednesday at the U.S. Mint in Philadelphia.
Officials are saying that stopping penny production is a smart financial decision.
Having been around for over 230 years, there are still billions of pennies in circulation, as reported by the Associated Press.
It costs about 4 cents to make a penny, which is why Finance Minister Brandon Beech emphasized that ceasing production could ultimately save money for taxpayers.
“Thank goodness for this! It’ll save taxpayers around $56 million,” he remarked just before the last penny was produced.
President Trump had announced plans to end penny minting back in February, stating on social media, “The U.S. has been making pennies that cost more than 2 cents each. What a waste! I instructed the Treasury Secretary to halt penny production.”
When the U.S. Mint was established, the penny was among its first coins, made in 1792. The initial design featured a woman symbolizing freedom, and while older pennies were pure copper, modern versions include zinc.
For over six decades, the penny featured the image of Liberty. In 1857, the design changed, reducing the size and altering the alloy to 88% copper and 12% nickel, while introducing new designs such as a flying eagle and an “Indian Head” design.
In 1909, the Lincoln penny debuted to commemorate the president’s centennial, still bearing the design created by Victor David Brenner.
Legally, pennies cannot be banned or devalued. They will remain in circulation for potentially 30 years before becoming obsolete, so it seems they won’t disappear anytime soon.
“It’s an emotional moment but not out of the blue,” remarked U.S. Mint employee Clayton Crotty following the last minting.
