"The U.S. Mint on Wednesday ended production of the penny, a change made to save money and because the 1-cent coin that could once buy a snack or a piece of candy had become increasingly irrelevant. The last pennies were struck at the mint in Philadelphia, where the country's smallest denomination coins have been produced since 1793, a year after Congress passed the Coinage Act. Officials said the final few pennies would be auctioned off."
""God bless America, and we're going to save the taxpayers $56 million," U.S. Treasurer Brandon Beach said just before hitting a button to strike the final penny. Pennies remain legal tender, but new ones will no longer be made. The last coin to be discontinued was the half-cent in 1857, Beach said. President Donald Trump ordered the penny's demise as costs climbed to nearly 4 cents per penny and the 1-cent valuation became somewhat obsolete."
The U.S. Mint has ended production of the penny to save money. The final pennies were struck in Philadelphia, where pennies have been produced since 1793, and the last few will be auctioned. U.S. Treasurer Brandon Beach announced expected taxpayer savings of $56 million. Pennies remain legal tender but will no longer be minted. Production ended after President Donald Trump ordered the phase-out because costs rose to nearly four cents per penny and the coin's value became obsolete. Billions of pennies remain in circulation. Retailers reported supply shortages, rounded prices, and requested exact change; some offered prizes for pennies. Banks began rationing supplies. Collectors expressed nostalgia and retailers voiced concern.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]