The U.S. Treasury confirmed the final order of penny blanks this month, indicating a step toward phasing out the one-cent coin. The U.S. Mint believes this could save taxpayers approximately $56 million annually as the cost of producing each penny exceeds three cents. The White House DOGE Office and various politicians have criticized the penny for its cost, though attempts to eliminate it in Congress have stalled. Other countries have successfully ceased penny production, and a majority of Americans support stopping its manufacture as it has become less relevant over the years.
The government made its last order of penny blanks earlier this month, a spokesperson for the Treasury Department confirmed to BI. The US Mint will keep manufacturing the one-cent coins until it runs out of blanks, they said, meaning the penny will gradually fall out of circulation.
By the US Mint's estimates, phasing out the coin will save $56 million annually in materials costs, according to the spokesperson. Each coin costs more than three cents to make, and the US Mint's 2024 report found that costs increased by 20.2% that year.
The White House DOGE Office took aim at the penny, an easy punching bag when it comes to government waste, earlier this year. In January, DOGE's X account highlighted the coin's cost, though Musk's group didn't have the power to get rid of the penny.
The penny is embedded in American history and remains a forgotten staple at the bottom of many purses. The coin was first issued in 1793, meaning it will have had a more than 230-year run.
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