The US Mint confirmed it will stop producing pennies after the final order of blanks runs out early next year. This decision follows President Trump's directive to reduce budget waste, noting the rising production costs of pennies, which have increased from 1.3 cents to 3.69 cents per coin. Ending production is anticipated to save $56 million annually. As pennies disappear, businesses may need to round prices to the nearest 5 cents, echoing a similar change in Canada. Despite this, 114 billion pennies remain in circulation, showing their continued presence in American commerce.
The decision follows President Trump's announcement in February that he had ordered the department to stop producing metal Lincolns due to their high production cost.
Ending penny production is projected to lead to immediate annual savings of $56 million, with more expected from reduced facility usage and other changes as the coin is phased out.
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