The U.S. Treasury Department will phase out the production of new pennies following President Trump's request, aiming to save approximately $56 million a year. The production halt will begin once the current inventory of penny blanks is exhausted. Trump's criticism of the penny as wasteful has prompted this decision, as it currently costs 3.69 cents to mint a single penny. This marks the end of over 230 years of the penny in the American currency system, which features Abraham Lincoln's profile.
For far too long the United States has minted pennies, which literally cost us more than 2 cents. This is wasteful! I have instructed my Secretary of Treasury to stop producing new pennies.
The retirement of the penny is expected to save the Treasury Department around $56 million annually in reduced material costs. Additional savings will accrue as facility usage is adjusted.
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