Trump Administration Orders End to Penny Production

After more than 200 years of jingling in Americans’ pockets, the penny is officially on its way out. The U.S. Treasury Department has confirmed it will end the production of one-cent coins in 2026, marking the end of an era for the copper-colored staple of everyday transactions.

The move comes after President Donald Trump directed Treasury Secretary Scott Bessent earlier this year to halt the minting of pennies, citing them as economically wasteful. The decision follows a long-standing national debate over the practicality and cost of keeping the coin in circulation.

The penny first entered American life in 1793 as one of the earliest coins minted by the U.S. government. While once a symbol of thrift and utility, the one-cent coin has become increasingly burdensome from a fiscal standpoint.

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According to the Treasury, the cost of producing a single penny has skyrocketed from 1.3 cents to 3.69 cents over the past decade—making each penny literally worth less than it costs to make.

Financial reform advocates and public figures alike have questioned the coin’s relevance in today’s economy. Notably, Elon Musk’s unofficial “Department of Government Efficiency” (Doge) spotlighted the issue on X (formerly Twitter) earlier this year, reigniting public interest in discontinuing the coin.

The U.S. Mint estimates that halting production could lead to savings of around $56 million annually—largely in material and production costs.

However, not everyone is on board with saying goodbye to the penny. Supporters argue it helps keep consumer prices low by discouraging upward rounding and continues to serve a role in charitable fundraising.

According to a Treasury spokesperson, the Mint has placed its final order for penny blanks, and production will continue only until current inventory runs out. Businesses will soon have to adjust pricing structures, potentially rounding to the nearest five cents—similar to systems already in place in countries like Canada, which phased out its one-cent coin in 2012.

The U.S. isn’t alone in scaling back coinage amid a changing economy. The United Kingdom, citing a sharp decline in cash usage, did not mint any new coins in 2024. While larger denominations like the £1 and £2 coins remain in circulation, the trend toward digital transactions continues to diminish the role of physical currency globally.

As America prepares to say farewell to the penny, the change marks not just a shift in monetary policy but a reflection of evolving economic habits in an increasingly cashless world.