The time has come. After more than 230 years (production of the penny started between 1792 and 1793), we're finally done pressing the one-cent coin due to inflation.
The U.S. Mint made approximately 3.2 billion pennies in FY 2024 (ending September 30), at a cost of 3.69 cents per penny … which led to a loss of $85.3 million in just one year.
Now that era is over.
(Except we are still making nickels that cost 14 cents each!)
Here's a social media post from Trump back in February:
And one from this week:
From the AP:
The U.S. Mint in Philadelphia is set to strike its last circulating penny on Wednesday as the president has canceled the 1-cent coin.
...
The U.S. Mint has been making pennies in Philadelphia, the nation's birthplace, since 1793, a year after Congress passed the Coinage Act. Today, there are billions of them in circulation, but they are rarely essential for financial transactions in the modern economy or the digital age.
A bit of context from Morning Brew:
(It is illegal for businesses to round prices up.)
Welp, so long, penny! At least we've still got Honest Abe on the $5!
I'll leave you with the perfect meme:
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