U.S. Mint strikes final penny Wednesday
The U.S. Mint in Philadelphia will press the final penny Wednesday, and U.S. Treasurer Brandon Beach said those last coins will be auctioned. Each penny costs roughly four cents to make, and the Treasury estimates ending production will save about $56 million a year in materials, even as tens of billions of pennies remain in circulation and banks and retailers may round cash transactions to the nearest five cents.
📌 Key Facts
- The U.S. Mint in Philadelphia struck its final penny on Wednesday.
- U.S. Treasurer Brandon Beach said the final pennies printed in Philadelphia will be auctioned.
- Minting a penny currently costs about 4 cents each.
- The Treasury estimates ending penny production will save about $56 million a year in material costs.
- Tens of billions of pennies remain in circulation.
- Banks and retailers may round cash transactions to the nearest five cents once pennies are phased out.
📰 Sources (2)
What to know as the US Mint in Philadelphia presses its final penny
New information:
- U.S. Treasurer Brandon Beach said the final pennies printed in Philadelphia will be auctioned.
- Article reiterates penny minting cost (~4 cents each) and Treasury’s estimated $56 million in yearly material savings.
- Provides circulation context (tens of billions of pennies remain in circulation) and notes banks/retailers may round cash transactions to the nearest five cents.