U.S. Penny being discontinued?

The Costs Didn’t Make Cents

Even with less copper used in the penny, the economics weren’t making much sense. Rising metal prices and other costs meant the Mint was losing money on every penny produced—about $0.037, up from $0.031 the year before per coin.

It cost 85.3 million on making nearly 3.2 billion pennies in fiscal year 2024.

At the same time, demand for small change was decreasing. Americans weren’t reaching into their pockets to pay with coins anymore, instead they were swiping, clicking, and tapping their way through purchases—even slots and laundry machines went cashless.

“Each penny costs more to make than it’s worth,” Beach said in Philadelphia. “Ending production saves taxpayers an estimated $56 million a year.”

Treasury Secretary Scott Bessent had already formally ordered the Philadelphia and Denver Mints to stop production, following an order from President Trump. “For far too long the United States has minted pennies which literally cost us more than 2 cents,” Trump wrote in a post on Truth Social in February.

“This is so wasteful! I have instructed my Secretary of the U.S. Treasury to stop producing new pennies.”

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