1-cent coin costs 4 cents to make .The move will save taxpayers $56 million!
After 230 years, America says farewell to the penny! The iconic 1-cent coin is officially retired, and the last batch was minted at the Philadelphia Mint this week.
First introduced in 1793, the penny once bought candies, candles, or biscuits. Today, it’s nearly useless—and shockingly, it costs 4 cents to make a single 1-cent coin!At the historic ceremony, Treasury official Brandon Beach pressed the button ending production. He said, “This move will save taxpayers $56 million!” The final pennies were displayed for media before being auctioned to collectors.
Billions of pennies remain in circulation, but no new coins will be made. Mint employees celebrated this historic moment, including veteran worker Clayton Kratie, who said, “An emotional day, but not surprising.”
The penny’s retirement was approved under Donald Trump, who criticized making coins that cost more than their value. While many Americans support the change, some still see the penny as a symbol of luck or a collectible treasure.
Businesses are finding creative ways to adapt—some round prices, while others give freebies instead of pennies. Jeff Lenard, of the National Association of Convenience Stores, said, “We’ve long supported ending the penny, but this was sudden!”
Fun fact: a nickel (5 cents) costs 14 cents to make, and a dime (10 cents) costs only 6 cents—making the penny the most expensive coin ever. Historians say the penny is more than money—it’s American history, culture, and art. Professor Frank Holt added, “Penny designs reflect our nation’s values. Its retirement closes a historic chapter.”
The penny may be gone, but its legacy will live on!
