Treasury Department Halts Penny Production, Citing Rising Costs and Digital Shift

The U.S. Treasury Department confirms it is halting the production of new one-cent coins, effectively beginning the phase-out of the penny after decades of debate over its cost and relevance. The announcement, made Thursday, follows the department's final order of penny blanks earlier this month, signaling the end of one of America’s most iconic but increasingly obsolete coins.

According to the Treasury’s 2024 annual Mint report, the cost of producing a single penny surged by 20% over the past year, making each coin cost nearly 3 cents to manufacture. With over 7.5 billion. . .