US Mint in Philadelphia set to press the last-ever penny as coin gets canceled
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. AP
PHILADELPHIA (AP) — The U.S. Mint in Philadelphia is striking its final circulating penny on Wednesday, marking the end of a 232-year tradition after President Donald Trump ordered the phase-out of the 1-cent coin.
Rising production costs — now approaching four cents per penny — and the declining need for small change in an increasingly digital economy prompted the decision.
“For far too long the United States has minted pennies which literally cost us more than 2 cents,” President Trump wrote in a February post. “This is so wasteful!”
The Philadelphia Mint has produced pennies since 1793, a year after Congress passed the Coinage Act. While billions of pennies remain in circulation, their practical use has steadily declined. Many Americans now see them as nostalgic keepsakes or symbols of good luck rather than tools for daily commerce.
Retailers have scrambled to adjust in recent weeks as supplies dwindled. Some stores began rounding prices down to avoid shortchanging customers, while others offered small rewards — such as free drinks — in exchange for spare pennies. “We have been advocating abolition of the penny for 30 years,” said Jeff Lenard of the National Association of Convenience Stores. “But this is not the way we wanted it to go.”
Banks have also begun rationing remaining supplies — a curious twist given the long-standing surplus of pennies. Historically, about half of all coins minted in Philadelphia and Denver have been 1-cent pieces.
Treasury Secretary Scott Bessent and U.S. Treasurer Brandon Beach are expected to attend Wednesday’s ceremonial final strike at the Philadelphia Mint. The Treasury Department estimates taxpayers will save roughly $56 million per year in materials by ending production.
Even so, the penny’s demise raises questions about the future of other low-denomination coins. The nickel, for example, costs nearly 14 cents to produce — more than triple its face value — while the dime costs less than six cents and the quarter nearly fifteen.
When the penny debuted in 1793, it could buy a biscuit, a candle, or a piece of candy. Today, most find their way into drawers, jars, or coin collections — sentimental artifacts of another age.
Frank Holt, an emeritus professor of history at the University of Houston, said each coin tells a piece of the nation’s story. “We put mottos on them and decide which figures from our past should be commemorated,” he said. “They reflect our politics, our art, our ideals, and our sense of who we are.”
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