USA set to phase out the penny

[Demon_Skeith]

The Treasury Department said it plans to stop manufacturing the penny, calling time on one of the first coins minted by the U.S. government.

The federal agency placed its final order for penny blanks this month, with the United States Mint slated to end manufacturing of the penny when that runs out, a Treasury official told CBS MoneyWatch. The blanks — flat, metal discs that the Mint turns into coins — will run out in early 2026, according to the Wall Street Journal, which first reported the news.

The penny, which dates from the early days of the U.S. Mint after its establishment in 1792, now costs more to manufacture than the coin is worth. The 1-cent coin cost about 3.7 cents to manufacture and distribute in 2024, according to the U.S. Mint's 2024 annual report.

Ending production of the penny will save the Mint about $56 million in annual savings, the Treasury said on Thursday.

Despite their coppery look, pennies are mostly made of zinc, with their distinctive appearance coming from a copper overlay. Zinc's cost per metric ton is more than double what it was in 2000, according to data from the Federal Reserve Bank of St. Louis.

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[Dead2009]

Theyve been looking to get rid of the penny for years so Im not surprised.

 

[Grungie]

They’ve been saying it for years, so I’ll believe it when it finally happens

 

[Artisan Vistra]

Weird to think what it would be like without pennies. I guess they would only work with credit union coin counters. Huge waste of time except when people want exact change.

 

[froggyboy604]

I feel phasing out the penny is not good news for charities where some more frugal people only throw a penny or a many pennies into the charity's donation box for the charity.

 

[TheRavenfreak]

I work in the lockbox department at a bank and you'd be surprised how many times I've got sent in a penny by people who forgot to add an extra cent when filling out a check. I know if they do get rid of the penny there's going to be people holding on to them and it makes me wonder what the bank will do if the penny is obsolete and we're sent in one.

 

[Demon_Skeith]

I work in the lockbox department at a bank and you'd be surprised how many times I've got sent in a penny by people who forgot to add an extra cent when filling out a check. I know if they do get rid of the penny there's going to be people holding on to them and it makes me wonder what the bank will do if the penny is obsolete and we're sent in one.

I'm sure in time it won't be acceptable currency, so pennies will die out.

 

[Grungie]

I feel phasing out the penny is not good news for charities where some more frugal people only throw a penny or a many pennies into the charity's donation box for the charity.

They still do that on the card machines.