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.
