Penny's Last Day: US Stops Minting One-Cent Coin

On November twelfth, the penny, Americas smallest coin, will cease production at the Philadelphia Mint. This marks the end of an era for the coin that has been in circulation since 1793. The decision to halt production comes after President Trumps announcement earlier this year, citing the high cost of production, now nearly four cents per penny. Despite this, pennies will remain legal tender, with an estimated three hundred billion in circulation. The U.S. joins countries like Canada and Australia in phasing out their lowest-value coins, typically rounding cash transactions to the nearest five cents. The penny, featuring Abraham Lincolns profile since 1909, has been a subject of debate, with some arguing it helps keep prices down and aids charities, while others find it a nuisance. The American Bankers Association encourages people to gather their spare pennies to ease a current shortage. The Daily News Now! - Every city. Every story. AI Powered. Hosted on Acast. See acast.com/privacy for more information.