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 as the cost of making them became more than their value.
President Trump ordered its demise as costs climb to nearly 4 cents per penny and the 1-cent valuation becomes somewhat obsolete.
The U.S. Mint has been producing Pennie’s in Philadelphia, the nation’s birthplace, since 1793, a year after Congress passed the Coinage Act.
Today, with billions of them in circulation, but they are rarely essential for financial transactions in the modern economy or the digital age.
President Trump wrote in February “For far too long the United States has minted pennies which literally cost us more than 2 cents.”
While many people still have a nostalgia for them, often seeing them as lucky or fun to collect.
Retailers have voiced concerns in recent weeks as supplies run low and the last production neared.
The phase-out of the penny has been abrupt and came with no guidance from the federal government on how to handle customer transactions.
Some retailers have rounded prices down to avoid shortchanging people, others are asking customers to bring exact change.
U.S. Treasury Secretary Scott Bessent and Treasurer Brandon Beach are expected to be in Philadelphia on Wednesday afternoon for the final production run.
The Treasury Department reports they expect to save an estimated $56 million per year on materials by ceasing to make the coins.