US to stop minting pennies, following Ukraine’s lead

The decision came after Trump instructed the cessation of one-cent coin minting. The official ceremony for striking the last set of pennies took place on November 12 at the Philadelphia Mint, attended by US Treasury Secretary Brandon Bitch.

The official stated that ending penny production will save taxpayers approximately $56 million annually in manufacturing costs. He noted that the cost of producing a penny has long exceeded its face value, and demand for the coin continues to decline. At the same time, he emphasized that pennies remain legal tender, with over 300 billion coins currently in circulation.

The Treasury Secretary emphasized that they were not getting rid of the penny and were simply ending its production.

However, concerns have emerged in retail. Some stores are already facing coin shortages and are having to round prices during cash transactions. Industry representatives have urged Congress to pass legislation allowing purchases to be officially rounded to the nearest nickel (5 cents) to avoid confusion.

The last similar event in the US occurred over 150 years ago — in 1857, when the country discontinued the half-cent coin. Symbolically, the penny features President Abraham Lincoln, who, as Deputy Treasury Secretary Derek Toirer noted, was always attentive to every cent.

The final batch of pennies, minted for commemorative purposes, will be sold at auction, with proceeds directed to the US Treasury’s general fund.