The Treasury Department will stop putting new pennies into circulation early next year, the Wall Street Journal reported. The move comes after President Trump in February ordered the department to stop penny production, saying it is a waste of government resources.
Lawmakers in both parties have called for ending penny production, given the expense of producing the coinage. The U.S. Mint said the cost was 3.7 cents per penny for fiscal year 2024. While the Treasury Department has made no official announcement about the end of penny production, the Wall Street Journal cited an agency statement telling businesses to prepare to start rounding prices to the nearest five cents.
The first U.S. penny — known as the Fugio cent — was produced in 1787 and its design is sometimes credited to Benjamin Franklin, although that may be more myth than fact, according to the U.S. Mint.
