The U.S. Mint held a ceremony today where U.S. Treasurer Brandon Beach struck the final circulating penny, ending 232 years of penny production.
Earlier this year, President Trump directed the Treasury Department to stop producing pennies. The U.S. Mint produces coinage while the Federal Reserve distributes coins to banks and credit unions.
The Mint noted that while it will no longer produce pennies, the currency remains legal tender. “There are an estimated 300 billion pennies in circulation — far exceeding the amount needed for commerce,” the agency said in a statement. “Retailers and other businesses can continue to price goods and services in one-cent increments.
The Mint will continue to produce numismatic versions of the penny in limited quantities for historical and collector purposes.
In an October letter, the American Bankers Association requested the Fed and Treasury Department alleviate the operational challenges caused by the end of penny production, such as by providing public education, giving guidance on rounding transactions and ensuring the existing penny supply continues to circulate during the transition.
