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End of the Penny Era in the US
2025-05-23 10:30:09
Economy
USA

End of the Penny Era in the US

The United States will cease production of the one-cent coin after more than 230 years. Beginning in 2026, no new pennies will enter circulation, driven by rising production costs that have soared from 1.3 cents to 3.69 cents per coin.

This bipartisan decision aims to save approximately $56 million annually. Currently, around 114 billion pennies are already in circulation.

In cash transactions, amounts will be rounded to the nearest five cents, a practice echoing discussions in Europe, particularly in Finland and Germany, where similar measures are being considered. The discontinuation of the penny underscores a significant shift in currency management as the nation adapts to economic realities.

Related news on that topic:

The End of an Era: Phasing Out the Penny

The US Treasury Department has announced the impending phase-out of the penny, a coin that has been in circulation since 1792. This decision arises from the drastic decline in demand and escalating production costs, with each penny now costing 3.69 cents to manufacture. By ceasing production, the Treasury aims to save approximately $56 million annually. The last order for penny blanks has been placed, and once the existing supply is exhausted, the penny will no longer be minted. This move reflects a broader trend in cash management and economic efficiency, sparking discussions about currency relevance in modern transactions.

The press radar on this topic:

Der Spiegel
23. Mai 2025 um 04:42

US to Stop Producing One-Cent Coins: Penny-Herstellung too Expensive

After more than 230 years, the United States will stop producing pennies. Starting from next year, no new one-cent coins will be put into circulation. There is already a regulation for paying rounded amounts.
DER SPIEGEL
23. Mai 2025 um 04:42

Penny Production Too Expensive: USA Discontinues One-Cent Coin Production - DER SPIEGEL

The USA is discontinuing the production of the one-cent coin after more than 230 years. The decision is supported by both parties and is justified by the rising costs of production, which have increased from 1.3 cents to 3.69 cents per coin over the past ten years. From the beginning of 2026, no new pennies will be allowed to circulate, which will save $56 million per year. Currently, there are around 114 billion pennies in circulation.
n-tv.de
23. Mai 2025 um 06:26

End of the Penny: US Makes Decision to End the One-Cent Coin - n-tv.de

The United States will stop producing one-cent coins after more than 230 years in order to save costs. From 2026, no new pennies will be put into circulation as the production costs have risen from $0.01 to $0.0369. The decision, supported by both political parties, is expected to save around $56 million per year. For cash transactions, rounding up or down to the next five-cent value will be used in the future. Similar discussions are taking place in Europe, particularly in Finland, and the Na..
Tagesspiegel
23. Mai 2025 um 07:48

Cash: USA Discontinue Production of 1-Cent Coins

After around 230 years, the USA is discontinuing the production of the 1-cent coin, as the manufacturing costs exceed the value of the coin. Companies will be required to round prices up or down to the next larger coin - 5 cents. The abandonment of the smallest cent coins is also being discussed in Germany, as similar problems with manufacturing costs exist. Some Eurozone countries have already introduced regulations to round cash payments to the nearest five-cent amount.
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