The final penny was produced at the U.S. Mint in Philadelphia on Wednesday.
Officials say ceasing the production of the one-cent coin is a cost-effective move.
Pennies have been around for over 230 years, and there are still billions of them in circulation, the Associated Press (AP) reported.
Each penny made costs 4 cents; therefore, Treasurer Brandon Beach made it clear the halting of production will ultimately put money back into citizens’ pockets.
Child putting pennies and other coins in a jar (Cottonbro Studio via Pexels)
“God bless America, and we’re going to save the taxpayers $56 million,” he said moments before the final penny was produced:
President Donald Trump announced plans for the move in February, writing in a social media post, “For far too long, the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful! I have instructed my Secretary of the U.S. Treasury to stop producing new pennies.”
When the U.S. Mint was established in 1792, the penny was one of the first coins it produced, the agency’s website states.
“The design on the first penny was of a woman with flowing hair symbolizing liberty. The coin was larger and made of pure copper, while today’s smaller coin is made of copper and zinc,” the site reads:
Liberty stayed on the penny for more than 60 years. In 1857, the coin got smaller and the metal composition changed to 88% copper and 12% nickel. With these changes came new designs. In 1857 and 1858 the new coins featured a flying eagle on the obverse and a wreath on the reverse. The “Indian Head” design appeared from 1859 to 1909.
In 1909, Abraham Lincoln became the first president featured on our coins in honor of his 100th birthday. The Lincoln penny obverse showed the image of Lincoln designed by Victor David Brenner that is still used today.
Pennies will remain legal tender and are not being banned or devalued, according to the Fox article.
A penny “can circulate for about 30 years before wearing out, meaning there will be no shortage of them anytime soon,” the outlet stated.
After the final pennies were made, U.S. Mint employee Clayton Crotty said, “It’s an emotional day. But it’s not unexpected.”
