Philadelphia's 230-Year Streak as Penny Producer Comes to an End
The United States Mint in Philadelphia has officially put its penny-making days behind it, marking the end of a nearly three-decade-old tradition that dates back to 1793. As part of a ceremonial minting attended by US Treasurer Brandon Beach on Wednesday, the last circulating penny was produced.
While general production of pennies will cease today, their legacy is expected to endure as commerce continues to evolve and their significance in America's story remains unchanged. The US Treasury Department has confirmed that pennies will still be accepted as legal tender, with limited quantities being produced for historical and collector purposes.
The decision to halt penny production was made by President Donald Trump in February, citing the coin's inefficient costs. Trump stated that the process "literally cost us more than 2 cents" to produce each penny. A recent annual report from the US Mint revealed that it costs approximately 3.69 cents to produce one penny, a price that has remained above face value for 19 consecutive years.
Economists have warned that removing pennies from circulation could have unintended consequences on consumers, with estimates suggesting losses of around $6 million annually. However, proponents argue that rounding prices to the nearest nickel would have more significant effects, particularly for low-income households and individuals relying on cash transactions.
The city of Philadelphia has been synonymous with penny production since 1793, with designs ranging from a woman symbolizing liberty to Abraham Lincoln's portrait, which was introduced in 1909. The US Mint celebrated its 225th anniversary in 2017 by temporarily printing pennies featuring the iconic "P" mark.
The United States Mint in Philadelphia has officially put its penny-making days behind it, marking the end of a nearly three-decade-old tradition that dates back to 1793. As part of a ceremonial minting attended by US Treasurer Brandon Beach on Wednesday, the last circulating penny was produced.
While general production of pennies will cease today, their legacy is expected to endure as commerce continues to evolve and their significance in America's story remains unchanged. The US Treasury Department has confirmed that pennies will still be accepted as legal tender, with limited quantities being produced for historical and collector purposes.
The decision to halt penny production was made by President Donald Trump in February, citing the coin's inefficient costs. Trump stated that the process "literally cost us more than 2 cents" to produce each penny. A recent annual report from the US Mint revealed that it costs approximately 3.69 cents to produce one penny, a price that has remained above face value for 19 consecutive years.
Economists have warned that removing pennies from circulation could have unintended consequences on consumers, with estimates suggesting losses of around $6 million annually. However, proponents argue that rounding prices to the nearest nickel would have more significant effects, particularly for low-income households and individuals relying on cash transactions.
The city of Philadelphia has been synonymous with penny production since 1793, with designs ranging from a woman symbolizing liberty to Abraham Lincoln's portrait, which was introduced in 1909. The US Mint celebrated its 225th anniversary in 2017 by temporarily printing pennies featuring the iconic "P" mark.
. but now ur gonna have to round prices to the nearest nickel and that's not cool for low-income ppl who only use cash 
. also, what about all the collectors & historical stuff? they're still goin 2 b accepted as tender 
. i guess its just another change in america...
It's like, can't believe it after 230 yrs of being a penny prodigy 
and ppl are already saying how much money we'll save (like $6 million annually??) but honestly idk if its a good thing for the lower income fam 
it's hard enough to make ends meet as it is 
meanwhile i'm low-key sad cuz pennies were like a rite of passage in America 
It's crazy that Philly has been making them since 1793 and now it's over 
. I know the gov't said they're saving money but I feel like we're losing a piece of our history 
they were a part of america's history and stuff...I get why they wanted to cut costs tho, $6 million is a lot 
still, it's weird that the US mint was producing pennies for 230 years that's crazy 
those were the days... but i guess 3.69 cents is like, way too much to keep around, lol. still, its gonna be weird seein pennies disappear from circulation it feels like a part of our economy is changin or somethin. and whats up with roundin prices to the nearest nickel? that sounds like it could hurt people who dont have access to credit cards or whatever 
... I mean, it's crazy to think that something so small as a coin has been a part of America's story for almost 230 years... 
... anyway, back to pennies... I guess it's weird that they're still going to make some for collectors and historical stuff... feels like a bummer that we won't get to see new designs anymore 
... oh man I'm getting sidetracked again aren't I? 
. What's next, getting rid of quarters too?! 
The thought of rounding prices to the nearest nickel is just a recipe for disaster... those low-income folks will be hit hard