WASHINGTON (LOOTPRESS) — The U.S. Department of the Treasury announced Thursday that it has placed its final order for blank penny planchets, marking the end of new penny production as part of a cost-cutting effort initiated by the Trump administration.
The decision follows a February directive from President Donald Trump, who called for a halt in penny production, citing fiscal responsibility. “We’re ripping the waste out of our great nation’s budget, even if it’s a penny at a time,” Trump said in a social media post at the time.
While questions were initially raised about whether the president had the authority to stop minting coins, the Treasury confirmed that the U.S. Mint will continue producing pennies only while the current supply of blanks lasts.
The U.S. Mint’s 2024 annual report revealed that the cost of producing a penny had risen to 3.69 cents per coin—more than triple its face value. Treasury officials estimate that ending production could save the government approximately $56 million each year in material costs alone.
The penny’s future has long been debated, with critics arguing it is inefficient and obsolete, while supporters say it plays an important role in cash transactions and pricing.
The Treasury has not yet indicated whether existing pennies will be pulled from circulation or how long they will remain legal tender. For now, Americans can still use pennies for everyday transactions while supplies last.
