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Farewell to the Penny: US Treasury Mints Final One-Cent Coin
13 Nov
Summary
- US Mint burned millions annually to keep penny in circulation
- Penny's buying power plummeted due to steady inflation
- Canada successfully removed penny from circulation in 2012
On November 13, 2025, the US Treasury minted its final penny, marking the end of the one-cent coin's 232-year history. The decision to discontinue the penny was driven by the high cost of production and the coin's diminishing purchasing power.
According to the US Mint's 2024 report, each penny now costs 3.69 cents to produce, up from 1.42 cents a decade ago. This meant the US Mint was burning millions of dollars every year just to keep the penny in circulation. The White House's Department of Government Efficiency estimated the expected savings from the penny's removal to be around $56 million annually.
The penny's demise also reflects the steady erosion of its buying power due to inflation. With the cost of goods and services steadily rising, the humble penny has become increasingly irrelevant. For example, a single penny would now be insufficient to purchase even a basic lunch item.
