The last coin was minted in Philadelphia by United States Treasurer Brandon Beach, officially ending the 232-year production of the penny in circulation.
“While overall production concludes today, the penny’s legacy lives on,” Kristie McNally, acting director of the Mint, said in a statement.
The currency will maintain its legal tender status. Currently, around 300,000 million cents circulate in the country.
The end of production comes after President Donald Trump asked the Treasury Department in February to stop producing pennies to reduce government spending.
“For too long, America has minted pennies that literally cost us more than 2 cents. It’s a total waste!” Trump wrote on his Truth Social platform at the time.
The first time the penny was authorized was in 1792 through the Coinage Law.
At first, pennies were made of pure copper, but today’s coins are smaller and made of zinc coated with copper, which gives the so-called red penny its pinkish hue.
Over the past decade, the cost of making each coin has risen from 1.42 cents to 3.69 cents, the Mint reported Wednesday.
