U.S. Mint In Philadelphia Presses Final Pennies As The 1-Cent Coin Gets Canceled

The U.S. Mint in Philadelphia has pressed its final pennies as the 1-cent coin is officially canceled. This decision, announced by the U.S. Treasury Department, is expected to save the government $56 million annually in material costs. The cessation of penny production marks a significant shift in U.S. currency policy, reflecting ongoing discussions about the practicality and cost-effectiveness of low-denomination coins. The move is seen as a step towards modernizing the currency system and addressing economic efficiency.