NEED TO KNOW
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The final U.S. penny was minted on Wednesday, Nov. 12
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Treasurer Brandon Beach claimed the move to discontinue the coin will save American taxpayers $56 million
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President Donald Trump previously said minting the one-cent coin was “so wasteful”
The production of the penny has come to an end in the United States after more than 200 years.
The U.S. Mint in Philadelphia concluded production of the 1-cent coin on Wednesday, Nov. 12, according to the Associated Press and CNN.
Treasurer Brandon Beach helped stamp the last penny during an event marking the end of the penny’s production, USA Today reported.
The retirement of the one-cent coin comes after it became more costly to produce the coin than what it is worth.
“God bless America, and we’re going to save the taxpayers $56 million,” Beach said shortly before striking the final penny, the AP reported.
Pennies will still be in circulation and remain legal tender despite the end of their production. President Donald Trump ordered the discontinuation.
“For far too long the United States has minted pennies which literally cost us more than 2 cents,” Trump wrote in a post in February, according to NBC News. “This is so wasteful! I have instructed my Secretary of the U.S. Treasury to stop producing new pennies.”
The penny is the first coin to be discontinued since the half-cent in 1857, according to the AP.
Toward the end of production, some banks were reportedly rationing the coin, while some businesses were considering rounding prices to the nearest nickel.
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Now, a bill known as the “Common Cents Act” would round cash transactions to the nearest five cents, if passed, according to USA Today.
“By the time we reach Christmas, the problems will be more pronounced with retailers not having pennies,” said Mark Weller, executive director of Americans for Common Cents, CNN reported.
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