Save Your Pennies Now More Than Ever
May 27, 2025 – The U.S. Mint confirmed that it will officially cease production of the penny, marking the end of a coin that has circulated in American commerce for over 160 years. The Mint has placed its final order of penny blanks, signaling the closure of an era for the smallest denomination in U.S. currency.
The name Penny (or Penney) as a surname comes from the Old English word “penig,” referring to a coin, specifically a silver penny. This coin was a significant unit of currency in England for a long time.
The decision comes amid growing financial and technological pressures. “For every penny that the United States government prints, we’re actually losing money,” a Mint official said. It currently costs the federal government nearly two cents to produce a single penny—double its face value—leading to annual losses in the tens of millions. The growing shift toward a cashless economy has also played a key role in the decision, as Americans increasingly rely on credit cards, debit cards, and digital payment platforms, rendering coins like the penny obsolete in daily transactions.
President Donald Trump voiced his support for the move earlier this year, calling the penny “wasteful” on his Truth Social platform. In early May, Senators Mike Lee (R-Utah) and Jeff Merkley (D-Oregon) introduced bipartisan legislation to formally end the coin’s production.
While the penny has long held symbolic value in American culture—featuring the image of President Abraham Lincoln since 1909—its practical use has waned. Businesses and consumers alike have expressed growing indifference to its absence, and rounding policies for cash transactions are already in place in other countries that have phased out their lowest-denomination coins.
The U.S. Mint said existing pennies will remain legal tender indefinitely. However, collectors and history enthusiasts may rush to preserve these final editions, knowing the iconic coin has officially reached its end. The move reflects a broader trend toward modernizing and streamlining America’s monetary system in the digital age.
