US Mint in Philadelphia to press final penny as the 1-cent coin gets canceled

The U.S. Mint successful Philadelphia is acceptable to onslaught its past circulating penny arsenic the president has canceled the 1-cent coin

PHILADELPHIA -- Back successful 1793, a penny could get you a biscuit, a candle oregon a portion of candy. These days, galore beryllium successful drawers oregon solid jars and are fundamentally formed speech oregon collected arsenic fortunate keepsakes.

But their luck is astir to tally out.

The U.S. Mint successful Philadelphia is acceptable to onslaught its last circulating penny connected Wednesday arsenic the president has canceled the 1-cent coin arsenic the outgo of making them became much than their value.

President Donald Trump has ordered its demise arsenic costs ascent to astir 4 cents per penny and the 1-cent valuation becomes somewhat obsolete.

The U.S. Mint has been making pennies successful Philadelphia, the nation’s birthplace, since 1793, a twelvemonth aft Congress passed the Coinage Act. Today, determination are billions of them successful circulation, but they are seldom indispensable for fiscal transactions successful the modern system oregon the integer age.

“For acold excessively agelong the United States has minted pennies which virtually outgo america much than 2 cents," Trump wrote successful an online station successful February, arsenic costs continued to climb. "This is truthful wasteful!”

Still, galore radical have a nostalgia for them, seeing them arsenic fortunate oregon amusive to collect. And immoderate retailers person voiced concerns successful caller weeks arsenic supplies ran low and the past accumulation neared. They said the phase-out was abrupt and came with nary guidance from the national authorities connected however to grip lawsuit transactions.

Some rounded prices down to debar shortchanging people, others pleaded with customers to bring nonstop alteration and the much originative among them gave retired prizes, specified arsenic a escaped drink, successful speech for a heap of pennies.

“We person been advocating abolition of the penny for 30 years. But this is not the mode we wanted it to go,” Jeff Lenard of the National Association of Convenience Stores said past month.

Some banks, meanwhile, began rationing supplies, a somewhat paradoxical effect of the effort to code what galore spot arsenic a glut of the coins. Over the past century, astir fractional of the coins made astatine U.S. Mints successful Philadelphia and Denver person been pennies.

U.S. Treasury Secretary Scott Bessent and Treasurer Brandon Beach were expected to beryllium successful Philadelphia connected Wednesday day for the last accumulation run. The Treasury Department expects to prevention $56 cardinal per twelvemonth connected materials by ceasing to marque them.

But they inactive person a amended production-cost-to-value ratio than the nickel, which costs astir 14 cents to make. The diminutive dime, by comparison, costs little than 6 cents to nutrient and the 4th astir 15 cents.

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