The clock ran out today when the U.S. Mint in Philadelphia produced the final pennies to go into circulation … the 1-cent coins had been minted there since 1793, the year after Congress passed the Coinage Act.
Pennies are still considered legal tender, but no new pennies will be made … and it’s mainly a financial decision. A single penny costs about 3 cents to produce.
U.S. Treasurer Brandon Beach hit the button to strike the final penny Wednesday, declaring … “God bless America, and we’re going to save the taxpayers $56 million.”
Discontinuing coins is a rarity … Beach says it hasn’t happened since way back in 1857, when the half-cent was done away with.
Abraham Lincoln‘s been the face of the penny since 1909 … but when the penny was born, Lady Liberty graced one side of the coin.
The penny is finished, but it’s not really going away … at least not yet … estimates say there are about 250 BILLION pennies still in circulation.
With the penny going the way of the dodo bird, all eyes are now on the nickel … the 5-cent coin costs about 10 cents to produce.
