US to Phase Out One Cent Coins
The US Treasury Department has confirmed that production of one cent coins, or pennies, will cease next year, following a directive from President Donald Trump, who deemed them “wasteful.” The cost of minting pennies has increased significantly, rising from 1.3 cents to 3.69 cents per coin over the past decade, leading to an estimated annual saving of $56 million by halting their production. This decision aligns with trends in other countries, such as Canada, which discontinued its one cent coin in 2012 due to similar financial considerations.
