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The U.S. Treasury Department has confirmed that production of the one-cent coin, commonly known as the penny, will cease next year due to rising minting costs exceeding the coin’s value. Over the past decade, the cost per penny has increased from 1.3 cents to 3.69 cents, leading to calls for its discontinuation from figures like Donald Trump and Elon Musk’s unofficial Department of Government Efficiency. The move follows similar actions in other countries, reflecting a trend towards cashless transactions, and is expected to save the U.S. Mint $56 million annually in material costs.
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