(NewsNation) — Luck has run out for America’s famously fortunate piece of currency: the penny.
The U.S. Mint in Philadelphia will strike its final copper coin Wednesday after more than 230 years of production and use. U.S. Treasury Secretary Scott Bessent and U.S. Treasurer Brandon Beach will formally stamp the final penny on-site.
While the penny is still legal tender, will remain in circulation and is expected to “retain its value indefinitely,” scrapping the penny is a measure intended to save money.
In February, President Donald Trump ordered penny production to cease to help “rip the waste out of our great nation’s budget, even if it’s a penny at a time.” The Treasury Department expects to save $56 million per year on materials by ceasing to make them, The Associated Press reported.
Shortages of the small coin plagued businesses in the months after, with Home Depot, Kroger, Walmart and McDonald’s among them.
Currently, the Treasury estimates there are at least 240 billion pennies in circulation. The argument to end their production has spanned decades, with many pointing to the rising costs of the coins, which are worth just 1 cent.
The U.S. Mint reported that it cost 3.69 cents to make the penny in 2024. That’s a 20% rise from 2023, and marked the 19th consecutive year that the penny costs more to make than its face value.