No more pennies: US mint presses its last penny after 232 years; can you still use it, and here’s how much it costs to make a penny, nickel, and dime
The move to retire the country’s smallest banknote comes as production costs far exceed the value of the coin. The decision to suspend the penny follows a directive from President Donald Trump in February earlier this year.
“For too long, the United States has printed coins that cost us more than 2 cents. This is such a waste!” Trump wrote on the social media service Truth Social. “I have instructed my US Treasury Secretary to stop creating new money.”
The half cent was the last coin to be discontinued before this in 1857, and there are an estimated 300 billion pennies in circulation.
How much does it cost to earn a penny?
According to the U.S. Mint, each penny costs 3.69 cents to produce, more than three times its face value. The United States is expected to save approximately $56 million annually by ending penny manufacturing.
How much does it cost to make a nickel?
According to the U.S. Mint’s 2024 annual report, nickel costs about 14 cents to produce; This is almost three times its market value. Both the dime and the nickel have cost more to produce than they are worth for nearly two decades.
How much does it cost to earn a penny?
According to Mint figures, dimes cost about 6 cents to produce, while quarters cost about 15 cents each.
Is a penny legal tender and can you still use pennies?
Yes. The Treasury Department said the penny “will continue to be legal tender and retain its value indefinitely.”
Why are the pennies going?
For years, retailers and lawmakers alike have pushed for the U.S. to abolish the penny, arguing that it no longer serves a practical purpose in modern commerce. In February, President Donald Trump ordered Treasury Secretary Scott Bessent to halt penny production, calling it “very wasteful.”
According to the U.S. Mint’s statement on the dime discontinuation, economic and production challenges, as well as changing consumer habits, have made it unsustainable to continue minting one-cent coins.
