On November 12, local time, U.S. Treasury Secretary Brandon Beach inspected the Philadelphia Mint to supervise the production of the last one-cent coin. This marks the official end of production of the one-cent coin in the United States after 232 years.
In February, U.S. President Trump said he had ordered the Treasury Department to stop minting the one-cent coin, which was “a waste.” The move prompted U.S. gas stations, fast-food chains and large retailers to adjust prices and round up cash transactions.
The U.S. Treasury Department said rising production costs, coupled with rapid changes in consumer habits and technology, made the production of the one-cent coin “economically unsustainable and unnecessary.” The U.S. Treasury Department noted that the cost of producing a one-cent coin today is 3.69 cents, compared with 1.42 cents 10 years ago. The discontinuation of the one-cent coin is expected to save the U.S. Mint approximately $56 million annually. One-cent coins will still circulate as legal tender, with an estimated 300 billion coins currently in circulation, “far exceeding the number required for commercial transactions.”
The first government-issued one-cent coin in the United States was issued in 1793. Since 1909, the zinc and copper coin has featured former President Lincoln in profile on the obverse.