The era of the U.S. Penny will soon come to an end.

In February, President Trump requested that the U.S. Treasury stop making pennies.

Take a look:

Trump just announced that pennies are DONE right in the middle of the superbowl. pic.twitter.com/28uBW52sOX

— Crémieux (@cremieuxrecueil) February 10, 2025

Trump’s reasoning behind eliminating the penny is that it costs too much to make.

The Washington Examiner reported an update on the future of the penny:

The era of the penny is nearing its end: Starting early next year, the Treasury Department announced that it will end the production of new pennies, leading to an eventual disappearance of the first-ever coin in the United States.

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When is the penny going away, and why?

The Treasury Department’s pledge to stop minting new pennies by early 2026 comes after President Donald Trump directed Secretary Scott Bessent in a February Truth Social post to stop his agency’s production of the coins, saying they cost more to make than they’re worth.

“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” he wrote in the post. “I have instructed my Secretary of the US Treasury to stop producing new pennies. Let’s rip the waste out of our great nations budget, even if it’s a penny at a time.”

How much does it cost to make a penny?

It costs 3.69 cents to make a penny, whose value is just one cent, according to the U.S. Mint’s fiscal 2024 report. Last year alone, the penny’s production resulted in a loss of $85 million for the Mint.

It’s not just the penny that costs more to mint than it’s worth. A nickel, despite holding a value of five cents, costs a whopping 13.78 cents to make, the Mint report said.
On the other hand, the Mint found, a quarter costs 14.68 cents to make — less than its 25-cent value — and a half-dollar coin costs just 34 cents to produce.

Even after the government stops minting pennies, the ones in circulation will still have value. In other words, your pennies will still work if you bring them to a store and try to pay in cash.

But will today’s pennies soon become a collector’s item? An increase in their value remains uncertain.
“I can’t tell the future,” said Julian Leidman of Bonanza Coins, a coin dealer and retail store in Maryland. “I think the penny should be discontinued myself, but only from a professional standpoint. From a collector standpoint, I don’t think it should be eliminated, because the penny has been going on since 1793, and a lot of people collect them.”

Canada has already gotten rid of their pennies.

The last Canadian penny was minted on May 4, 2012. Do you miss them? pic.twitter.com/xR5VrJrPG9

— Old Canada Series (@oldcanadaseries) June 19, 2022

Per Business News Daily:

While discontinuing the penny may face resistance in the U.S., Canada ceased production of its one-cent coin in 2013 and encouraged businesses and financial institutions to return their pennies to the Canadian Mint.

Canada removed its one-cent coin from circulation for reasons similar to those cited by U.S. penny-elimination proponents. “The penny is a currency without any currency in Canada, and it costs us 1.5 cents to produce a penny,” said former Canadian Finance Minister Jim Flaherty, who presided over the decision.

While some nostalgic souls north of the U.S. border may have lamented the passing of the iconic twin-maple-leaf coin, Flaherty said that when the Canadian senate committee held hearings on axing the penny, no witnesses came forward to fight for its preservation.

Canada is far from the first penniless nation. New Zealand, Australia, the Netherlands, Norway and Finland are among those that have made a smooth transition to a penny-free economy.

WATCH:

Will you miss the penny?

Let us know in the comment section down below!

This is a Guest Post from our friends over at WLTReport.

View the original article here.