The U.S. just produced its last penny after a more than 200-year run

The United States has officially stopped minting pennies after 232 years, with the last one produced in Philadelphia on Wednesday. This cost-cutting measure comes as each penny costs nearly four cents to produce, leading to an estimated annual saving of $56 million. While existing pennies remain legal tender, most in circulation are not actively used, and the government incurred significant costs in their production. The phase-out may necessitate businesses rounding prices to the nearest nickel, though the rise of non-cash payments mitigates this impact. Other countries like Canada, New Zealand, and Australia have also discontinued their one-cent coins. The penny was first minted in 1793, with Abraham Lincoln appearing on it starting in 1909. Concerns have been raised about the profitability of minting nickels, which cost about 14 cents each to produce. However, the Treasury Secretary believes that changing the coin's composition could make nickel production break even, while dimes are already profitable.