The penny's days may be numbered as Congress considers ending production 04:14. The humble penny, once a pocket staple, has long since lost its shine in American commerce, but it retains devoted ...

The American penny isn’t going anywhere anytime soon. The US Treasury Department announced Thursday that it plans to start winding down production of the one-cent coin it has been minting for ...

The federal government is winding down production of the penny coin following a bipartisan effort to nix the lowest-denomination of U.S. currency over cost concerns, according to a plan outlined ...

Change is coming, but it won't be in the form of a penny anymore. After 233 years of production, the U.S. Treasury Department announced that the production of the penny will come to an end, and ...

The U.S. Treasury Department announced that it will begin winding down production of the penny, ending more than 230 years of minting the 1-cent coin.

The de-circulation of the penny is expected to save the federal government nearly $60 million annually in material costs. “Given the cost savings to the taxpayer, this is just another example of our ...

That means each penny costs 370% of its face value, compared to 276% for each nickel. And because the U.S. Mint produces roughly four times more pennies than nickels each year, the total budget ...

In fiscal year 2024, it took 3.7 cents to produce and distribute one penny, according to the 2024 U.S. Mint report. The 2024 cost was up by 20% from the previous year, according to the report.

When President Donald Trump announced his intention to eliminate the penny Sunday, he cited the rising cost of producing the coin. Data from the U.S. Treasury shows it’s not the only coin that ...

The cost of producing a penny increased by 20 percent in the 2024 fiscal year to 3.69 cents per one-cent coin, according to the U.S. Mint’s annual report to Congress.

By halting production of the penny, the U.S. Mint — the coin-producing bureau of the Treasury — projects an immediate annual savings of $56 million in reduced material costs.