The last-ever penny is being minted today in Philadelphia
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The U.S. Mint is set to strike the last circulating penny Wednesday afternoon in Philadelphia, officially closing the book on the one-cent coin.
Why it matters: The fallout over the phasing out of penny production is already hitting cash registers across the country, as stores and restaurants run short on change.
Driving the news: Treasury Secretary Scott Bessent and U.S. Treasurer Brandon Beach will oversee the last minting at the Philadelphia facility, the Associated Press reports.
- The U.S. Mint has been making pennies in Philadelphia since 1793, a year after Congress passed the Coinage Act.
- The Treasury didn't immediately respond to Axios' request for comment.
Flashback: President Trump ordered the Treasury to stop making new pennies in February, calling the coin's demise a way to "rip the waste out of the budget."
- The U.S. Mint had planned to finish production in early 2026, but most U.S. Mints ran through the final batch of penny blanks over the summer.
The big picture: Roughly 250 billion pennies are still out there — though the American Bankers Association says the issue isn't supply, but circulation, with many coins collecting dust in jars.
- Of the Fed's 170 coin distribution terminals, 100 have "ceased fulfilling penny orders," per the Fed's website as of Wednesday.
Follow the money: The Mint says ending penny production will save about $56 million annually, with each coin costing nearly 3.7 cents to make — more than triple its face value.
What's next: Pennies will remain legal U.S. tender, and consumers will still be able to use them in transactions — even as their numbers dwindle from circulation.
