PHILADELPHIA — The U.S. Mint says it has stopped producing pennies, a historic shift in currency two centuries after the one-cent coin entered circulation.
The last penny was stamped at the Philadelphia U.S. Mint during an event on Wednesday, Nov. 12, part of an effort to retire the coin that now costs more to produce than it is worth.
The Treasury Department said the last two pennies were stamped with a special omega mark and will not go into circulation. The government plans to auction the pennies off in the future.
"The penny was first authorized by the Coinage Act of 1792; however, ongoing increases in production costs and the evolution in consumer habits and technology have made its production financially untenable," according to a statement from the U.S. Department of the Treasury.
What does it mean? Pennies are being canceled and the US Mint won't make any more.
