Have you heard? The U.S. Treasury stopped the production of the U.S. Penny earlier than previously announced as the final penny was stamped earlier this month. This marks the end of production of the one-cent coin after more than 230 years in circulation.
It costs 3.7 cents to produce a penny. This decision, driven by the high cost of manufacturing pennies and declining cash use, is projected to save taxpayers approximately $56 million annually.
Pennies will remain legal tender, which is fortunate since more than a billion dollars’ worth are in circulation. Most are rarely…
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