US Mint Presses Final Pennies After 232 Years: Production Ends

Historic End of Penny Production

• 🏛️ The U.S. Mint in Philadelphia has pressed its final one-cent coins, marking the end of penny production after 232 years.
• 📜 This historic occasion was attended by Derek Tyer, performing the duties of Deputy Secretary of the Treasury, and Brandon Beach, the 46th Treasurer of the United States.

The Legacy of Abraham Lincoln and the Penny

• 👤 The penny bears the likeness of Abraham Lincoln, who was known as "Honest Abe" for his meticulousness and integrity, even as a store clerk.
• 💡 Lincoln's character is highlighted through a story of him walking miles to return just a few pennies to a customer, emphasizing that every cent counted.

Fiscal Responsibility and Cost Savings

• 💰 Treasurer Beach stated that the continued production of the penny is no longer fiscally responsible or necessary due to modernization and plummeting demand.
• 📉 Over the last decade, the production cost of a single penny has tripled, while demand has decreased.
• 💸 Ending penny production is projected to save American taxpayers approximately $56 million per year in production costs alone.

The Penny's Future in Circulation

• 🚫 While production is ending, the penny remains legal tender.
• 🔄 There are over 300 billion pennies currently in circulation, and the public is encouraged to continue using them.
• 🖼️ The final two pennies pressed will be auctioned off, with proceeds going to the public enterprise fund at the U.S. Mint.

Appreciation for Mint Employees

• 👍 Special thanks were given to Christy McN, acting director of the U.S. Mint, and her entire team for their work in producing coins.
• 👏 The hard work of the mint employees, who produce both legal tender and commemorative coins, was recognized and appreciated.