According to the New York Post,US Treasurer Brandon Beach announced he pushed the button on the “penny-making” machine at the Mint on Nov. 12.
“God bless America, and we’re gonna save the taxpayers $56 million,” Beach revealed as he hit the penny machine at the US Mint. “This is the last one – three, two, one!”
Beach received a round of applause for the news. The US Treasurer further clarified if the penny would still be used as a currency in the US.
“We’re saying goodbye to the penny today,” he also shared. “But let me just be crystal clear, like I said, it’s still legal tender. So you can still use it at your stores and retail outlets.”
As for the final penny, Beach said the Treasury is planning to auction it off, along with the one struck before it.
The US Mint canceled production of the penny after Trump claimed the coin cost approximately four times as much to produce as it was worth.
“For far too long, the United States has minted pennies which literally cost us more than 2 cents,” he explained. “This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies.”
The penny was first struck in 1787. The US Mint took over penny production in 1793, just one year after Congress passed the Coinage Act.
President Abraham Lincoln first appeared on the penny in 1909 to mark what would have been the world leader’s 100th birthday.
The US Mint reported that the end of penny production will save taxpayers approximately $56 million annually. As of last month, there are still an estimated 250 billion pennies in circulation.
The only new pennies that the US Mint will release will be collector versions, which are not currency. These types of pennies will be produced in “limited quantities.”