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U.S. to Retire Penny, Saving $56 Million Annually

5/22/2025

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Summary

Story summary

The U.S. Treasury is set to retire the penny, with the last batch of blanks produced this month. Each penny costs 3.7 cents to make, promising annual savings of $56 million. However, the journey to phasing out this small coin could take nearly a decade, as a staggering 114 billion pennies still circulate.

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Story summary

The U.S. Treasury is set to retire the penny, with the last batch of blanks produced this month. Each penny costs 3.7 cents to make, promising annual savings of $56 million. However, the journey to phasing out this small coin could take nearly a decade, as a staggering 114 billion pennies still circulate.