Those spare change jars sitting in American homes might soon become more than just clutter. The U.S. Treasury is officially bringing the penny’s long run to an end, with plans to stop minting the one-cent coin next year — a move expected to save taxpayers tens of millions annually.
According to The Wall Street Journal, the Treasury has placed its final order for penny blanks, and once that supply is gone — likely in early 2026 — production of the iconic copper-colored coin will cease. It marks the end of an era for a piece of U.S. currency that has been in circulation since 1793, just one year after the U.S. Mint was established.
The decision comes just months after President Donald Trump called for the penny’s retirement, citing wasteful government spending. “For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump posted on Truth Social. “Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time.”
He’s not wrong on the math. Producing a single penny now costs more than triple its face value — jumping from 1.3 cents a decade ago to 3.69 cents in 2024. That adds up to an estimated $56 million in annual savings once production stops. To put it in perspective, even printing a dollar bill is cheaper: the Bureau of Engraving and Printing reports it costs just 3.2 cents to produce a $1 note.
The penny, composed primarily of zinc with a copper coating, has long been viewed as a nostalgic symbol of American currency. It was the first coin ever issued by the U.S. Mint and in 1909, became the first to feature a U.S. president when Abraham Lincoln’s profile was added in honor of his 100th birthday.
But the coin’s value has long been up for debate. With about 114 billion pennies currently circulating — many of them collecting dust in drawers and jars — critics argue they’re more of a burden than a benefit. Proponents of the phase-out say it will reduce costs, speed up cash transactions, and bring the U.S. in line with countries like Canada, which stopped minting its penny in 2012. Even the U.S. Department of Defense stopped using pennies at overseas military bases back in 1980 due to high shipping costs.
While the penny’s production will end, it won’t vanish overnight. It will remain legal tender, meaning Americans can still use them for purchases, deposits, and transactions — at least for now. But as the supply dwindles, some retailers may begin rounding prices to the nearest five cents, especially for cash payments, a shift that could subtly reshape everyday pricing strategies.
Caroline Turco, assistant curator at the Money Museum in Colorado Springs, noted that the penny will be the twelfth U.S. coin denomination to be retired. “We retired them for multiple different reasons,” she explained, “but normally because they were not being used or they just became too expensive to produce.”
So, what happens to all those pennies stashed in piggy banks and cup holders? While there’s no guarantee of a spike in value, some collectors may hold onto them in hopes of future rarity. “I think collectors will still enjoy having them,” Turco said. “But I don’t think that the value of a penny will just skyrocket overnight.”
The penny may be on its way out, but its legacy — from Lincoln’s solemn gaze to the age-old saying about a “penny saved” — remains deeply embedded in American culture.
