(Philadelphia) U.S. Treasury Treasurer Mike Beach personally minted the last penny in Philadelphia, Pennsylvania, on Wednesday (November 12), ending a 232-year history of penny minting.
Following President Trump's order to halt penny production in February, gas stations, fast-food chains, and major retailers across the U.S. adjusted their prices upwards.
Mint officials revealed that while production of the standard penny ceased months ago, they continued minting a batch of specially marked pennies for auction in December. The coin Beach minted on Wednesday was among those auctioned.
Acting Director of the U.S. Mint, John McNally, said the first and last penny was expected to fetch approximately $100,000 (about S$130,000). The proceeds will fund the mint's operations, with any surplus going to the Treasury.
The U.S. government first issued the penny in 1793. The Mint says the cost of producing each coin has risen from 1.42 cents to 3.69 cents over the past 10 years.
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The Treasury Department stated that rising production costs, along with evolving consumer habits and technological advancements, have made cent production fiscally unsustainable and unnecessary. Suspending cent production is expected to save the Mint approximately $56 million annually. The cent coin will remain in circulation as legal tender, with approximately 300 billion currently in circulation, far exceeding commercial needs.
