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Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
NEW YORK, November 13 (Xinhua) — The U.S. Mint on Wednesday stopped producing pennies after 232 years in circulation.
During a ceremony at the Philadelphia Mint, U.S. Treasurer Brandon Beach struck the final one-cent coins, officially ending their production.
Rising production costs and changing consumer habits have made penny production unprofitable. The cost of producing a penny has risen from 1.42 cents to 3.69 cents over the past 10 years, according to the U.S. Mint.
Earlier this year, US President Donald Trump ordered the Treasury Department to stop the "wasteful" minting of pennies.
Eliminating penny production is estimated to save the U.S. Mint about $56 million a year, Beach said.
The penny was first issued in the United States in 1793, a year after the Coinage Act was passed. –0–
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