The main reason for this decision is the obsolescence of the penny and the high cost of its production. Minting a single coin costs more than 3 cents, despite its face value of only 1 cent.
The last one-cent coins were minted on November 12 in Philadelphia, marking the end of a long history of their use that began in 1793. However, these coins will remain legal tender.
The rising costs of minting, along with changes in consumer habits and technology, have made the production of pennies economically unfeasible. Currently, the cost of producing one coin is 3.69 cents, whereas ten years ago it was only 1.42 cents.
It was previously reported that the discontinuation of minting one-cent coins would help save about 56 million dollars.
