The production of one-cent coins has been discontinued in the United States, according to information from the Associated Press.
The decision to halt the minting of coins that have been in circulation for over two centuries is due to the fact that the costs of producing them have begun to exceed their actual value. Despite this, one-cent coins will retain their legal tender status, and the last specimens minted by the Philadelphia Mint will be auctioned off, as stated by U.S. Treasury Secretary Brandon Beach.
Previously, the longest-running issuance in American history was the half-cent coins, whose minting was stopped in 1857, coinciding with a reduction in the size of the penny to save on copper. To date, one-cent coins are composed of 97.5% zinc and have a copper coating.
According to the American Bankers Association, there are currently about 250 billion one-cent coins in circulation. Although these coins remain legal for transactions, their usage is likely to decline.
