On November 12th, the last penny was officially made by the U.S. Treasury.
In a surprising, and some might say sad turn of events, the penny coin, which has been used within everyday transactions since 1787, was officially discontinued and is no longer being produced. This decision was made by President Trump.
One of the main reasons behind this change was the cost to manufacture it. The penny currently costs around three cents to produce a single coin, which is more than the actual wealth of the coin. This means the U.S Government loses money every time one is made. Individuals also claim that pennies end up being forgotten and slow down cash transactions.
So overall, for most people their everyday life won’t change much after this decision. Stores are still accepting pennies during cash transactions, but prices may start rounding to the nearest five cents during the transition.
In the end, whether you save one as a souvenir or spend your last penny, the end of the penny will forever mark a small shift in American money.
