United States minted its last penny after more than 230 years

(Patria) - The United States minted its last circulating penny on Wednesday, in a move taken to save money, as the one-cent coin's denomination had lost value over time, AFP reported.

The last coin was minted in Philadelphia by Brandon Beach of the U.S. Treasury Department, officially ending the 232-year production of the circulating penny.

"Although general production ends today, the penny's legacy lives on," said Acting Director of the Mint Kristie McNally in a statement.
The coin will remain legal tender, and there are about 300 billion pennies in circulation. The end of production comes after President Donald Trump called on the Treasury Department in February to stop minting pennies, presenting it as an attempt to reduce government spending.

"For too long, the United States has been minting pennies that literally cost us more than 2 cents to make. This is so wasteful!" Trump wrote at the time on his Truth Social platform.

The penny was first authorized by the Coinage Act of 1792.
Initially, pennies were made of pure copper, but today's coins are smaller and made of copper-plated zinc, giving the so-called red cent its pinkish hue.

In the last decade, the cost of making each coin has risen from 1.42 cents to 3.69 cents, the Mint said on Wednesday.

Debates about the cost of producing pennies are not new in the United States, and several attempts to end their production have failed in Congress before.