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The Treasury Department has pledged to stop producing the penny by early next year. Here's why — and what becomes of your one-cent coins.

Farewell to the Penny: US Treasury Ends Production of One Cent Coin After more than 200 years, the U.S. bids adieu to the penny, citing high production costs and shifting economic practices.

This comes after the Trump administration announced in February that it would halt the production of the one-cent coins, a move that’s estimated to save the government $56 million.

But one penny has been hard to come by: the 2025 penny. “Everybody found out that the production is stopped, so everybody ran into the banks and started buying them,” Raines said.

The cost of producing a single penny has already skyrocketed to about 4 cents, while consumers have mostly shifted to digital payments and cards.

Mark Weller, executive director of the Americans for Common Cents lobby group, said making the US penniless without first scrapping the five-cent coin was a false economy.

The five per cent. prize is reserved as a fond for the widows and orphans of those killed on privateer armed vessels and support of the wounded. MONTGOMERY, via New-Orleans, Tuesday, May 7, 1861.

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Many countries have dropped low-denomination coins in the past. But can cash-loving Germany follow suit and stop accepting the smallest euro coins? Other European nations are showing the way.

MADISON, Wis. -- 'Find a penny, pick it up' may be a phrase of the past as President Trump looks to halt production of the one cent coin.