Penny Retired After 232 Years in the US; Trump Says It No Longer Makes Sense

Washington: Taking a historic decision, America has officially stopped making pennies, i.e., one-cent coins, from November 13. This is the same coin that was part of the American economy for 232 years. The last penny was minted at the Philadelphia Mint, the same place where one-cent coins were first produced in 1793. The move closed an important chapter in US currency history.

Why was there a ban on making pennies?

The main reason for this decision is cost. The US Mint had long believed that the penny was costing more to produce than it was worth. It was costing almost more than two cents to produce a coin worth one cent. This was not sustainable from an economic point of view. For this reason, President Donald Trump had directed to close it in February this year.

Did Trump publicly support this decision?

Trump wrote on Truth Social that America has been making coins for a very long time whose cost is much more than that. "This is useless. I have instructed the Finance Minister to shut them down," he said. The half cent coin was last minted in 1857. Now Penny has joined that list.

How did Penny start, and what was its historical journey?

The penny's journey begins in 1787 with the Fugio cent, considered America's first official circulating coin. It was also called the Franklin Cent and was made of copper. At that time, metal strips from ammunition barrels sent by France during the American Revolution were used in the production of this coin. Each coin weighed approximately 10 grams, reflecting the technology and resource use of the period.

When did the image of Abraham Lincoln appear on the penny?

In 1909, the 100th anniversary of Lincoln's birth, his image first appeared on U.S. currency. This was the first time that the face of an American president appeared on a coin. This image is still considered a part of the American identity and continues to give Penny emotional significance among the common people.

What is the future of small denomination coins in America?

After the discontinuation of the penny, the question is also being raised whether any other smaller denomination coins will be abolished in the future. However, the government has not yet given any indication on this. But it is clear from this step that in the future America can move in the direction of further simplifying its currency system.