‘Wasteful’ pennies will no longer be minted in the US

The American one-cent coin is to become a thing of the past (Picture: Shutterstock/Brandon Pack)

One-cent coins are to be consigned to American history. 

Production of the 232-year-old currency will cease next year, the Treasury Department has confirmed.  

The coins, commonly known as pennies, were called ‘wasteful’ by Donald Trump in February when he told Treasury Secretary Scott Bessent to stop minting them.  

Elon Musk’s unofficial Department of Government Efficiency (Doge) has also highlighted the cost of producing the shrapnel.  

The bill has risen from 1.3 cents to 3.69 cents per coin over the past decade, according to the Treasury. 

Ceasing production will deliver an immediate annual saving of $56m (£42m) in reduced material costs, according to the US Mint.  

US pennies have reduced use in the age of cashless payments (Picture: Getty Images)

The death knell for the coin follows other countries ditching similar currency in an increasingly cashless world.

In 2012, Canada ended its one-cent coin, citing the minting costs and its falling purchasing power due to higher prices. 

The UK did not mint any new coins last year after officials said there were already enough in circulation amid the declining use of cash.  

One and 2p coins are not being scrapped but there have been several years when no 2p coins were produced, the Treasury said.  

The US move brings to an end a story which began in 1793 when the penny was one of the first coins to be made by the Mint. 

A woman with flowing hair symbolising liberty featured on the first 60 years of the first design. 

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