The US says "goodbye" to the 1 cent coin - Stopping production is expected to save $56 million a year
US Treasury Secretary Brandon Beach visited the Philadelphia factory to oversee the final production of the 1-cent coin, ending 232 years of its production in the United States.
US President Donald Trump said in February that he was ordering the Treasury to halt production, which he called "excessive," forcing gas stations, fast food chains and department stores to adjust prices and round up cash transactions.
The Treasury said rising production costs and rapid changes in consumer habits made producing the currency "financially unviable" and unnecessary, noting that it now costs 3.69 cents to produce one, up from 1.42 cents ten years ago.
The production halt is expected to save the U.S. mint about $56 million a year, according to the Treasury. The 1-cent coins will remain legal tender, with about 300 billion of them in circulation, “far more than is needed for commerce.”
The United States joins other countries, including Canada, Australia, Ireland and New Zealand, that are phasing out lower-value coins, rounding cash transactions to the nearest five cents or less, while electronic payments remain accurate.
The 1 cent coin first appeared on the market in 1793. Since 1909, the profile of President Abraham Lincoln has been on the obverse of the zinc and copper coin.
However, for many Americans, this coin has become a nuisance, often ending up in drawers, jars, and small savings.
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