Treasury Dept. winding down penny production

The U.S. Department of Treasury said Thursday that it made its final order of blank pennies this month as its moves to end production of the one-cent coin.

In Februrary, President Donald Trump ordered a halt to producing new pennies, which he posted would help “rip the waste out of our great nations budget, even if it’s a penny at a time.”

At the time it was not clear if the president had the authority to stop the minting of coins.

A Treasury Department spokesperson told NBC News that “the United States Mint will continue to manufacture pennies while an inventory of penny blanks exists.”

The U.S. Mint said in its 2024 annual report that the cost of making the penny increased 20% that year. It currently costs $0.0369 cents to make the one-cent coin. The Treasury Dept. says halting new penny production could lead to an “immediate annual savings of $56 million in reduced material costs.”