💨 Abstract

The Treasury Department has announced that the production of the one-cent coin, commonly known as the penny, will be discontinued next year. The decision is driven by the rising production costs, which have increased from 1.3 cents to 3.69 cents per coin over the past decade, making them "wasteful." This move aims to deliver an annual saving of $56 million in reduced material costs, following similar decisions by Canada and the UK.

Courtesy: Josh Layton