Treasury Department to end penny production, saving $56 million annually

The United States government has been abandoning the production of Benny, which has been trading for centuries, in a move to reduce costs that is expected to save $ 56 million every year.

The Treasury has advanced in its final ranking of empty penalties this month and will stop placing the centenary coins in early 2026. With the vanity of the pennies of use, companies will need approximation or up to the nearest 5 cents.

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By stopping Beni production, the United States offers mint-the currency-producing cabinet office-an annual provision of $ 56 million in low material costs. In the past ten years, the cost of making metal currencies has increased from more than 1 cents to approximately 4 cents per penny, according to a spokesman for the Treasury Department at Fox Business.

This step is part of a constant effort from the two parties to stop currency production. In February, President Donald Trump announced plans to stop penal production, which costs more than its mint.

Trump Policy: It makes sense to stop making cents

Trump wrote on the social truth: “For a very long time, the United States has vibrant pessimism that literally cost us more than two years,” Trump wrote on the social truth. “This is a very waste! I ordered the US Treasury Secretary to stop producing new penalties.”

Treasury building in Washington, DC, is the headquarters of the US Treasury in the United States. (Nicolas Economou / Nurphoto / Getty Images)

This year, two projects of the two parties were presented to get rid of a penny.

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In May, Sens suggested. Mike Lee, R-UTAH and Jeff Merkley, D-Or. It is a meaningless law, which argues that the production of pennies leads to taxpayer waste. In April, actors Lisa McLean, RC Mish, Robert Garcia presented California, along with Cenathia Loms, R Wiw, Kirston Gilbrand, DN.Y. , Joint Sentat Law.

President -elect Donald Trump speaks at a meeting of the Republican Conference in the House of Representatives in the life of Regency in Capitol Hill in Washington, DC, on November 13, 2024. (Alison Robert Paul / Getty Imach)

While congress decides currency specifications such as the size and content of metal metal, the Treasury has the ability to stop the production of new coins.

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There are about 114 billion pence in the United States, but they are not exploited. Beni was one of the first coins that the American mint established after its founding in 1792.