With the halt of new production of the U.S. 1-cent (penny) coin, the 1-cent coin is expected to disappear into history.
Reuters reported on the 12th (local time) that the last batch of 1-cent coins for circulation was produced at the Philadelphia Mint. The U.S. 1-cent coin was first issued in 1793, and production has been fully halted after 232 years.
Earlier, President Donald Trump said the manufacturing expense of the 1-cent coin exceeds its face value and in February directed the Treasury Minister to halt new production of the 1-cent coin.
According to the U.S. Treasury, the production expense of a 1-cent coin amounts to 1.69 cents. The Treasury expects the expense savings from the halt in production to reach $56 million (about 82.3 billion won) annually.
The 1-cent coin will remain legal tender even after production stops. The Treasury said production of 1-cent coins for general circulation will be halted, but production of 1-cent coins for collectors will continue on a limited basis.
It is known that about 300 billion 1-cent coins are currently in circulation. The Treasury expects that after a certain period, 1-cent coins will become scarce in the market, prompting enterprises to raise or lower prices to round to 5-cent increments.