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People in Business: May 19, 2025

U.S. Mint says its most recent order of penny blanks will be its last

After they run out, the Mint plans to no longer produce pennies.
The U.S. Mint has announced that its most recent order of penny blanks, placed in May 2025, will be its last, signaling the end of penny production due to rising production costs and the coin's diminishing purchasing power. The decision comes after years of debate over the penny's utility, with the cost to produce a penny now exceeding its face value. The Mint will continue to use existing penny blanks until they are depleted, after which it will cease production of new pennies. This move is expected to save the government millions annually and reflects a broader shift towards a more cost-effective currency system. The public will still be able to use existing pennies, but as they wear out or are lost, their circulation will naturally decrease.

Read the Full Fortune Article at:
[ https://fortune.com/2025/05/22/u-s-mint-says-its-most-recent-order-of-penny-blanks-will-be-its-last/ ]