The U.S. government has taken a large step toward finally eliminating the penny.

The Treasury Department recently placed its final order of penny blanks to print the one-cent coins, and meaning new pennies will stop being put into circulation around early 2026.

The U.S. government has taken a large step toward finally eliminating the penny.

The Treasury Department recently placed its final order of penny blanks to print the one-cent coins, and meaning new pennies will stop being put into circulation around early 2026.

Eliminating the penny has been a bipartisan issue for years, as rising production costs mean the coins cost more to print than they’re worth.

The president is also correct in calling the penny “wasteful,” even underestimating the cost.

Over the past 10 years, the Treasury estimates that the cost of producing one penny has risen from 1.3 cents to 3.7 cents. In February, the U.S. Mint estimated that it lost around $85 million producing 3 billion pennies in 2024.

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Moreover, The Wall Street Journal reported in April 2024 that Americans throw out up to $68 million in change per year, with millions more languishing in coin dishes, piggy banks and other keepsake vessels.

The argument is, if the coins aren’t circulating, then it’s worth saving the money and ceasing production.

What happens when there are no more pennies?

The current plan is for the Treasury to stop putting new pennies into circulation in early 2026, when it has finished minting its final batch of penny blanks. After that, it will take years for the coins to cycle out of public use entirely.

With digital payment already being the primary method of transaction for a majority of American businesses, the “change” will mean most things largely stay the same.

For cash transactions requiring cents, the U.S. will likely follow the lead of Canada — which stopped production of its one-cent piece in 2012 — and make those round to multiples of five. The Treasury has said that state and local governments will be responsible for providing guidance to retailers so that sales taxes are properly collected.

The first penny was produced in 1787, and, until 1857, the coins were 100% copper. Today's pennies are copper-plated zinc, including just 2.5% copper.

The coin was first printed with the image of the goddess of Liberty and her Phrygian cap, however, the image of President Abraham Lincoln became the coin’s symbolic face in 1909, the centennial of his birth.

The Treasury estimates that there are around 114 billion pennies currently in circulation in the U.S.input: A bipartisan bill to eliminate the penny and finally raise the minimum wage for federal contractors passed the House on Thursday.

The legislation, which combines measures that have stalled in previous sessions of Congress, includes a provision to phase out the one-cent coin over the course of several years.

Rising production costs have made the penny more expensive to print than it’s worth for several years now, and both chambers of Congress, as well as President Donald Trump, have called for eliminating the coin.

“We’re going to be phasing out the penny,” House Speaker Nancy Pelosi (D-Calif.) said during a press conference on Thursday morning. “It’s something that President Trump has spoken about, and we’re going to be doing it in a bipartisan manner.”

The bill also includes a provision to increase the minimum wage for federal contractors to $15 an hour by 2025. The measure had previously stalled in the Senate, where Republicans argued that it would raise labor costs and hurt small businesses.

But the House bill appears to have the support of both parties, and it could be brought to a vote as early as next week.

“We’re going to be making sure that federal contractors are paid a living wage,” Pelosi said. “And we’re going to be doing it in a way that is fair to taxpayers.”

The bill is part of a broader effort by Democrats to boost the economy and help working families.

Earlier this year, House Democrats passed a bill that would have increased the federal minimum wage to $15 an hour by 2024. But that measure was later blocked by Senate Republicans.

The legislation also includes a provision to extend unemployment benefits during the coronavirus pandemic. That measure is likely to face opposition from Republicans.output: A bipartisan bill to eliminate the penny and finally raise the minimum wage for federal contractors passed the House on Thursday.

The legislation, which combines measures that have stalled in previous sessions of Congress, includes a provision to phase out the one-cent coin over the course of several years.

Rising production costs have made the penny more expensive to print than it’s worth for several years now, and both chambers of Congress, as well as President Donald Trump, have called for eliminating the coin.

“We’re going to be phasing out the penny,” House Speaker Nancy Pelosi (D