The United States stopped issuing pennies due to obsolescence and high cost

The U.S. Treasury Department has stopped minting one-cent coins, The New York Times reported on November 12. The reason is the obsolescence of pennies and the high cost of production.: Minting one coin costs more than 3 cents, although its face value is only 1 cent.

The last coins were minted in Philadelphia, ending the long history of the penny, which began in 1793.

"Pennies couldn't buy anything anymore, not even penny candies. Moreover, the cost of minting pennies rose to more than 3 cents, which was a financial absurdity that doomed the coin," the US Treasury Department noted.

For a long time, the penny remained a cultural symbol of thrift and luck, its image changed with the advent of Lady Liberty, and later the profile of Abraham Lincoln appeared on the coin.

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Earlier, on May 23, it was reported that the cessation of minting of one-cent coins would save about $56 million due to the fact that the cost of a penny exceeds its face value. After the reserves are exhausted, production will be fully completed.

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