MINOT, N.D. (KMOT) - The one-cent penny was first introduced to the U.S. more than 200 years ago. But over time, it became more expensive to produce.

Today, for example, it costs almost four cents to make one penny. Because of that, President Donald Trump directed the Treasury Department to stop making new pennies.

The Federal Reserve says only 16% of Americans used cash as a form of payment in 2023, showing how people are moving more to credit or debit as their main way to pay.

This comes at a time when the cost of producing coins is under scrutiny.

Josh Hummel with Minot Coin and Bullion shared that Canada stopped making pennies in 2012 for the same reason: the high cost of production.

“In terms of cash transactions, they were rounded up or rounded down to the nearest five cents.

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