The penny "is no longer necessary to meet the needs of the United States," the Treasury Department said in a news release.

PHILADELPHIA — The United States plans to strike its last penny for circulation, part of an effort to retire the coin that has been used over 200 years and now costs more to produce than it is worth.

At an event on Wednesday, Nov. 12, U.S. Treasury Secretary Scott Bessent and U.S. Treasurer Brandon Beach will mark the striking of the "final circulating penny," the end of production for a coin that's been used since the 1790s.

While the penny "remains legal tender and will retain its value indefinitely," according to the Treasury Department, the humble one-cent coin will no longer be minted. There are currently an estimated 300 billion pennies in circulation — "far exceeding the amount needed for commerce," Treasury said in a statement.

However, since the penny's retirement was announced months ago, though, some retailers have said there is already a shortage of pennies complicating their cash-based transactions. Kroger, Home Depot, Walmart, McDonald's and others are among the businesses reporting problems.

Bessent and Beach will gather at the United States Mint in Philadelphia, just across from the National Constitution Center and a few short blocks from Independence Hall and the Liberty Bell, to mark the end of the penny's production.

The penny "is no longer necessary to meet the needs of the United States," the Treasury Department said in a news release. Rising costs to produce the penny — 3.69 cents for the one-center — were another determining factor in its demise, the department said. The U.S. Mint is expected to save $56 million annually by no longer producing pennies.

Coin collectors need not worry, though: Numismatic editions of the penny will still be produced in limited numbers, Treasury officials said.

In the 2024 fiscal year, the Mint produced a total of 5.61 billion coins; pennies accounted for 57% of the coin production, with 3.2 billion pennies made in 2024. A typical penny remains in circulation for 30 years, according to the Government Accounting Office (GAO). Pennies meant for circulation are minted only in Philadelphia and Denver.

The penny's fortunes were set in February when President Donald Trump ordered the Treasury Department to halt production of the coin. “For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump wrote Feb. 9 on Truth Social. “I have instructed my Secretary of the US Treasury to stop producing new pennies.”

But Trump is not the first person to suggest the U.S. go penniless: In 1989, Jim Kolbe, a U.S. Representative from Arizona, teamed with Jim Hayes of Louisiana to sponsor the Price Rounding Act, which would have required prices to be rounded to the nearest nickel, or 5 cents. The bill failed, as have other subsequent efforts. In 2017, Sens. John McCain of Arizona and Mike Enzi of Wyoming proposed a 10-year halt on minting pennies, after which the GAO would weigh whether or not it was worth resuming penny production.

Modern pennies are much more zinc than the copper that gives them their veneer: They are just 2.5% copper. The coin's original design included a woman with flowing hair, a symbol of liberty. Various designs symbolizing freedom were featured on the coin until 1857. In 1857-58, the penny's design included a flying eagle on one side and a wreath on the other, and from 1859-1909, the design was a Native American man's profile, the "Indian Head" design.

Abraham Lincoln, the president who shepherded the country through the Civil War, was added to the coin in 1909, commemorating his 100th birthday. Lincoln was the first President to be featured on a U.S. coin. Different designs, including wheat (1909-1958), the Lincoln Memorial (1959-2008) and milestones in Lincoln's life (2010-present) have been featured on the reverse side of the penny.

(This story was updated to meet our standards)

Contributing: Mike Snider, USA TODAY

This article originally appeared on USA TODAY: US Mint to strike 'final circulating penny' on Wednesday, Nov. 12

Reporting by Phaedra Trethan, USA TODAY / USA TODAY

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