In a move to curb financial waste, U.S. Treasury Secretary Scott Bessent and Treasurer Brandon Beach will oversee the production of the last one-cent coin during a visit to the Philadelphia Mint this Wednesday. The minting of each penny has been deemed uneconomical, costing nearly four cents to produce.

President Donald Trump ordered the halt in February, citing unnecessary expenditure, prompting businesses to adjust their pricing strategies. Currently, the production cost of a penny stands at 3.69 cents, a significant increase from 1.42 cents a decade ago, thereby rendering them financially unsustainable according to the Treasury.

The decision to discontinue pennies will save the U.S. Mint about $56 million yearly as consumers adapt to cash transaction rounding and more reliance on elec

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