This week on Wednesday the United States Mint in Philadelphia minted its final batch of one-cent coins for general circulation, ending its 232 year-long run.
First introduced by the Coinage Act of 1792, the one-cent coin had long been a cornerstone of the US Dollar. But in recent decades, inflation and the rise of digital transactions have made the Lincoln practically obsolete in daily commerce.
The decision came from an executive order signed by president Donald J. Trump back in February, stating that its apart of his plan to "Rip the waste out of our great nation's budget, even if it's a penny at a time". According to the Department of the Treasury, pennies cost nearly ¢4 to mint per unit, more than triple their monetary value and effectively wasting millions of dollars each year. It is also estimated that roughly 300 billion pennies are in circulation, far exceeding the amount needed for commerce.
However, the US Mint will continue to produce new pennies moving forward, though only in small quantities for collectors.
Source:
https://www.bbc.com/news/articles/cq8392vx8plo