The government is set to stop circulating new pennies in early 2026. SAUL LOEB/AFP via Getty Images© SAUL LOEB/AFP via Getty Images
- The Treasury Department placed its final order of penny blanks this month, a spokesperson said.
- The US Mint estimates $56 million in annual savings, with the potential for more in the future.
- Earlier this year, DOGE targeted the penny, and politicians of both major parties have criticized it.
The government made its last order of penny blanks earlier this month, a spokesperson for the Treasury Department confirmed to Business Insider. The US Mint will keep manufacturing the $0.01 coins until it runs out of blanks, they said, meaning the penny will gradually fall out of circulation.
The US Mint estimates that phasing out the coin will save $56 million annually in materials costs, the spokesperson said. Each coin costs more than $0.03 to make, and the US Mint's 2024 report found that costs increased by 20.2% that year. Savings will probably rise once the US Mint changes how it uses production facilities, the spokesperson said.
The White House DOGE Office targeted the penny, an easy punching bag when it comes to government waste, earlier this year. In January, DOGE's X account highlighted the coin's cost, though Musk's group didn't have the power to get rid of the penny. President Donald Trump criticized the penny in a Truth Social post in February.
