The U.S. penny, first minted in 1792, is set to be discontinued next year due to high production costs and minimal use. Currently costing 4 cents to mint, eliminating the penny is projected to save over $50 million each year. Americans discard an estimated $68 million in pennies annually, and billions sit unused in jars. The penny, notable for featuring Lincoln's image since 1909, marks the end of an era in American currency as modern transactions will be rounded to the nickel.
The U.S. Mint reports that ending the penny will save over $50 million a year due to high minting costs, as it takes 4 cents to produce one.
Americans throw away $68 million worth of pennies annually, contributing to the decision to eliminate the coin from circulation completely.
While the penny has featured Lincoln's image since 1909, its removal marks the end of an era for this long-established currency.
Old pennies can be significantly valuable, with some rare editions worth thousands of dollars; this has become a fascinating aspect of American numismatics.
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