Penny production ends after more than 230 years, final coins pressed in Philly

Watch Penny production ends after more than 230 years, final coins pressed in Philly - Straight Arrow News on Dailymotion

Transcript

00:00And I just want to welcome everybody to this historic city of Philadelphia for this historic event, the striking of the last penny.

00:08This is the last one.

00:10Three, two, one.

00:13That's Treasurer Brandon Beach marking the end of an era, the pressing of the final penny in U.S. history.

00:19After more than 230 years of uninterrupted production through wars, depressions and pandemics, the nation's smallest coin has been retired.

00:30The final pennies struck were in Philadelphia, where penny production first began in 1793.

00:38President Donald Trump ordered the change earlier this year, citing the rising cost of production, nearly four cents to make each one-cent coin.

00:46Beach says the move will save taxpayers millions.

00:49The cost savings of ending penny production will save the American taxpayer approximately $56 million a year in just production cost alone.

01:00Pennies will remain legal tender, but many already sit unused in jars, purses and dresser drawers.

01:07Stores have reported shortages as the mint winds down distribution, but officials say you'll still be able to use them in everyday transactions.

01:15We're saying goodbye to the penny today, but let me just be crystal clear.

01:21Like I said, it's still legal tender, and we have over 300 billion of them in circulation, and we want you to continue using them.

01:30So we're not getting rid of the penny.

01:33We're discontinuing the production of it, but we're not eliminating as legal tender.

01:37So you can still use it at your stores and retail outlets.

01:43As the supply shrinks, analysts expect retailers will eventually round prices to the nearest five cents.

01:50The final five pennies, struck by Beach himself, won't enter circulation.

01:55They will be auctioned off in the coming weeks.

01:57And coin experts say each one could fetch up to $1 million.

02:01For more on this story, download the Straight Arrow News app or go to san.com.

02:07For more on this story, visit www.fema.org.