It's official: Philadelphia no longer makes cents.
The U.S. Mint in Old City produced the final circulating penny Wednesday afternoon during a ceremonial minting attended by U.S. Treasurer Brandon Beach.
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“Today the Mint celebrates 232 years of penny manufacturing,” Kristie McNally, acting Mint director, said in a statement. “While general production concludes today, the penny’s legacy lives on. As its usage in commerce continues to evolve, its significance in America’s story will endure.”
The currency will still be accepted as legal tender, and the Mint said it will "continue to produce numismatic versions of the penny in limited quantities for historical and collector purposes."
An estimated 300 billion pennies are in circulation, which is "far exceeding the amount needed for commerce," according to a statement from the U.S. Treasury Department.
Representatives with the U.S. Mint and Treasury Department did not immediately respond to a request for comment.
President Donald Trump ordered to halt production of the coin in February, citing its inefficient costs. In May, the Treasury Department placed its final order for penny blanks, the Wall Street Journal reported.
"For far too long the United States has minted pennies which literally cost us more than 2 cents," Trump wrote in a post to Truth Social on Feb. 9. "This is so wasteful!"
A 2024 annual report from the U.S. Mint said it costs roughly 3.69 cents to produce one penny, a price that has remained above the coin's face value for 19 straight years.
Despite the lack of efficiency in producing pennies, economists estimate that taking them out of circulation could have implications for consumers.
In September, Retail Industry Leaders Association, a coalition of retail groups, signed a letter to Congress pushing them to sign legislation that allows businesses to round prices to the nearest nickel. A study from the Federal Reserve Bank of Richmond found that this could cost U.S. consumers around $6 million annually.
Philadelphia has been producing the one-cent coin since 1793. The design on the first penny was of a woman with flowing hair meant to symbolize liberty. After 60 years, the image on the front was changed to a flying eagle. Then, the “Indian Head” design appeared from 1859 until 1909, when Abraham Lincoln became the first president featured on a U.S. coins in honor of his 100th birthday.
In 2017, pennies made in Philly were temporarily printed with a small letter "P" to celebrate the 225th anniversary of the U.S. Mint.