After 230 years-USA wish to say goodbye to the one-cent coin | EUROtoday

After greater than 230 years, the United States is the manufacturing of the one-cent coin. The Ministry of Finance in Washington introduced on Thursday that the final order for Penny blanks was given up this month. From the start of 2026, no new cash of this piece of poetry needs to be circulated.

The abolition of the smallest US cash product of zinc and copper is borne by each events, republicans and democrats and particularly with the prices of producing. These have elevated from 1.3 cents per coin to three.69 cents prior to now ten years. The abolition ought to save $ 56 million yearly.

US President Donald Trump mentioned in February that he had instructed his authorities to rent the manufacturing of the cent coin. “The United States have shaped Pennys for far too long, who literally cost us more than two cents. This is so wasteful!”, Trump wrote in his Truth social community. “I have instructed my finance minister not to produce new pennies anymore.”

In the longer term, the quantity can be rounded or rounded up for the following 5 cent worth for money transactions. The corresponding coin is known as “nickel” within the USA. According to the Ministry of Finance, round 114 billion pennies are presently in circulation. The coin was first revealed by the US authorities in 1793, and President Abraham Lincoln has been seen since 1909.

In order to fully say goodbye to the Penny, the congress, which, amongst different issues, determines the scale and steel content material of the cash, must resolve a corresponding regulation. However, earlier efforts from the ranks of the MPs to abolish the Penny failed. Two cross -party legal guidelines on the everlasting waiver of the Penny have already been introduced on this 12 months.

At least when it comes to amount, the Penny has up to now been the preferred product of the coin facility, which produced 3.2 billion items final 12 months. This corresponds to greater than half of all new cash that have been spent final 12 months. For instance, the supporters of the smallest US cash nonetheless contemplate it helpful for charities. In addition, it’s nonetheless favorable in comparison with the five-cent coin, nickel, whose embossing prices nearly 14 cents.

The one-cent coin can also be controversial within the euro space, and a few states similar to Finland have truly abolished them. In March 2025, the nationwide money discussion board spoke in favor of rounding up or rounding off for the following 5 euro cent for money funds in Germany. This would additionally make two-cent cash pointless, which don’t have any equal within the US piece. The nationwide money discussion board was based in 2024 on the initiative of the Deutsche Bundesbank. The committees of the credit score business, retail, shopper safety and the machine operator are represented within the committee.