The United States Mint said in its annual report that each penny costs 3.69 cents to make, almost three cents more than the coins value.

"The cost savings of ending penny production will save the American taxpayer approximately $56 million a year in just production cost alone," he said. President Trump wrote on Truth Social in February that minting pennies costs more than 2 cents. "This is so wasteful," he wrote.

The American penny's 200-year run has ended as the US Mint halts production due to high manufacturing costs. While existing pennies remain legal tender, retailers face challenges managing prices and payments,