The US officially 'kills' the 1 cent coin after 232 years

(CLO) The US has officially stopped producing 1 cent coins after more than 230 years of circulation.

On November 12, the historic Philadelphia Mint struck its final 1-cent coin, ending the 232-year existence of America's smallest denomination coin.

US 1 cent coin. Photo: Public Domain

The reason is because the production cost is expensive and no longer necessary.

Over time, this coin has not only been used for payment but also associated with the image of tossing coins for luck.

“As of today, we are officially retiring the one-cent coin,” it was announced at a ceremony at the Philadelphia Mint, which produced the first US coins more than two centuries ago.

Finance Minister Brandon Beach, who attended the event, called the decision historic, noting that the last time the United States stopped producing a coin was in 1857, when the half cent was phased out.

“In an era of rapidly evolving digital wallets and transactions, it is no longer financially sound nor necessary for the people to continue producing the one-cent coin,” said Brandon Beach, emphasizing that ending production would result in significant savings for the national budget.

According to the Treasury , the cost of producing a 1-cent coin has more than doubled over the past decade, reaching 3.69 cents per coin, and this was the main reason for the decision to end it.

Although the 1 cent coin will no longer be minted, it will retain its value indefinitely and be legal tender throughout the United States. There are currently an estimated 300 billion 1 cent coins in circulation.

According to the US Mint's annual report, in fiscal year 2024 alone, the production of 1-cent coins cost the government more than $85 million.

The US Treasury has revealed that the last two coins have been struck with a special omega symbol and will not be released into circulation. The government plans to auction them soon.

The move to stop production of the 1 cent coin was initiated by President Donald Trump earlier this year.

The 232-year journey of the 1 cent coin

The Fugio cent, minted in 1787, was the first official circulating coin of the United States, also known as the Franklin cent.

The coins are made from copper recovered from metal strips that once bound gunpowder barrels sent to America by France during the American Revolution, and each coin weighs about 10 grams, according to the Federal Reserve Bank of Atlanta.

In 1793, the US officially issued the first 1 cent coin, which was then the same size as today's 25 cent coin.

In 1909, to celebrate the 100th anniversary of President Abraham Lincoln's birth, his image was placed on the face of a US coin for the first time.

This event marked the first time a president's image appeared on US coinage.

Over the course of more than a century, although the design and materials of the coin have changed many times, it has always held an irreplaceable symbolic position in American life and culture.

However, the historical journey of this coin officially ended.

Source: https://congluan.vn/my-chinh-thuc-khai-tu-dong-xu-1-cent-sau-232-nam-10317709.html