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The post The U. S. Axed the Penny to Save $56 Million-Bitcocom. Bitcoin proponents note that as the U. S. Mint struck the final penny in Philadelphia on Wednesday, ending 232 years of one-cent coin production. Each penny costs about 3. 7 cents to make, so ending its production will save roughly $56 million a year. The move highlights how a cent can no longer buy anything meaningful, a sign of eroding fiat purchasing power. For market watchers, the change is largely symbolic, but it has reinforced the narrative that Bitcoin, with its fixed supply, stands in stark contrast to depreciating government money. Historic milestone: A 232-Year Era Ends On Nov. 12, U. S. Treasurer Brandon Beach and Treasury Secretary Scott Bessent oversaw the last-ever minting of the one-cent coin at the Philadelphia Mint. The Philadelphia facility has made pennies since 1793[4], a year after Congress passed the Coinage Act. As Beach noted, this is the first time since 1857 that a U. S. coin has been discontinued. The cent’s retirement comes amid a wider shift toward digital payments; pennies will remain legal tender, but they are expected to fade out as more consumers pay with cards and smartphones. Policymakers point to steep costs. The Mint now reports that a penny costs roughly 3. 7 cents to produce. It lost about $85. 3 million making them in fiscal 2024. “For far too long the United States has minted pennies which literally cost us more than 2 cents,” President Trump wrote in February, calling it “so wasteful.” Stopping the presses is expected to save about $56 million per year. By comparison, the dime costs under 6 cents to make and the quarter is about 14 cents. What Ended The Penny Ending the penny was hailed by many budget hawks as a sensible cut. Even if retailers say the change was abrupt. The penny’s demise was set in motion by.