The United States authorities minted the last one cent coin this Wednesday in Philadelphia, ending 232 years of manufacturing due to the need to adjust the Mint’s production budget.
The Mint, located in Philadelphia, was in charge of manufacturing the last coin in its facilities in a ceremonial event, in which it was remembered that maintaining production is not sustainable due to the fact that manufacturing each coin costs 3.69 cents.
“While circulating production has ceased, the cent remains legal tender. There are an estimated 300 billion cents in circulation, far exceeding the amount needed for commerce,” the Mint said in a statement.
The institution added that it will continue to produce numismatic versions of the penny in limited quantities for “historical and collection” purposes.
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The iconic coin, known in English as the “penny” and recognizable by its copper color (since the 1980s it was no longer manufactured in copper and is now made of zinc with copper coating), contains on its obverse the portrait of President Abraham Lincoln, an image that has been used since 1909, and on the reverse it has a shield that symbolizes the union of the United States.
The cent will continue to be valid and in circulation because its official withdrawal will be done progressively and, according to the Treasury Department, stopping its production represents a saving of 56 million dollars for American taxpayers.
With information from EFE
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