US Mint presses final pennies

Production ends after more than 230 years

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The US ended production of the penny Wednesday, abandoning the one-cent coins that were embedded in American culture for more than 230 years but became nearly worthless.

When it was introduced in 1793, a penny could buy a biscuit, a candle, or a piece of candy. Now most of them are cast aside to sit in jars or junk drawers, and each one costs nearly four cents to make.

"God bless America, and we're going to save the taxpayers $56 million," Treasurer Brandon Beach said at the US Mint in Philadelphia before hitting a button to strike the final penny. The coins were then carefully placed on a tray for journalists to see. The last few pennies were to be auctioned off.

Billions of pennies are still in circulation and will remain legal tender, but new ones will no longer be made.

The last US coin to be discontinued was the half-cent in 1857, Beach said.