US Treasury ends penny production to save costs [Video]

The U.S. Treasury is phasing out production of the penny and will soon stop putting new one-cent coins into circulation, the department said in a statement Thursday.The news of the decision was first reported by the Wall Street Journal.A Treasury spokesperson said the government made its final order of penny blanks this month, and the United States Mint will continue to manufacture pennies only as long as an inventory of penny blanks exists. Consumers with pennies will still be able to use them for purchases. But without new pennies moving into circulation, businesses that complete cash transactions will have to start rounding up or down to the nearest nickel.The move is not a surprise. The production of a penny costs more than the value of the coin. President Donald Trump said in February that he ordered the U.S. Mint to stop making pennies, citing the cost.“For far too long the …