PHILADELPHIA (AP) — According to Associated Press, the U.S. Mint in Philadelphia is set to strike its last circulating penny on Wednesday as the president has canceled the 1-cent coin.

President Donald Trump has ordered its demise as costs climb to nearly 4 cents per penny and the 1-cent valuation becomes somewhat obsolete.

The U.S. Mint has been making pennies in Philadelphia, the nation’s birthplace, since 1793, a year after Congress passed the Coinage Act. Today, there are billions of them in circulation, but they are rarely essential for financial transactions in the modern economy or the digital age.

“For far too long the United States has minted pennies which literally cost us more than 2 cents,” Trump wrote in an online post in February, as costs continued to climb. “This is so w

See Full Page