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But the U.S. won’t be the first country to discontinue the penny. New Zealand stopped producing its one-cent coins in 1990, followed by Australia in 1992 and Canada in 2012.

The end of penny production marks a change in a 233 year tradition, as the penny was one of the first coins made after the U.S. Mint was established in 1792, according to its website.

In fiscal year 2024, it took 3.7 cents to produce and distribute one penny, according to the 2024 U.S. Mint report.The 2024 cost was up by 20% from the previous year, according to the report.