After more than two centuries, the U.S. Mint has officially stopped producing the 1-cent coin as of November 12. The penny has played a crucial role in American culture. A coin that could buy biscuits or a piece of candy in 1793 has now lost its value in everyday transactions.

Why is the U.S. penny going away?
The U.S. Mint has ended penny production to cut costs and acknowledge the declining relevance of the 1-cent coin. Production costs had outpaced the coin’s value for years, and its purchasing power had become virtually obsolete.