The US Mint struck its last circulating penny in Philadelphia on Wednesday, marking the end of a 238-year tradition. However, this sudden phase-out of America's smallest-denomination has triggered an unexpected crisis, with retailers losing millions despite an estimated 300 billion pennies still circulating nationwide.
US Treasurer Brandon Beach pressed a button to produce the final legal tender penny at the Philadelphia facility, where the coin has been produced since 1793. The move is expected to save approximately $56 million (£44 million) annually, as each penny costs nearly four cents to produce.
