DES MOINES, Iowa — The last penny was produced in Pennsylvania on Wednesday, ending production of the one cent coins after more than 230 years.
When the penny was introduced in 1793, you could buy cheese, bread, a biscuit or a candle with one, but now they’re almost worthless.
Federal officials say it costs $0.04 to make just one single penny, so now the U.S. can save around $56 million a year. Billions of pennies are still in circulation and will remain legal tender, but you may not see as many now.
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Iowa Bankers Association President and CEO Adam Gregg says it’s an interesting thing because a penny’s value in buying something is almost worthless these days. And yet pennies are in high demand and there’s a shortage of them, because they’re no longer being made…