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<h1>Government Proposes Phasing Out Penny Production to Cut Costs and Improve Economic Efficiency Under Section 5111</h1> The US Mint plans to discontinue penny production due to high manufacturing costs exceeding the coin's value. The Treasury expects annual savings of $56 million by halting penny production. About 114 billion pennies currently circulate, but they are underutilized. Legislative efforts are underway with bipartisan bills to permanently eliminate the penny. Experts suggest implementing rounding mechanisms in pricing to manage the transition and prevent increased nickel production costs.