The US Mint is ceasing penny production due to rising costs, a move expected to save the government $56 million annually. President Trump initiated the directive, highlighting the coin’s inefficiency, as it costs more to produce than its face value. The US Mint is ceasing penny production due to rising costs, a move expected to save the government $56 million annually. President Trump initiated the directive, highlighting the coin’s inefficiency, as it costs more to produce than its face value.