After Nov. 12, the penny will no longer be minted as a form of legal tender. The reasons cited included the reported cost to mint a single penny, which is 3.69 cents. Every time the treasury minted a penny, we lost 2.69 cents. In fiscal year 2024, the U.S. Mint produced 3.2 billion pennies. The U.S. Mint reported losing $85.3 million that year in the production of the penny.