Penny for Your Thoughts: The US Drops the Cent Coin
The US Treasury confirms the cessation of penny production, citing high manufacturing costs. President Trump initiated the halt to save $56 million annually. While congress may enshrine this action in law, proponents argue for addressing costs related to the nickel, as demand for it may increase.
- Country:
- United States
In a significant shift, the US Treasury has decided to stop producing the penny, citing the rapidly rising costs of manufacturing. This move aligns with President Trump's directive, aiming to save approximately $56 million annually in material expenses.
Despite the longstanding history of the penny, which has been minted since 1792, its continued production has been scrutinized due to its costly creation exceeding its denomination. Proponents of discontinuing the penny emphasize its limited utility in modern transactions.
As Congress considers making the end of the penny official through legislation, concerns arise about the increased demand for the nickel. Advocates suggest finding cheaper production methods for the nickel, which costs significantly more per unit to mint.
(With inputs from agencies.)
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