However, it finally appears that the penny is going by the wayside after President Donald Trump revealed that he has instructed the Treasury to stop producing pennies.
Trump said in a post on Truth Social:
“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful! I have instructed my Secretary of the U.S. Treasury to stop producing new pennies. Let’s rip the waste out of our great nations budget, even if it’s a penny at a time.”
Pennies can still be used in ordinary transactions, but the supply of new ones is likely to be coming to an end.
Though slightly varying amounts are being reported, last year it roughly cost 3.69 cents to produce one penny, leaving a deficit of over 2 cents. Other coins’ mint cost is on the rise as well. Govmint reported in October of last year that “the nickel’s unit cost increased by 19.4%, now costing 13.78 cents to produce; the dime’s unit cost increased by 8.7%.; and the quarter’s unit cost increased by 26.2%.”
CNBC noted in a report:
According to the Federal Reserve, there are 114 billion pennies in circulation, or $1.14 billion, or 0.006% of the money in circulation. It costs $192 million a year to produce pennies, about 4% of the Mint’s operating budget but only 0.00003% of the U.S. federal budget. This expense makes the penny expendable, according to economists.
David Gulley, an economics professor at Bentley University, said the estimated cost of making a penny, at around three cents, is an economic burden, “because millions vanish under couch cushions each year, the U.S. Mint must produce a steady stream of replacements.”Subscribed
Pennies were first federally minted beginning in 1793 and were made completely of copper, whereas now the coin is primarily zinc coated with 2.5% copper, according to the U.S. Mint.
Fortune reported roughly two weeks ago that Elon Musk, head of Trump’s Department of Government Efficiency (DOGE), indicated that they planned to scrap the penny soon.
Read the rest of the report for free on Substack:
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
The WinePress needs your support! If God has laid it on your heart to want to contribute, please prayerfully consider donating to this ministry. If you cannot gift a monetary donation, then please donate your fervent prayers to keep this ministry going! Thank you and may God bless you.
Автор статьи представляет информацию в четкой и нейтральной форме, основываясь на надежных источниках.
Somebody essentially help to make seriously articles I would state. This is the very first time I frequented your website page and thus far? I amazed with the research you made to make this particular publish incredible. Great job!
I genuinely enjoy looking through on this internet site, it holds superb posts. “Violence commands both literature and life, and violence is always crude and distorted.” by Ellen Glasgow.
I used to be able to find good information from your articles.
Terrific paintings! This is the kind of info that are meant to be shared around the web. Shame on Google for not positioning this publish upper! Come on over and discuss with my web site . Thanks =)
What’s Happening i am new to this, I stumbled upon this I’ve found It positively helpful and it has helped me out loads. I hope to contribute & aid other users like its helped me. Great job.
Hello.This post was really motivating, particularly since I was browsing for thoughts on this topic last Thursday.
Very interesting subject, thanks for putting up. “Remember when life’s path is steep to keep your mind even.” by Horace.
Magnificent site. Plenty of useful information here. I am sending it to some friends ans also sharing in delicious. And naturally, thanks for your sweat!
I envy your piece of work, appreciate it for all the interesting articles.
Hi there, simply become alert to your weblog through Google, and located that it’s really informative. I’m going to be careful for brussels. I’ll appreciate if you continue this in future. Numerous other people will probably be benefited from your writing. Cheers!
I really appreciate this post. I have been looking everywhere for this! Thank goodness I found it on Bing. You’ve made my day! Thanks again
Very well written article. It will be useful to anybody who employess it, as well as me. Keep up the good work – can’r wait to read more posts.
Utterly pent subject matter, thankyou for entropy.
Good write-up, I’m normal visitor of one’s site, maintain up the excellent operate, and It is going to be a regular visitor for a long time.
Автор представляет сложные темы в понятной и доступной форме для широкой аудитории.
wonderful points altogether, you simply received a new reader. What could you recommend in regards to your submit that you just made a few days in the past? Any positive?
whoah this blog is excellent i love reading your posts. Keep up the great work! You know, many people are searching around for this info, you could help them greatly.
Good article and right to the point. I am not sure if this is actually the best place to ask but do you people have any thoughts on where to get some professional writers? Thanks in advance 🙂
Thanks, I’ve recently been looking for information approximately this topic for a while and yours is the greatest I have found out till now. However, what in regards to the conclusion? Are you sure in regards to the source?
Wonderful beat ! I wish to apprentice while you amend your website, how could i subscribe for a blog website? The account helped me a appropriate deal. I were a little bit acquainted of this your broadcast provided vivid transparent concept
I got good info from your blog
I am really enjoying the theme/design of your web site. Do you ever run into any internet browser compatibility issues? A handful of my blog readers have complained about my website not operating correctly in Explorer but looks great in Opera. Do you have any solutions to help fix this problem?
of course like your website but you need to check the spelling on quite a few of your posts. Many of them are rife with spelling problems and I find it very troublesome to tell the truth nevertheless I’ll definitely come back again.
fantastic points altogether, you simply received a brand new reader. What may you suggest about your post that you made a few days in the past? Any certain?
Hello. magnificent job. I did not anticipate this. This is a impressive story. Thanks!
Pretty! This was a really wonderful post. Thank you for your provided information.
Good write-up, I?¦m regular visitor of one?¦s website, maintain up the nice operate, and It is going to be a regular visitor for a lengthy time.
I truly prize your work, Great post.
Great amazing things here. I?¦m very glad to look your post. Thank you so much and i’m taking a look ahead to contact you. Will you please drop me a e-mail?
What i do not realize is actually how you are not really much more well-liked than you might be now. You’re very intelligent. You realize thus significantly relating to this subject, made me personally consider it from so many varied angles. Its like women and men aren’t fascinated unless it is one thing to do with Lady gaga! Your own stuffs outstanding. Always maintain it up!
of course like your website but you have to check the spelling on quite a few of your posts. Many of them are rife with spelling issues and I find it very troublesome to tell the truth nevertheless I will surely come back again.
I envy your piece of work, regards for all the informative articles.
Way cool, some valid points! I appreciate you making this article available, the rest of the site is also high quality. Have a fun.
Do you have a spam problem on this blog; I also am a blogger, and I was wondering your situation; many of us have developed some nice procedures and we are looking to exchange techniques with other folks, be sure to shoot me an email if interested.
very nice post, i definitely love this website, keep on it
I have read a few good stuff here. Definitely worth bookmarking for revisiting. I wonder how much effort you put to make such a magnificent informative site.
I have read several just right stuff here. Definitely worth bookmarking for revisiting. I surprise how so much effort you set to create one of these excellent informative website.
Nice post. I was checking continuously this weblog and I’m inspired! Very helpful information specially the ultimate phase 🙂 I deal with such info a lot. I used to be seeking this particular info for a very long time. Thanks and best of luck.
Thanks for another magnificent article. Where else could anybody get that kind of info in such a perfect way of writing? I have a presentation next week, and I am on the look for such info.
This is very attention-grabbing, You’re a very professional blogger. I’ve joined your rss feed and stay up for in quest of more of your wonderful post. Additionally, I have shared your website in my social networks!
Lovely just what I was looking for.Thanks to the author for taking his clock time on this one.
I’ve been absent for some time, but now I remember why I used to love this web site. Thanks , I¦ll try and check back more often. How frequently you update your site?
Yay google is my king assisted me to find this great website ! .
This site is really a walk-via for all of the information you wished about this and didn’t know who to ask. Glimpse here, and you’ll definitely discover it.
obviously like your web site but you need to take a look at the spelling on several of your posts. Many of them are rife with spelling issues and I find it very troublesome to tell the truth on the other hand I’ll surely come again again.
Good day! This is my 1st comment here so I just wanted to give a quick shout out and say I really enjoy reading your posts. Can you suggest any other blogs/websites/forums that cover the same topics? Appreciate it!
Hey! This is my first visit to your blog! We are a collection of volunteers and starting a new project in a community in the same niche. Your blog provided us beneficial information to work on. You have done a outstanding job!
Great paintings! That is the type of information that should be shared around the internet. Shame on the search engines for no longer positioning this submit upper! Come on over and seek advice from my site . Thank you =)
Thanks for another fantastic article. Where else could anybody get that kind of info in such a perfect way of writing? I’ve a presentation next week, and I’m on the look for such information.