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.
Whoa! This blog looks exactly like my old one! It’s on a totally different topic but it has pretty much the same layout and design. Outstanding choice of colors!
Thanks for the good writeup. It if truth be told was a leisure account it. Look complicated to more introduced agreeable from you! By the way, how can we keep in touch?
Hey very cool blog!! Man .. Beautiful .. Amazing .. I’ll bookmark your blog and take the feeds also…I’m happy to find a lot of useful information here in the post, we need work out more strategies in this regard, thanks for sharing. . . . . .
Мне понравилось разнообразие рассмотренных в статье аспектов проблемы.
Hello, i read your blog from time to time and i own a similar one and i was just curious if you get a lot of spam responses? If so how do you prevent it, any plugin or anything you can advise? I get so much lately it’s driving me crazy so any support is very much appreciated.
This internet site is my intake, very wonderful layout and perfect written content.
F*ckin’ tremendous issues here. I am very glad to see your post. Thank you a lot and i’m having a look forward to contact you. Will you please drop me a mail?
I know this if off topic but I’m looking into starting my own weblog and was curious what all is required to get set up? I’m assuming having a blog like yours would cost a pretty penny? I’m not very web smart so I’m not 100 sure. Any recommendations or advice would be greatly appreciated. Kudos
Thanks for the marvelous posting! I truly enjoyed reading it, you’re a great author.I will ensure that I bookmark your blog and may come back later on. I want to encourage you to definitely continue your great work, have a nice weekend!
Enjoyed reading this, very good stuff, regards. “While thou livest keep a good tongue in thy head.” by William Shakespeare.
Good site! I truly love how it is easy on my eyes and the data are well written. I’m wondering how I might be notified whenever a new post has been made. I’ve subscribed to your feed which must do the trick! Have a great day!
Thank you for sharing superb informations. Your website is very cool. I am impressed by the details that you have on this web site. It reveals how nicely you understand this subject. Bookmarked this website page, will come back for more articles. You, my pal, ROCK! I found just the info I already searched everywhere and simply couldn’t come across. What a great website.
Lovely just what I was searching for.Thanks to the author for taking his clock time on this one.
Valuable information. Fortunate me I found your website by chance, and I am shocked why this twist of fate didn’t took place in advance! I bookmarked it.
I like the efforts you have put in this, thankyou for all the great blog posts.
I like this post, enjoyed this one thanks for posting. “No man is wise enough by himself.” by Titus Maccius Plautus.
Howdy! Someone in my Myspace group shared this site with us so I came to take a look. I’m definitely enjoying the information. I’m bookmarking and will be tweeting this to my followers! Great blog and fantastic style and design.
Nice post. I was checking constantly this blog and I am impressed! Extremely helpful info specially the last part 🙂 I care for such information a lot. I was seeking this particular information for a long time. Thank you and best of luck.
Perfect piece of work you have done, this site is really cool with great information.
When I originally commented I clicked the -Notify me when new comments are added- checkbox and now each time a comment is added I get four emails with the same comment. Is there any way you can remove me from that service? Thanks!
I conceive you have observed some very interesting points, thanks for the post.
You made some good points there. I did a search on the subject and found most guys will approve with your blog.
Wonderful work! This is the type of information that should be shared around the net. Shame on the search engines for not positioning this post higher! Come on over and visit my website . Thanks =)
Woah! I’m really digging the template/theme of this site. It’s simple, yet effective. A lot of times it’s very difficult to get that “perfect balance” between usability and visual appeal. I must say that you’ve done a superb job with this. Also, the blog loads very fast for me on Firefox. Excellent Blog!
I have recently started a site, the info you offer on this web site has helped me greatly. Thanks for all of your time & work.
You actually make it appear so easy along with your presentation but I find this matter to be actually something that I believe I might by no means understand. It seems too complex and very extensive for me. I’m looking forward for your subsequent put up, I?¦ll attempt to get the cling of it!
I’ve read several excellent stuff here. Definitely price bookmarking for revisiting. I wonder how so much effort you set to make one of these excellent informative website.
Great – I should definitely pronounce, impressed with your website. I had no trouble navigating through all tabs and related information ended up being truly simple to do to access. I recently found what I hoped for before you know it at all. Reasonably unusual. Is likely to appreciate it for those who add forums or something, website theme . a tones way for your client to communicate. Nice task.
I have to express my appreciation to you for bailing me out of this matter. Just after researching throughout the the net and coming across suggestions which were not pleasant, I believed my entire life was over. Existing minus the approaches to the problems you’ve resolved through the review is a crucial case, and ones which might have in a negative way affected my career if I had not noticed your website. Your own personal knowledge and kindness in handling all the pieces was very helpful. I’m not sure what I would’ve done if I had not discovered such a stuff like this. I’m able to at this time look forward to my future. Thanks a lot very much for your specialized and result oriented help. I won’t think twice to recommend your web blog to any person who should receive support on this matter.
Way cool, some valid points! I appreciate you making this article available, the rest of the site is also high quality. Have a fun.
Thanks for this wondrous post, I am glad I noticed this web site on yahoo.
Thank you for any other informative web site. The place else may just I get that kind of info written in such a perfect approach? I’ve a undertaking that I’m simply now working on, and I have been at the glance out for such info.
Good – I should definitely pronounce, impressed with your web site. I had no trouble navigating through all the tabs as well as related information ended up being truly easy to do to access. I recently found what I hoped for before you know it at all. Reasonably unusual. Is likely to appreciate it for those who add forums or anything, site theme . a tones way for your client to communicate. Nice task..
Thankyou for helping out, great info .
Lovely blog! I am loving it!! Will come back again. I am bookmarking your feeds also
We’re a gaggle of volunteers and starting a new scheme in our community. Your website provided us with valuable info to paintings on. You have performed an impressive activity and our entire group will be grateful to you.
Thank you for helping out, good information. “The health of nations is more important than the wealth of nations.” by Will Durant.
An impressive share, I just given this onto a colleague who was doing a little analysis on this. And he in fact bought me breakfast because I found it for him.. smile. So let me reword that: Thnx for the treat! But yeah Thnkx for spending the time to discuss this, I feel strongly about it and love reading more on this topic. If possible, as you become expertise, would you mind updating your blog with more details? It is highly helpful for me. Big thumb up for this blog post!
Some really nice and utilitarian information on this web site, too I conceive the design and style contains wonderful features.
Yay google is my world beater assisted me to find this outstanding site! .
This really answered my problem, thank you!
Some genuinely excellent articles on this site, thanks for contribution. “The key to everything is patience. You get the chicken by hatching the egg, not by smashing it.” by Arnold Glasgow.
Hello! This is my first visit to your blog! We are a team of volunteers and starting a new initiative in a community in the same niche. Your blog provided us beneficial information to work on. You have done a outstanding job!
Most of what you say is astonishingly appropriate and that makes me ponder the reason why I hadn’t looked at this with this light before. This article truly did switch the light on for me as far as this topic goes. Nonetheless there is actually just one point I am not really too comfy with and while I try to reconcile that with the main theme of your point, permit me observe just what all the rest of the subscribers have to say.Very well done.
Do you have a spam problem on this site; I also am a blogger, and I was curious about your situation; many of us have developed some nice practices and we are looking to swap strategies with others, why not shoot me an e-mail if interested.
Everything is very open and very clear explanation of issues. was truly information. Your website is very useful. Thanks for sharing.
I really like your writing style, wonderful info, thanks for posting :D. “All words are pegs to hang ideas on.” by Henry Ward Beecher.
hi!,I like your writing so much! share we communicate more about your article on AOL? I need an expert on this area to solve my problem. May be that’s you! Looking forward to see you.
Hi, just required you to know I he added your site to my Google bookmarks due to your layout. But seriously, I believe your internet site has 1 in the freshest theme I??ve came across. It extremely helps make reading your blog significantly easier.
I real glad to find this internet site on bing, just what I was searching for : D as well saved to bookmarks.