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.
Thanks for another fantastic article. Where else could anyone get that type of info in such an ideal way of writing? I’ve a presentation next week, and I am on the look for such info.
My programmer is trying to persuade me to move to .net from PHP. I have always disliked the idea because of the costs. But he’s tryiong none the less. I’ve been using Movable-type on numerous websites for about a year and am concerned about switching to another platform. I have heard good things about blogengine.net. Is there a way I can import all my wordpress posts into it? Any kind of help would be greatly appreciated!
Way cool, some valid points! I appreciate you making this article available, the rest of the site is also high quality. Have a fun.
Great remarkable issues here. I am very happy to peer your article. Thanks so much and i’m taking a look forward to touch you. Will you please drop me a e-mail?
I’m not that much of a internet reader to be honest but your sites really nice, keep it up! I’ll go ahead and bookmark your website to come back in the future. All the best
We are a bunch of volunteers and opening a new scheme in our community. Your web site provided us with valuable info to paintings on. You have performed an impressive process and our whole neighborhood will probably be grateful to you.
Whats Taking place i’m new to this, I stumbled upon this I’ve found It positively helpful and it has helped me out loads. I am hoping to give a contribution & aid other customers like its helped me. Great job.
Good write-up, I am normal visitor of one’s web site, maintain up the nice operate, and It’s going to be a regular visitor for a long time.
Thanks for any other magnificent article. Where else could anybody get that type of information in such an ideal means of writing? I have a presentation next week, and I am on the search for such information.
Good day! I know this is kinda off topic but I was wondering if you knew where I could find a captcha plugin for my comment form? I’m using the same blog platform as yours and I’m having problems finding one? Thanks a lot!
I’m truly enjoying the design and layout of yor site. It’s a verry easy oon tthe eye wjich mmakes it mucch more pleasant ffor mme tto comee here
andd visit moree often. Did yyou hire out a developer to create your theme?
Excellent work! xnxx
Heya i’m for the first time here. I came across this board and I find It really useful & it helped me out a lot. I hope to give something back and help others like you aided me.
Fantastic goods from you, man. I’ve understand your stuff previous to and you are just extremely fantastic. I actually like what you have acquired here, really like what you are stating and the way in which you say it. You make it enjoyable and you still care for to keep it wise. I can’t wait to read far more from you. This is actually a great website.
Right now it seems like Expression Engine is the preferred blogging platform available right now. (from what I’ve read) Is that what you are using on your blog?
Whats up this is kinda of off topic but I was wondering if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding know-how so I wanted to get advice from someone with experience. Any help would be greatly appreciated!
부산여성전용마사지 부산토닥이 드디어 부산 상륙 NO.1 부산 최대 규모 관리사들 항시 대기중 24시 연중무휴
Loving the info on this website , you have done outstanding job on the blog posts.