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 magnificent article. Where else could anyone get that type of information in such a perfect way of writing? I have a presentation next week, and I’m on the look for such information.
I got good info from your blog
You could definitely see your enthusiasm in the paintings you write. The arena hopes for more passionate writers like you who aren’t afraid to say how they believe. Always follow your heart.
I have recently started a site, the information you provide on this site has helped me greatly. Thank you for all of your time & work. “The inner fire is the most important thing mankind possesses.” by Edith Sodergran.
I know this if off topic but I’m looking into starting my own weblog and was curious what all is required to get setup? I’m assuming having a blog like yours would cost a pretty penny? I’m not very web smart so I’m not 100 positive. Any tips or advice would be greatly appreciated. Appreciate it
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.
You are a very bright person!
When I initially commented I clicked the -Notify me when new comments are added- checkbox and now each time a remark is added I get 4 emails with the same comment. Is there any method you may remove me from that service? Thanks!
I love your writing style truly enjoying this website .
Its great as your other articles : D, thankyou for putting up.
It’s hard to search out educated individuals on this subject, however you sound like you understand what you’re talking about! Thanks
You have remarked very interesting details! ps nice website.
I used to be recommended this web site via my cousin. I’m now not positive whether or not this put up is written by means of him as nobody else realize such special about my problem. You’re incredible! Thanks!
It?¦s in point of fact a great and helpful piece of information. I?¦m happy that you simply shared this useful info with us. Please keep us up to date like this. Thank you for sharing.
You could certainly see your expertise within the paintings you write. The arena hopes for even more passionate writers such as you who aren’t afraid to say how they believe. All the time follow your heart. “We may pass violets looking for roses. We may pass contentment looking for victory.” by Bern Williams.
I have recently started a website, the information you provide on this website has helped me tremendously. Thank you for all of your time & work. “The more sand that has escaped from the hourglass of our life, the clearer we should see through it.” by Jean Paul.
I’ve been exploring for a little for any high-quality articles or blog posts on this kind of area . Exploring in Yahoo I at last stumbled upon this website. Reading this info So i am happy to convey that I’ve an incredibly good uncanny feeling I discovered just what I needed. I most certainly will make certain to don’t forget this web site and give it a glance on a constant basis.
What i don’t realize is in reality how you are now not really much more well-appreciated than you might be now. You’re very intelligent. You understand thus considerably in relation to this subject, made me in my view consider it from a lot of varied angles. Its like women and men aren’t interested until it is something to accomplish with Lady gaga! Your own stuffs nice. Always care for it up!
I haven’t checked in here for a while as I thought it was getting boring, but the last several posts are good quality so I guess I will add you back to my everyday bloglist. You deserve it my friend 🙂
Hello there, I found your site via Google while looking for a related topic, your website came up, it looks great. I’ve bookmarked it in my google bookmarks.
I just could not depart your website before suggesting that I actually loved the standard info a person supply on your visitors? Is going to be back regularly in order to check up on new posts.
Saved as a favorite, I really like your blog!
You can certainly see your expertise in the paintings you write. The arena hopes for even more passionate writers like you who aren’t afraid to say how they believe. All the time go after your heart. “There are only two industries that refer to their customers as users.” by Edward Tufte.
obviously like your web-site but you have to test the spelling on quite a few of your posts. Several of them are rife with spelling problems and I in finding it very troublesome to inform the reality on the other hand I’ll certainly come again again.
I got what you intend,saved to fav, very decent web site.
Regards for helping out, superb information. “It does not do to dwell on dreams and forget to live.” by J. K. Rowling.
I think this is one of the most significant info for me. And i’m glad reading your article. But want to remark on few general things, The website style is wonderful, the articles is really great : D. Good job, cheers
I’d should test with you here. Which is not something I normally do! I get pleasure from studying a submit that may make individuals think. Additionally, thanks for allowing me to comment!
Good day I am so happy I found your site, I really found you by error, while I was searching on Google for something else, Nonetheless I am here now and would just like to say thanks for a remarkable post and a all round entertaining blog (I also love the theme/design), I don’t have time to read through it all at the moment but I have bookmarked it and also included your RSS feeds, so when I have time I will be back to read more, Please do keep up the excellent work.
I couldn’t resist commenting
Hello! I could have sworn I’ve been to this blog before but after browsing through some of the post I realized it’s new to me. Anyways, I’m definitely happy I found it and I’ll be book-marking and checking back frequently!
Real fantastic info can be found on weblog. “Education is what most receive, many pass on, and few possess.” by Karl Kraus.
I believe this website has got some really fantastic information for everyone :D. “Anybody who watches three games of football in a row should be declared brain dead.” by Erma Bombeck.
Hello there! Quick question that’s totally off topic. Do you know how to make your site mobile friendly? My site looks weird when viewing from my iphone4. I’m trying to find a theme or plugin that might be able to resolve this problem. If you have any recommendations, please share. With thanks!
I see something truly interesting about your weblog so I saved to favorites.
You have remarked very interesting details! ps nice website.
Great post, you have pointed out some good details , I as well believe this s a very wonderful website.
Normally I do not read article on blogs, but I wish to say that this write-up very forced me to try and do so! Your writing style has been amazed me. Thanks, very nice post.
Someone essentially help to make severely posts I would state. This is the first time I frequented your web page and thus far? I surprised with the analysis you made to create this particular submit amazing. Magnificent job!
I like this web blog very much so much good info .
Thank you for any other informative site. Where else may just I get that kind of info written in such an ideal method? I’ve a venture that I am just now operating on, and I have been at the look out for such information.
The Pink Salt Trick is a minimalist but effective morning routine: Just drink a glass of lukewarm water mixed with a pinch of Himalayan pink salt as soo
I’m impressed, I must say. Actually hardly ever do I encounter a blog that’s both educative and entertaining, and let me tell you, you might have hit the nail on the head. Your thought is excellent; the issue is something that not sufficient persons are speaking intelligently about. I am very happy that I stumbled across this in my seek for something regarding this.
The Pink Salt Trick is a minimalist but effective morning routine: Just drink a glass of lukewarm water mixed with a pinch of Himalayan pink salt as soo
Thank you for sharing with us, I conceive this website genuinely stands out : D.
What i don’t realize is in reality how you are not really much more neatly-preferred than you may be right now. You are so intelligent. You recognize therefore significantly on the subject of this matter, made me individually imagine it from numerous various angles. Its like women and men don’t seem to be involved unless it?¦s something to do with Woman gaga! Your own stuffs nice. Always handle it up!
The Pink Salt Trick is a minimalist but effective morning routine: Just drink a glass of lukewarm water mixed with a pinch of Himalayan pink salt as soo
The Pink Salt Trick is a minimalist but effective morning routine: Just drink a glass of lukewarm water mixed with a pinch of Himalayan pink salt as soo
Hello just wanted to give you a quick heads up. The words in your article seem to be running off the screen in Ie. I’m not sure if this is a format issue or something to do with internet browser compatibility but I figured I’d post to let you know. The style and design look great though! Hope you get the issue fixed soon. Kudos
The Pink Salt Trick is a minimalist but effective morning routine: Just drink a glass of lukewarm water mixed with a pinch of Himalayan pink salt as soo