The U.S. Mint is set to cease penny production following a dramatic rise in its manufacturing costs, projected to exceed 20% in 2024. This decision, confirmed by a Treasury official, is expected to save $56 million annually in material costs. President Trump previously ordered the halt of penny minting, emphasizing the wastefulness of producing a coin worth less than its manufacturing cost. While some advocate for eliminating the penny due to high expenses, others argue for its utility in small transactions and charitable contributions.
The production of pennies costs the U.S. more than their actual value, providing a compelling argument for ceasing their minting altogether.
President Trump emphasized the wastefulness of pennies, stating that their continued production is illogical given they cost more than 2 cents each.
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