President Trump announced plans to stop penny production, citing their cost exceeding one cent. Despite this, eliminating the penny might increase reliance on nickels, which are more costly to produce. Current Mint reports indicate that each penny costs around 3.7 cents while nickels cost approximately 13.8 cents. The need for more nickels could negate any savings from halting penny production, potentially worsening the financial burden rather than alleviating it, as retailers may require more nickels for small transactions.
For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!
Without the penny, the volume of nickels in circulation would have to rise to fill the gap in small-value transactions.
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