The article examines the history and economic viability of U.S. coins, particularly focusing on the penny and nickel, whose production costs have surpassed face value for nearly two decades. With the recent proposal from President Trump to get rid of pennies, the article highlights the rising costs of coin production, with pennies costing 3.69 cents and nickels 13.78 cents as of 2024. While larger denominations remain more cost-effective, this raises questions about the future of the penny and the broader implications for U.S. currency.
The rising costs of producing pennies and nickels, now consistently exceeding their face values, put into question their continued circulation in a modern economy.
Historically, the penny has undergone various changes since its inception in 1792, reflecting shifts in material and economic demands.
As President Trump suggests eliminating pennies, it's worth noting that larger denominations like dimes and quarters are far cheaper to produce relative to their face values.
The first U.S. cent, designed in 1792, featured a personification of liberty, indicating the significance of coinage as a national symbol.
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