The article discusses the economic burden of the penny in the U.S., emphasizing that it costs more to produce than it is worth. With 240 billion pennies weighing down the economy, most go unused. Cash payments have drastically declined, with only 16% of transactions made in cash. Although the penny had strong arguments for its abolition, similar case can be made for nickels and dimes. The article argues that the continued minting of such coins exemplifies national dysfunction and inefficiency in currency policy.
In fiscal 2024, the U.S. Mint reported each 1-cent penny costs 2.72 cents to produce, marking 17 consecutive years of production loss.
Only about 16% of payments are made in cash, highlighting the decline of physical currency in everyday transactions.
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