The U.S. Mint has announced it will stop producing pennies due to rising production costs, which have surged by more than 20% in 2024. This decision, backed by the Trump administration, aims to rescue about $56 million annually in material costs. The penny, minted since 1792, is now seen as underutilized, with about 114 billion already in circulation. While advocates for eliminating the coin argue it is wasteful due to high minting costs, others defend its small impact on production compared to the more costly nickel.
The U.S. Mint plans to cease production of pennies as the cost to produce them has risen significantly, leading to an expected annual savings of $56 million.
Pennies have increased in production cost to almost 4 cents each, leading to calls for ceasing their production due to inefficiency.
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