Thu, 22 May 2025

Thu, 22 May 2025 US Treasury confirms the end of the penny

There has been a long debate over the cost and usefulness of one cent coins in the US.
The US Treasury Department has confirmed that production of one cent coins, also known as pennies, will cease next year. This decision comes after President Trump called them "wasteful" and a long-standing debate over their cost and usefulness. The cost of producing pennies has risen from 1.3 cents to 3.69 cents per coin over the past decade, with an estimated annual saving of $56 million if production stops. Critics argue that producing pennies is a waste of resources, while others see it as essential for keeping prices low and supporting charities. The phasing out of pennies will require businesses to round prices up or down, according to the Wall Street Journal.
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