The newly formed Department of Government Efficiency, led by Elon Musk, is proposing a reduction in penny production as a measure to cut federal spending.
Quarters, nickels, dimes and pennies are held a bowl Thursday, March 31, 2022, in Tigard, Ore. Retailers, laundromats and other businesses that rely on coins want Americans to empty their piggy banks and look under couch cushions for extra change and “get coin moving.
The penny costs over 3 cents to make and cost US taxpayers over $179 million in FY2023. The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced. Penny for your thoughts., an online retailer of physical precious metals, the rising costs of metals, particularly zinc, have contributed to the increased expense of coin production., which makes up a significant portion of the penny, saw a price hike in 2024 due to a tight supply.
The U.S. Mint reported a loss of $179 million in 2023 from penny production, having produced over 4.5 billion pennies that year. This financial loss has sparked debates about whether the penny should remain in circulation.suggests there are approximately 240 billion pennies in the United States, which is about 724 pennies or $7.24, for every person in the country.
Experts argue that the impact of discontinuing penny production would be minimal, as more consumers are opting for online shopping and credit card transactions over cash.suggests that prices could be rounded to the nearest nickel, potentially leading to price adjustments such as $9.99 becoming $9.95 or $10.06 rounding up to $10.10. While this could signal inflation, experts note that voters might hold political leaders accountable for any perceived price increases.
The debate continues as the nation waits to see if penny production will cease and how Americans will adapt to the change.
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