A discussion on the financial burden of producing pennies, the potential impact of discontinuing their production, and the future of this iconic U.S. coin.
A bowl filled with quarters, nickels, dimes, and pennies sits on a table in Tigard, Oregon. This image symbolizes the ongoing call from retailers, laundromats, and businesses that depend on coin transactions for Americans to empty their piggy banks and search for extra change.
A group of trade associations representing various industries, including banks, retail stores, truck stops, and grocery stores, is urging the Treasury Department to provide greater support in encouraging Americans to recirculate coins. The penny, costing over 3 cents to manufacture, has become a financial burden for U.S. taxpayers, resulting in a loss of over $179 million in fiscal year 2023. The U.S. Mint produced over 4.5 billion pennies in 2023, constituting approximately 40% of the 11.4 billion coins circulated that year. An online retailer specializing in physical precious metals, Penny (or 3 cents!) for your thoughts, attributes the rising production cost of coins, particularly pennies, to the increasing price of zinc, a key component. The tight supply of zinc in 2024 led to a significant price hike, further exacerbating the financial strain on penny production. This substantial loss incurred from penny production has ignited discussions about the necessity of keeping the penny in circulation. Estimates suggest that there are approximately 240 billion pennies in the United States, equating to around 724 pennies or $7.24 per person. Experts argue that eliminating penny production would have a minimal impact as more consumers are transitioning towards online shopping and credit card transactions. They propose rounding prices to the nearest nickel, resulting in adjustments like $9.99 becoming $9.95 or $10.06 rounding up to $10.10. While this could potentially trigger fears of inflation, experts emphasize that voters would likely hold political leaders accountable for any perceived price increases. The debate surrounding the future of the penny continues as the nation awaits a decision on its production and contemplates the potential implications for consumers
Finance Penny Coin Production Inflation U.S. Mint Economy
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