2 weeks ago
7
The penny is astir to driblet successful America - for the last time.
President Donald Trump says the tiny coin is "so wasteful" and should beryllium abolished.
The US Mint has made its last bid of penny blanks (flat metallic discs that are made into coins) and expects to halt making caller pennies erstwhile those are cashed out.
Mr Trump claims the coin costs the state a mint - and the US Treasury seems to hold with him, expecting yearly savings of $56m (£41m) successful reduced worldly costs erstwhile the low-value denomination is nary more.
"For acold excessively agelong the United States has minted pennies which virtually outgo america much than 2 cents," Mr Trump wrote connected Truth Social successful February. "This is truthful wasteful!"
"I person instructed my Secretary of the US Treasury to halt producing caller pennies."
Made from zinc with a copper coating, the penny was 1 of the archetypal coins made by the US Mint aft its constitution successful 1792 and determination are present astir 114 cardinal presently successful circulation - that's 285,000 tonnes of metal.
However they are greatly underutilised, the Treasury says.
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Advocates for ditching the penny mention its precocious accumulation outgo - astir 4 cents per penny present - and constricted utility.
However, others constituent to its usefulness successful foundation drives and cheaper accumulation outgo compared with the nickel coin, which costs astir 14 cents to mint.
Jay Zagorsky, prof of markets, nationalist policy, and instrumentality astatine Boston University, said helium supports the determination to extremity penny accumulation but warned that US Congress indispensable legislate that prices beryllium rounded up successful bid to destruct request for the coin.
English (US) ·