Please note that this post contains affiliate links and any sales made through such links will reward MageeNews.com a small commission – at no extra cost to you.
The U. S. Mint will stop producing pennies! The Treasury Department confirmed producing the coin has increased by 20% making the cost of the coin 4 cents.
The Treasury expects an immediate annual savings of $56 million in reduced material cost.
“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump wrote at that time in a post on his Truth Social site. “I have instructed my Secretary of the US Treasury to stop producing new pennies.” (Truth Social))
There are about 114 billion pennies currently in circulation in the United States — that’s $1.14 billion — but they are greatly underutilized, the Treasury says. The penny was one of the first coins made by the U.S. Mint after its establishment in 1792.
Pennies are the most popular coin made by the U.S. Mint, which reported making 3.2 billion of them last year. That’s more than half of all the new coins it made last year. (Wall Street Journal)
Pennies were one of the first and most popular coins made by the U.S. Mint. 3.2 billion pennies were minted last year and $1.14 billion are in circulation
What do we do with our pennies???
MageeNews.com is the online website serving Simpson and surrounding counties as well as the state of Mississippi
