If you have any PENNIES buried in your couch, under the mess inside your car, or in a bucket in your garage, you should HOLD ON TO THEM. They may be worth something someday. (???)
Back in February, President Trump directed the Treasury Department to stop producing new pennies. And that’s what happened.
Yesterday, the LAST EVER U.S. PENNY was minted in Philadelphia.
The U.S. Mint in Philadelphia has been making pennies since 1793, when they were made of 100% copper. Since 1982, pennies have been made of “copper-plated zinc,” which is 97.5% zinc and just 2.5% copper.
Trump said we shouldn’t make any more because pennies cost MORE than a penny to produce. That is true. According to the U.S. Mint, each penny actually costs 3.7 cents to make.
BILLIONS of pennies are still in circulation and will remain legal tender, but new ones will no longer be made.
Some businesses are already feeling the shortage, and have started rounding receipts to the nearest five cents, particularly if someone is paying in cash. That’s NOT necessarily rounding UP, the nearest five cents could be up or down.
Others are requiring exact change.
Even if prices aren’t rounded up, there are potential drawbacks, which is why we haven’t done it before.
For one, it’s another step pushing us toward a cashless society, which not everyone is in favor of, especially those who don’t deal with credit cards and banks for whatever reason.
Also: Experts say this would cause us to need more NICKELS, which we’re also losing money on. According to the Mint, each nickel costs 13.8 cents to make.
(Here’s video from the penny’s retirement.)
(Gizmodo / Associated Press / USA Today)
