Treasury Department set to phase out the penny

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www.cbsnews.com

Treasury Department set to phase out the penny

The Treasury Department said it placed its final order for penny blanks this month as the U.S. moves to end production of the 1-cent coin.
www.cbsnews.com www.cbsnews.com

The Treasury Department said it plans to stop manufacturing the penny, calling time on one of the first coins minted by the U.S. government.

The federal agency placed its final order for penny blanks this month, with the United States Mint slated to end manufacturing of the penny when that runs out, a Treasury official told CBS MoneyWatch. The blanks — flat, metal discs that the Mint turns into coins — will run out in early 2026, according to the Wall Street Journal, which first reported the news.
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The Trump administration had recently signaled it was out to stop making the 1-cent coin, with Elon Musk's Department of Government Efficiency saying in January that the penny was too costly to produce. In February, President Trump said he had directed the Treasury to stop minting new pennies, citing the rising production costs.
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Start saving your pennies boys.

make-it-rain-respecte-la-moustache.gif
 
They already did this for Canada back in February 2013. Not sure if it improved anything or not. Pennies were a nuance as it was. So, I don't miss having a pocket full of them or a car ashtray full of them. Did removing the 1 cent denominator affect Canada's economy in a negative way? I'm not sure with all of these distractions around us.
 
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Zathalus said:
That's true, but it has got nothing to do with the Penny.
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Well, that's precisely what a currency devaluation means.

I'm just going to say that he's benefiting his friends and those in the White House's privileged circle, but not his own people.

Most likely, the debt he's creating will eventually convert private debt into public debt.

I'll just say that
 
They'll probably convert to minting coins in steel to save money as well. That's what Canada did when base metals increased in costs.
 
Heimdall_Xtreme said:
Well, that's precisely what a currency devaluation means.

I'm just going to say that he's benefiting his friends and those in the White House's privileged circle, but not his own people.

Most likely, the debt he's creating will eventually convert private debt into public debt.

I'll just say that
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You, stop letting your foolish biases trick you into thinking this is due to one person. The bankers have tried since the start of this country to control our currency. Currency devaluation has been happening since 1913. Why do you think I can't get a candy bar for a penny like my grandfather?

Currency devaluation has accelerated since 2000 but has been consistent for much longer. If you want a singular person to blame, then blame Woodrow Wilson for signing a bill created by all of the big banking cartel like JP Morgan, for bringing a central bank to America. Blame FDR for taking away convertibility of the dollar to gold(real money), making the gold "backing" essentially worthless and revaluing gold from $20 to $35(40% loss to the dollar). Blame Lyndon Johnson for removing silver from our coinage in 1965(an admission of default) to worthless base metals.

What's going on now is just something that would happen regardless of who's in charge except maybe accelerated but we had HUGE devaluation that we're still experiencing from covid and the many 10s of trillions created during that period.
 
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Unknown? said:
You, stop letting your foolish biases trick you into thinking this is due to one person. The bankers have tried since the start of this country to control our currency. Currency devaluation has been happening since 1913. Why do you think I can't get a candy bar for a penny like my grandfather?

Currency devaluation has accelerated since 2000 but has been consistent for much longer. If you want a singular person to blame, then blame Woodrow Wilson and all of the big banking cartel like JP Morgan, for bringing a central bank to America. Blame FDR for taking away convertibility of the dollar to gold(real money), making the gold "backing" essentially worthless and revaluing gold from $20 to $35(40% loss to the dollar). Blame Lyndon Johnson for removing silver from our coinage in 1965(an admission of default) to worthless base metals.

What's going on now is just something that would happen regardless of who's in charge except maybe accelerated but we had HUGE devaluation that we're still experiencing from covid and the many 10s of trillions created during that period.
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It's just reality, how much has food gone up now?
 
Heimdall_Xtreme said:
theconversation.com

Donald Trump’s first 100 days have badly damaged trust in America both economically and as an ally

The first 100 days of Trump 2.0 have undermined confidence in the US and the international institutions it supports.
theconversation.com theconversation.com
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Your source is a cut and paste character off the warwick website who isn't even listed on their page of contributors.

Also, why link an article about international trust issues in relation to America dumping the penny? It doesn't make any sense
 
Unknown? said:
What's going on now is just something that would happen regardless of who's in charge except maybe accelerated but we had HUGE devaluation that we're still experiencing from covid and the many 10s of trillions created during that period.
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You can ask someone from Mexico how the pandemic also happened in our country and the blow wasn't as severe... I've even held out much longer than in Europe and the world's powers, and I can confirm that.
 
Mistake said:
Your source is a cut and paste character off the warwick website who isn't even listed on their page of contributors.

Also, why link an article about international trust issues in relation to America dumping the penny? It doesn't make any sense
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I don't want to stir up controversy, but ask anyone if they feel comfortable doing business right now with the unmentionable... The one who insults left and right if you question him...

Is it any wonder he happily took a photo with the presidents of Syria and Qatar, who were supposed to be the villains of the world, or that he was mesmerized by the gold or the gift of the plane?
 
People have been advocating for getting rid of the penny for at least 25 years, probably longer.

Literally the only argument I ever heard in favor of keeping the penny is that some charities like the Salvation Army rely on people donating their change. And they might collect less money this way.

Nobody wants pennies. The only reason people use pennies is to avoid getting more pennies back. Good riddance.
 
Heimdall_Xtreme said:
I don't want to stir up controversy, but ask anyone if they feel comfortable doing business right now with the unmentionable... The one who insults left and right if you question him...

Is it any wonder he happily took a photo with the presidents of Syria and Qatar, who were supposed to be the villains of the world, or that he was mesmerized by the gold or the gift of the plane?
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Uhhhh....this is about pennies. Leave all the other bs out of it. Do you care about them or not?

Personally I'll be happier if prices are no longer .9
 
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Did this to us up here in Canada and it made zero difference and saved a bunch of money. Product prices don't change either. They just round the final bill up or down to the next nickel when you pay in cash. If you pay with card, there is no change in any way. Lots of people freaked out about it up here but it happened and literally nothing changed.
 
DonkeyPunchJr said:
Nobody wants pennies. The only reason people use pennies is to avoid getting more pennies back. Good riddance.
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Well there is one reason to want pennies. You think the government is going to make it legal to melt them down for the metal. (The old man on Pawn Stars was planning on doing that and he had a lot of pennies. Unfortunately he already died.)
 
TIL melting down US currency for the metal is illegal.

Also learned that the market value of a mostly-zinc post-1982 US penny's metal is 0.71 cents.

Good riddance, pennies. You were truly the worst.
 
Heimdall_Xtreme said:
It's just reality, how much has food gone up now?
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Just admit that you weren't aware of it because it wasn't being blasted by corporate news.

If you can muster an hour and a half, this is a good documentary that explains why we are where we are now:

Heimdall_Xtreme said:
You can ask someone from Mexico how the pandemic also happened in our country and the blow wasn't as severe... I've even held out much longer than in Europe and the world's powers, and I can confirm that.
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Did your central bank create more than 20% new currency than was already in circulation in 2020 to the tune of 10s of trillions of dollars? Inflation hit hard here due to huge infusions of new currency.

The sad thing is getting rid of the penny is like a doctor gouging out somebody's eyeballs after they went blind because they became useless, rather than trying to fix what caused the blindness. We've been headed in this direction for decades but we still spend way more than we have and NO one in congress will put a stop to it.
 
Unknown? said:
Just admit that you weren't aware of it because it wasn't being blasted by corporate news.

If you can muster an hour and a half, this is a good documentary that explains why we are where we are now:


Did your central bank create more than 20% new currency than was already in circulation in 2020 to the tune of 10s of trillions of dollars? Inflation hit hard here due to huge infusions of new currency.

The sad thing is getting rid of the penny is like a doctor gouging out somebody's eyeballs after they went blind because they became useless, rather than trying to fix what caused the blindness. We've been headed in this direction for decades but we still spend way more than we have and NO one in congress will put a stop to it.
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So why is the dollar getting weaker every day, I say...


It so happened that Mexico didn't ask for a loan from the International Monetary Fund, and that was a good decision.

I'll end here.
 
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Heimdall_Xtreme said:
So why is the dollar getting weaker every day, I say...


It so happened that Mexico didn't ask for a loan from the International Monetary Fund, and that was a good decision.
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That video will explain why and I just told you why. 20%+ of all dollars were created in 2020.

All currencies are getting weaker every day, just some faster than others.
 
Get rid of the nickle and dime and leave the quarter. Round to the nearest .25.
either that and reset the money so that the penny has the buying power of a dollar.
Need to move that decimal point over a couple of spaces.
McDonalds BigMac combo would cost 1 dime, 1 nickle, 1 penny or $16
 
Grildon Tundy said:
TIL melting down US currency for the metal is illegal.

Also learned that the market value of a mostly-zinc post-1982 US penny's metal is 0.71 cents.

Good riddance, pennies. You were truly the worst.
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Also, modern pennies are mostly zinc which produces harmful gasses when melted. You can get "metal fume fever" if you breathe it in. There are better sources of copper.
 
When something costs four times its value to create and then ends up largely thrown away over the perception of being "worthless", good riddance to bad spending.

This isn't the first time the US has ditched a currency: The US had a half-penny that was phased out long ago.

I wish the US (well, its citizens mostly) would stop being so opposed to dollar coinage. We could also save money by replacing dollar bills with dollar coins that have a lifespan ten or fifteen times as long as the paper/fiber bill.
 
Nydius said:
When something costs four times its value to create and then ends up largely thrown away over the perception of being "worthless", good riddance to bad spending.

This isn't the first time the US has ditched a currency: The US had a half-penny that was phased out long ago.

I wish the US (well, its citizens mostly) would stop being so opposed to dollar coinage. We could also save money by replacing dollar bills with dollar coins that have a lifespan ten or fifteen times as long as the paper/fiber bill.
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I'd be down for going back to coined dollars. Too bad it'll never happen. Bills used tossimply be claim checks on coins much like a dry cleaner gives you a tag proving ownership of your shirt.
bOE6USC.jpeg
 
They need the copper for the AI bullshit chipsets and bots. Fk these people I'll pay for my Switch 2 in pennies.

Salt Bae Art GIF by G1ft3d
 
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Solarstrike said:
They need the copper for the AI bullshit chipsets and bots. Fk these people I'll pay for my Switch 2 in pennies.

Salt Bae Art GIF by G1ft3d
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Since 1983 the amount of copper in a penny is negligible. 2.5%, all in electroplating.

To put that in context, the US mint says each penny is 2.5 grams total weight so, if my quick mental math is accurate, copper only makes up six-hundredths of a gram of each penny. They minted 3.2 billion pennies in 2024, which translates into ~220 tons of copper. Sounds like a lot, until you look at how much copper other industries use. A single 3MW wind turbine uses 4.7 tons of copper; If we took all the copper from 2024's penny production, it would be enough for only 46 wind turbines. Hell, the EV industry used 920,000 metric tons (1.04M imperial tons) of copper in 2023 alone.

Don't get me wrong, 220 tons of copper is nothing to scoff at but, in the grand scheme of things, it's barely a drop in the bucket. Certainly not enough to even make a dent in the copper needs for AI.
 
I have a big box of change that I need to take to the coin star and trade for Amazon credit. Lots of pennies in there, but it's mostly silver.
 
ReBurn said:
I have a big box of change that I need to take to the coin star and trade for Amazon credit. Lots of pennies in there, but it's mostly silver.
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You should keep the pennies for a long time and then sell before you die so the new owner can throw them away
 
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