Latest news with #U.S.Mint
Yahoo
15 hours ago
- Business
- Yahoo
Faith Salie offers her two cents on the end of the penny
What is worthless, but priceless? Overlooked, but treasured? Ubiquitous, but ephemeral? What makes us stop in the street to transcend our pride and stoop to pick it up? It's the humble, shiny, tiny penny. The Treasury announced it will cease making new pennies by early next year. Will they disappear immediately? No. But like so many things in our lives – reliably snowy winters, face-to-face conversations, books whose pages we can turn – pennies are fading away. Before you shrug me off as a sentimental fool old enough to remember visiting the penny candy store on Cape Cod, I do understand that pennies are "outdated" and "inefficient." The government spends about 3.7 cents to make 1 penny. That's a loss of $85 million last year alone. And around half of us don't even carry cash anymore. I don't think the Tooth Fairy believes in pennies nowadays. So, canceling them makes "cents." But in a world where it seems like everyone's looking down, a penny can remind us things might be looking up ... you know, pennies from heaven? You know who was on the first penny in 1792? A woman! It was deemed un-American back then to depict a ruler on a coin, so pennies featured Lady Liberty. It wasn't until 1909 that President Lincoln's face graced the coin. His iconic profile was designed by a Lithuanian-born Jewish immigrant, Victor David Brenner, who created what's thought to be the most reproduced piece of art in history. 1943 pennies were made of zinc-coated steel, because copper was needed for World War II. Should we just throw that history away? Well, yes! As long as we imbue each toss with our wishes. "A penny for your thoughts" was coined nearly 500 years ago by Sir Thomas More, back when offering someone a penny meant their musings were really worth something. These are just my two cents, but ... nobody throws a bitcoin into a fountain. Call me a numismatic nostalgic, but in a world full of crypto and virtuality, I'll keep my eyes peeled for the tarnished, tangible, inefficient promise of luck. For more info: Story produced by Liza Monasebian. Editor: Ed Givnish. See also: Face value: Portraits on money ("Sunday Morning")Moneymakers: Artists at the U.S. Mint ("Sunday Morning") Almanac: "In God We Trust" ("Sunday Morning") The history of the penny ("Sunday Morning") The wonderfully weird world of artist Luigi Serafini Fans turn out for estate sale at home of Tom Petty Trump says Musk is "not really leaving" as DOGE savings lag behind projections
Yahoo
3 days ago
- Business
- Yahoo
Pennies to go away soon. Will Texas businesses still accept them? What to do with yours
Need a penny for your thoughts? You might want to start charging more. The U.S. government announced that it will soon halt production of the one-cent coin, citing ballooning manufacturing costs, as each penny now costs nearly four times its face value to produce. After 233 years of production, the U.S. Treasury Department announced that the production of the penny will come to an end, and the only ones available will be pennies currently in circulation. As pennies are phased out, prices will start to change, with items being rounded up to the nearest nickel, meaning everything can be essentially 1 to 4 cents more expensive. President Donald Trump announced that the production of the penny will end as a cost-saving measure for the national budget. As the penny is phased out, the nickel will become the smallest denomination used in cash transactions. While nickels are also produced at a loss — costing about 13.8 cents to make a coin worth only 5 cents — the penny is even more inefficient by percentage, costing 3.7 cents to produce a coin worth just 1 cent. That means each penny costs 370% of its face value, compared to 276% for each nickel. And because the U.S. Mint produces roughly four times more pennies than nickels each year, the total budget impact of penny production is significantly higher — making it the more logical first step for elimination. However, with the penny gone, the expected increase in nickel production could offset some of those savings by driving up overall coin manufacturing costs. In the 2024 fiscal year, around 3.2 billion pennies were manufactured The last order for pennies has already been taken by U.S. mints, and the Treasury told multiple news outlets that pennies will stop being put into circulation early in 2026, according to the Wall Street Journal, CNN, MSN, and Business Insider. Think that old penny you have in the drawer might be worth something? Well, some are, but most aren't worth more than their face value. "There are million-dollar pennies, but there are no $100 million pennies," said Donn Pearlman, spokesman for the Professional Numismatists Guild (PNG), a nonprofit organization composed of many of the nation's rare coin experts. "Only a few Lincoln cents dated 1909 to 1958 with the wheat stalks design on the back ("wheat pennies") have sold for $1 million or more." If you find a 1943 copper Lincoln wheat penny, you might have something. These copper 1-cent pieces were produced accidentally as the U.S. mints were supposed to use zinc to save copper for the World War II effort, said John Feigenbaum, publisher of rare coin price guide Greysheet. The penny is worth some money, but only a few have gone for $1 million. A quick Google search can give you an idea of whether the coin you have is rare and if it could be worth anything. But if you have questions, you can also reach out to the American Numismatic Association. The nonprofit educational organization is dedicated to educating and encouraging people to study and collect coins and other items related to it. Beyond doing your own research, the easiest way to see if your coin is worth anything is to get it appraised. You can find a list of recommended coin appraisers from the American Numismatic Association at Even after production stops, pennies will remain legal tender in the U.S. That means businesses can accept them for payment, and most will, especially as long as people still have them in circulation (which could be years). If the total amount you're paying is correct, and you use pennies to make up that cost, most businesses will take it, just like they would with any valid coin or bill. For instance, if you're charged $10.05, and use five pennies, it's likely most businesses will accept. However, businesses are not required to accept any specific form of payment under federal law, including coins. Any business can opt for cashless-only payments, or even state, "we don't take pennies anymore." Just because the U.S. is halting penny production doesn't mean your jar of copper coins is worthless. Pennies will remain legal tender, so you've got several options for putting them to good use: Cash them in: Most banks will accept rolled pennies, and coin-counting machines at grocery stores (like Coinstar) offer cash, gift cards, or donation options. Just keep in mind: some charge a fee for cash payouts. Spend them: Pennies are still valid for transactions, so if you've got exact change, go ahead and use them, especially while they're still in circulation. Donate them: Local charities, schools, and community causes often accept spare change. A handful of pennies may not seem like much, but together, they can add up. Hold on to a few: With production ending, today's common penny might become tomorrow's nostalgic keepsake — or even a collector's item. This article originally appeared on Austin American-Statesman: US ending penny production. What to do with your leftover pennies
Yahoo
3 days ago
- Business
- Yahoo
U.S. Treasury has put in its final order for pennies. Then what happens?
Say goodbye to your penny jar. The United States Treasury has put in its final order of pennies, and production is expected to end early next year. The demise stems from an order in early February by President Donald Trump. The result: No more penny-pinching, forget about getting a penny for your thoughts, and Ben Franklin's quote about a penny saved being a penny earned may confuse future generations. Here's what you should know. Although production will cease, the coins will still qualify as U.S. currency. Stores will still be able to accept them, and consumers should still be able to use them in cash transactions. Pennies cost about 3.7 cents apiece to produce, according to the 2024 U.S. Mint annual report. On his Truth Social website, Trump said the production is wasteful. Nickels are produced at even more of a loss. In 2024, they cost 13.8 cents to make, according to the U.S. Mint report. Dimes, quarters and half-dollars still cost less than face value to produce. The Department of Treasury has said removing the penny would save the government $56 million a year in material costs, according to multiple sources. Many businesses with cash transactions will likely round to the nearest nickel. James Sego, president of the Professional Numismatists Guild, a non-profit organization focusing on rare coins and paper money, told the Journal Sentinel that even after it stops being used in stores, a penny will still only be worth a penny. "They're probably not worth keeping in hopes that they may go up in value, because there's just too much supply out there," Sego said. Sego recommends that people with large amounts of pennies cash them in at a bank. "The reality is everybody has a giant jar of pennies at home. I don't know one person that doesn't. A big jar is worth $50 or maybe even $100," Sego said. First issued in 1793, the penny is one of the oldest coins produced by the U.S. Mint, which itself was established just a year earlier. The original coin was larger than the currrent one, and made of pure copper, according to the Mint. It featured a woman's head with flowing hair, signifying Lady Liberty. Multiple changes to the design have occurred through the decades. The head of Abraham Lincoln has been on one side since 1909; the "Union shield" has been on the other side since 2010. Canada ended its penny production in 2012 and Australia stopping minting one- and two-cent coins in 1992, according to Govmint website. New Zealand has stopped minting its one-cent, two-cent and five-cent coins, Govmint said. This article originally appeared on Milwaukee Journal Sentinel: Penny production to end early next year. What does that mean?
Yahoo
4 days ago
- Business
- Yahoo
Say Goodbye To The Penny, The US Treasury Announces Plans To Phase Out The Coin
The US Treasury will stop putting new pennies into circulation at the beginning of 2026, it was announced on Thursday Pennies cost nearly 4 cents to manufacture, meaning the savings from their discontinuation could be upwards of $50 million President Donald Trump announced in February that he'd instructed the Treasury Department to stop production of 1-cent coins The US Treasury has begun phasing out the penny, it said in a statement to the Wall Street Journal late last week. The department made its final order of penny blanks earlier this month, and the U.S. Mint will continue to manufacture the 1-cent coins until the inventory blanks are used up, the Journal reports. At that point, no new pennies will enter circulation. When there are no longer enough pennies for everyday cash transactions, businesses will have to round up or down to the nearest nickel. Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — The announcement comes as no surprise. Pennies cost more to produce than they're worth, and presidents Barack Obama and Donald Trump each called for the Treasury to stop production. "For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies. Let's rip the waste out of our great nations budget, even if it's a penny at a time," Trump said on Truth Social in February. Trump actually undersold the argument. According to the U.S. Mint's 2024 Annual Report, it actually costs closer to 4 cents to make each penny. As such, the U.S. Mint is projecting $56 million in savings costs each year, thanks to reduced material costs, according to the Journal. Trending: Maximize saving for your retirement and cut down on taxes: . Congress sets the rules for currency production and holds the power to eliminate or discontinue coins. However, the Treasury told the Journal it has the power to halt production of new coins. "Given the cost savings to the taxpayer, this is just another example of our administration cutting waste for the American taxpayer and making the government more efficient for the American people," a Treasury spokesperson told CNN. One reason the US produces so many pennies each year is that a significant number leave circulation. In 2024, the Journal reported that sustainable waste company Reworld found that up to $68 million in coins are thrown away annually. Pennies, in particular, often end up sitting in coin jars or dropped on the street, where they become garbage instead of currency, the company says. "When people start leaving a monetary unit at the cash register for the next customer, the unit is too small to be useful," Gregory Mankiw, a former chair of the White House Council of Economic Advisers under President George W. Bush, told CNN. The US won't be the first country to do away with its smallest coin. Australia eliminated its 1-cent and 2-cent coins in 1992, and Canada got rid of its pennies in 2013. Read Next: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Invest where it hurts — and help millions heal:. Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Say Goodbye To The Penny, The US Treasury Announces Plans To Phase Out The Coin originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Epoch Times
5 days ago
- Business
- Epoch Times
Say Goodbye to the Penny
Commentary The U.S. Mint will stop making the penny next year. The reasons are purely practical. It costs three times as much to make as it is worth. Dropping it will save $56 million. Most people don't carry them anyway; the bulk of the existing stock is thrown out or in jars at home. Presidents have urged this for many years, but the time has finally come. Many people will be relieved. Someone gave me pennies in change just the other day. All I could think was that they were taking up space in my pocket for no reason. Good riddance. However, the legacy of the penny will last in our language. We will still ask a penny for thoughts. We will still throw in our 2 cents in discussions. A penny saved will even be a penny earned. We can still be penny-wise and pound-foolish. In tight times, we will still pinch pennies. But pricing will likely shift. The old psychological trick of pricing things at 99 cents will persist. I saw a bag of chips the other day marked at $11.99. The memorable part is the 11, not the masked 12. That habit will likely go away. Even though only one in five transactions are in cash, it is likely that pricing habits will adapt in time. Related Stories 5/23/2025 5/21/2025 However, aside from all these seeming trivialities, there is a gravely serious matter here. What it ultimately reveals is the monetary system's mass theft of the public's wealth. Here's why. Back in 1913, if you had 3 cents, you had the spending power that you would have if you have a dollar today. That's a 33-fold increase in prices over a century and a decade of central banking and money printing to sustain an ever larger government and an ever bigger debt burden. The loss of purchasing power in the money is the equivalent of a tax, a sneaky, surreptitious tax that masks its coercion in monetary depreciation. By the way, I'm pretty sure that these numbers don't capture the whole of it. They are drawn from the Consumer Price Index (CPI). I no longer trust it. Memorial Day weekend reminds me why. Did you get out and about and look at the prices at the stores? They are simply astonishing. The world around us has fundamentally changed in five years. I saw jeans for $200, a blazer for $1,500, cheap beef for $7, and bar burgers for $48 that looked affordable compared with everything else on the menu. I was thrilled for a $12 beer, which I thought was a bargain until I remembered that this would have been $6 only five years ago. There is no number that can precisely measure how much prices have risen in five years. It is a good rule of thumb to add one-third to the sticker price of most things. This is more than the 23 percent that the CPI claims. But even as you read that, I know you are thinking of goods and services that have gone up far more, by 50 percent or even 100 percent in price. It's a completely different world out there now. I know I'm not adjusting well. My memory of prices just five years ago makes me feel like a dinosaur from a different age. I get the impression I'm constantly being ripped off, even though it is not the sellers' fault. The robbery is more subtle. It makes me not want to buy anything. I cannot even imagine what it must be like for someone in their 20s of moderate income. It must feel like there is no way they will ever get ahead. They are lucky if they have parents who can flip them a few thousand dollars from time to time to help them get by. If not, they go into debt. My phone and email light up constantly with offers to split payments, buy on credit, get a cash advance, try a new app that links directly to my bank, and so on—huge and growing businesses all built on the insolvency of average people. People use them out of desperation. They offer a temporary means of survival. They are not a solution. They are temporary palliatives that make matters worse. This is the bigger picture and why we simply cannot treat the end of the penny as a trivial matter. It signals something terrible: the weaponization of the monetary system as a means of enriching elites and impoverishing the masses of people. It is a prescient symbol of deep and abiding suffering. What is being done about it? Nothing really. The Supreme Court issued an opinion last week (Trump v. Wilcox) that was very strange. It said the president can fire the heads of any executive agency, which is clear, according to the Constitution. Good. But then the court added a baseless carve-out. The court said it disagrees with arguments that the decision 'necessarily [implicates] the constitutionality of for-cause removal protections for members of the Federal Reserve's Board of Governors or other members of the Federal Open Market Committee.' The opinion describes the Fed as 'a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States.' Wait, that's it? The Fed is 'uniquely structured' and that's why the president cannot fire its head? Note that the first and second banks of the United States were sources of huge controversy in the nation. Both were abolished as terrible threats to liberty. These were national banks for the government alone. The Fed is far worse: a central bank for the entire system and the whole nation. This decision alone reveals that the court is not particularly serious about the Constitution as a whole. It picks and chooses whatever it wants from it. There is obviously nothing in that document that permits a central bank. Quite the reverse: The Framers even required that only gold and silver be minted as money and banned paper issuance by the states. Would that such strictures had stuck throughout U.S. history. In a true market system of money based on sound principles, with rising productivity, we have every reason to expect that purchasing power would rise over time, as it did in the age of the old gold standard. If someone asked me today what to do about it, I would falter at the precise answer. I don't have a plan to offer to restore the gold standard of old, and every plan I've seen has embedded problems. That said, there is plenty that can be done to at least get us back on the right track. Balance the budget. Stop the debt creation. Reign in the Fed's powers to print. If we could at least get that much done, we could have a conversation about the next steps—but we aren't even close to that. At the outset of the Trump administration, I was optimistic that the Department of Government Efficiency would make a big difference. Yes, I trusted the rhetoric, even if all experience suggested that I should not. Sure enough, a Republican-controlled Congress has pushed through a bill that pretty much ignores all the cost savings found by Elon Musk and his team. Disgusted, Musk has lost interest in politics and gone back to building a great fortune. This is a sad moment in some ways. It is possible that we will never see another opportunity like that in our lifetimes. Meanwhile, I made the mistake of looking at real-time prices just now. They are rising again after having fallen precipitously after the inauguration. They are again more than 2 percent per year. And the money supply—already up by $6.5 trillion over five years ago—is rising again and just barely short of matching its previous height of April 2022. Is this the tariffs starting to bite? They are contributing, no question. It is also possible that suppliers are using tariffs as a means of excusing delayed price increases from previous inflation. Regardless, we are starting to see signs of a second wave of inflation. I cannot fathom how we can endure such a thing. I truly wish this were a new Golden Age. There are many good trends, no question. But the fundamentals related to fiscal and monetary policy are still cracked and decaying. That worries me. Even more troubling, the system seems impenetrable to repair, even under the heavy hand of President Donald Trump. That's my 2 cents. Penny for your thoughts? Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times.
