Latest news with #penny
Bloomberg
04-07-2025
- Business
- Bloomberg
The US Is Done with Pennies. What the Change Means for Your Wallet
Never miss an episode. Follow The Big Take daily podcast today. For decades, the penny has cost more to produce than it's worth. Now, the US government is finally stopping production of the one-cent coin for good.
CBS News
07-06-2025
- Business
- CBS News
Bay Area pressed penny souvenir business facing end of penny production in 2026
San Francisco Pressed Penny Souvenir business reacts to the end of the penny San Francisco Pressed Penny Souvenir business reacts to the end of the penny San Francisco Pressed Penny Souvenir business reacts to the end of the penny For Matt Sengbusch's business, dollars have never made sense, but coins do — particularly the penny. He uses them to operate more than 50 penny pressing machines throughout the Bay Area. The most popular one is located on Pier 39. People pay 51 cents for the machine to press pictures of tourist attractions into stretched pennies. It's a pocket-sized souvenir that can last a lifetime. But soon, finding pennies to use might be more pressing than the machine. The U.S. Mint in late May said that they've ordered their last copper stock to make the penny. The decision came from President Donald Trump in February, citing costs. The coin costs more to make than it's worth. The US spends about 4 cents for every penny, which is only valued at 1 cent. The move is expected to save the US $56 million a year, but it'll cost Sengbusch dearly. He makes between $10,000 to $15,000 annually from the business. "The other part of this, besides pennies, is the quarters," Sengbusch said. He supplies businesses on the pier with quarters, and as for the pennies, he said he plans to buy copper blanks to replace the penny. "If it were just for the money, I wouldn't do it," he said. But business aside, moving away from the penny represents a break with tradition and a parting with a staple of US history, which is something he doesn't know if he's ready to embrace. "These are like the last pennies ever, like new ones," Sengbusch said, opening a new roll of pennies. Penny production will stop in 2026, forever changing the landscape of the coin-operated world Sengbusch loves. He said he will keep using them until the coin falls out of circulation. For now, it just makes sense.
CBS News
01-06-2025
- Business
- CBS News
Faith Salie offers her two cents on the end of the penny
Faith Salie offers her two cents on the end of the penny Faith Salie offers her two cents on the end of the penny 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. A 1793 "flowing hair" penny with Lady Liberty. U.S. Mint 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:
Yahoo
31-05-2025
- Business
- Yahoo
Sound Off: May 31, 2025
Sun Herald readers weigh in on local and national topics. It costs 3.69 cents to make a penny. So it seems to be a no-brainer to stop making them, which the U.S. Mint will do next year. I figure that at some point, stores will rounding prices off to 5 cents. When that happens, more nickels dimes and quarters will likely be needed. I will let those versed in probability to calculate how many of each will be needed. If too many nickels are needed it may not be worth getting rid of the penny unless we get rid of the nickel, as well. Why do I say that? Because it costs 13.78 cents to mint a nickel. That makes a penny to look like a bargain. there no problem with the dimes and quarters because they cost 5.76 cents and 14.68 cents respectively to mint. What happened to the Gulfport Connect app where requests for city services are done? My app disappeared and attempts to Download have been unsuccessful. The liberal judicial branch of the U.S. government is setting policy for the executive branch of government. We the people voted for change in foreign trade. Same with immigration. The USPS is not funded by the U.S. taxpayer. Only Congress could change/do away with the post office. It is a 'stand alone' quasi-government entity. It is provided for in the Constitution. Read Article Article 1, Section 8, Clause 7: 'the US Constitution ... grants Congress the power to 'establish Post Offices and Post Roads.' As far as your 'so-called' junk mail complaint: Business pay for the post offices to deliver their 'advertisements,' the same as the spurious ads you see while doing a 'google search.' You can go to the post office and fill out a form to stop the delivery of Bulk Business Mail if you desire to do so. Benjamin Netanyahu is concerned that President Trump's 'deal' Iran might cause a nuclear war. We already had a treaty with Iran, but Trump ended it. Now he's making his own deal. It probably involves a golf course. After reading about TACO trades, all of President Trump's flip-flopping on tariffs is making me hungry. And making the folks on Wall Street rich, apparently. The people have spoken. Elon Musk and his DOGE team have done their work. And now Congress is sitting on its hands. How many more folks to we need to vote out to get something done? Send your Sound Offs to soundoff@
Daily Mail
28-05-2025
- Business
- Daily Mail
Collectors set to rake in fortune from rare pennies after Trump ceased production
Grab your piggy banks, you may just have a rare penny that could rank you in thousands! The Donald Trump Administration has ordered the Treasury Department to stop the production of pennies. The agency will stop putting new pennies into circulation by early next year and businesses will have to start rounding up or down, the Treasury said. It costs the Treasury roughly four cents to make a penny, meaning it cost more than the coin is actually worth. The halt on production is expected to save the US $56million a year, the Wall Street Journal reported. It also means penny collectors could make a pretty penny - get it? - off some rare coins. For those in possession of a 1943-D Lincoln Bronze Wheat Penny, it could garner up to $2.3million in mint condition, according to Newsweek. The coin is particularly rare as the currency is made of 95 percent copper that year. The same coin in less ideal conditions could still garner $100,000, the outlet reported. The coin is disguisable by the small D, which shows it was made at the Denver Mint, under the 1943 in the right-hand corner. One sold for $840,000 in 2021, according to the Professional Coin Grading Service (PCGS). Another rare coin that brings a nice payday is the 1944-S Steel Wheat Penny, which is estimated to be worth $1.1million, Newsweek reported. The S stands for San Francisco, where the coin was produced, but don't spend too long searching for it, as only two copies are known to still exist, according to Newsweek. The coin has a silvery look as it is zinc-coated steel. One sold for $408,000 in 2001, according to PCGS. Another coin worth looking in the couch cushions for is the 1793 Strawberry Leaf Cent. The coin is made out of copper and features a woman with long tresses on the front and two wheat stalks on the back. It was made at the Philadelphia Mint. Another coin worth looking in the couch cushions for is the 1793 Strawberry Leaf Cent. The coin is made out of copper and features a woman with long tresses on the front and two wheat stalks on the back. It was made at the Philadelphia Mint The coin sold for a record $862,500 at an auction in January 2009, according to PCGS. Most pennies will be worth their value of one cent or a little more than that. 'Outside of a few variations that are in low will be worth just a tad more than their original value,' Alex Beene, a University of Tennessee financial literacy instructor, told Newsweek. However, the few rare ones are worth the search. 'While most wheat pennies are pocket change, the rare ones can buy you a house,' Finance Expert, Michael Ryan, told the outlet. Trump stopped the production to stop due to the cost of making it being higher than the value. 'For far too long the United States has minted pennies which literally cost us more than 2 cents,' he wrote on Truth Social in February. 'This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies. According to a 2024 report from the US Mint, it cost 3.69 cents to produce a penny, a process that lost the Treasury $179million in 2023 'Let's rip the waste out of our great nation's budget, even if it's a penny at a time.' The US produces new pennies designed for circulation at its mints located in Denver and Philadelphia. According to a 2024 report from the US Mint, it cost 3.69 cents to produce a penny, a process that lost the Treasury $179million in 2023. A nickel meanwhile cost around 13.78 cents to manufacture last year. The increased production cost is partly due to the price of raw materials. The US Mint said it was the 19th year in a row production costs had been above face value.
