Have you actually used a penny to make a purchase recently?
Ending the production of pennies is far from a new idea.
Economists have proposed eliminating pennies for years, citing both their production costs and declining usefulness.
What do people today spend pennies on?
This trend towards a cashless economy certainly isn’t helping with the penny’s value proposition.
So what would an end to the penny mean for you and the wider economy?
Read on for all the answers we have at this point.
Can Trump actually put an end to the penny?
How much does it cost to produce a penny?
What would eliminating pennies do to prices?
At this point, they’re only really good for helping vendors give you change.
How many pennies are currently in circulation?
A 2024New York Times reportestimated that nearly 250 billion pennies were in circulation as of last year.
That’s because the US Mint produces billions of new pennies each year to replace the countless lost ones.
What do I do with my pennies?
Will nickels also be eliminated?
Ceasing the production of pennies, many economists argue, would kick the issue up to nickels as well.
“It would be bad for consumers and it would be bad for the economy,” Weller said.
For more, find outwhy ditching Amazon Prime might save you more money than you’d expect.
