Pres. Trump has ordered the stopping of penny production from the US Treasury. It is unsure whether or not the president has the authority to stop production, but citing the high cost of production and the DOGE initiative to cut costs, the order has been made.
The production of the penny cost the US Mint $85.3 million in 2024. Each penny costs 3.7 cents to make.
The US Mint also loses money on the nickel with each of the five cent coin costing nearly $0.14 to make.
I know I have a bucket of coins I could recirculate.
It makes you wonder if hard cash is on it’s way out?
This article was written by Greg Michalowski at www.forexlive.com.
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