Trump stops Penny's embossing: A historical end for the coin!

Trump stops Penny's embossing: A historical end for the coin!

New Orleans, USA - On February 10, 2025, US President Donald Trump announced a radical step: the production of the one-cent coin known as Penny is to be stopped. Trump explained that the production of the pennies cost the United States more than two cent per coin - a waste that could no longer be accepted. This decision comes after decades of discussions whether the small coin should be abolished. Scott Bessent, the newly confirmed finance minister, should already be entrusted with the implementation of this instruction, as, among other things, krone.at reported.

The history of the penny begins in 1793 when the US government introduced this coin. The Abraham Lincoln profile has adorned the front since 1909. Trump's current advance is part of a larger debate about the meaningfulness of small coins in the modern economy. The manufacturing costs have increased steadily in recent years, which makes the need to abolish more and more urgent. Starting these coins from banks could soon be a thing of the past, since other countries such as Canada and Australia have already taken similar steps. In addition, usatoday.com The taxpayers more than 179 in recent years Dollar cost.

rising production costs as the main reason

The costs for the production and distribution of a penny are around 3.7 cents for the annual report of the US coin for the financial year 2024, which is an increase of 20 % compared to the previous year. The increasing prices for materials such as zinc and copper drive these costs and therefore may require a legislative approval for the final abolition of the penny in the USA.