The Philadelphia Mint made its last penny last Wednesday, ending 232 years of the U.S. making one-cent pieces. President Donald Trump concluded that making a penny costs four cents. Lorenzo Prieto reported the latest news about the penny in his article published at The Daily Signal.
“Today
I attended the final penny strike, symbolizing the end of penny production and
the return of common sense,” U.S. Treasurer Brandon Beach wrote on X. “Each
year the U.S. loses millions producing pennies as their demand plummeted.”
“Given
the rapid modernization of the American wallet, the Department of the Treasury
and President Trump no longer believe the continued production of the penny is
fiscally responsible or necessary to meet the demands of the American public,”
Beach explained during the historic moment.
“As
public servants, it’s our responsibility to steward public resources with prudence
and transparency. However, over the last decade, the American taxpayer has been
repeatedly shortchanged,” Beach posted on X last Thursday. “Over the last 10 years,
production costs for a single penny have nearly tripled while demand has plummeted.”
Back
in February, Trump expressed his plan to end the production of the copper
penny, considering that the manufacturing costs to make a singular coin
averaged 3.69 cents over the last 10 years.
“For
far too long the United States has minted pennies which literally cost us more
than 2 cents,” wrote Trump in the February post. “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 it it’s a penny at a time.”
“Although
today we say goodbye to our copper one-cent coin, let me be crystal clear, the
penny remains legal tender,” Beach reassured. “We have over 300 billion pennies
that remain in circulation and we encourage you to use them.”
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