Coins

Why Eliminating the Penny Makes Sense

By eliminating the penny, the U.S. government will save some money: Spending 3.69 cents to make every penny, the Mint, by stopping, will no longer lose $85.3 million and save $213 million annually.When the Mint runs out of these blanks, it will stop producing pennies: We can expect the last batch during the beginning of next year. History . Starting with the Coinage Act of 1792, we established the Mint that soon made the first pennies. In 2006, the penny’s cost began to exceed its face value. Called negative seignorage, the amount the government gets for “selling” them to financial institutions is less than it costs to make and ship them. ….[READ]