USA Is Phasing Out Coins Starting With 1 Cent Next Year

[RAMROD 117,978]

One cent coins will stop being produced in the US next year, the Treasury Department has confirmed.

It marks the phasing out of the coins, commonly known as pennies, which have been in circulation for more than two centuries.

President Donald Trump told Treasury Secretary Scott Bessent in February to stop minting the coins, calling them "wasteful".

There has been a long debate over the cost and usefulness of pennies in the US.

The penny was one of the first coins made by the US Mint, entering circulation in 1793.

But over the past 10 years, the cost of producing it has risen from 1.3 cents to 3.69 cents per coin, according to the Treasury.

The Mint estimates that stopping production will result in an immediate annual saving of $56m (£42m) in reduced material costs.

Critics of the zinc and copper coin say producing it is a waste of money and resources, while those who want to keep it argue it keeps prices lower and boosts fund-raising for charities.

The phasing out of the coins will mean businesses will need to round prices up or down, according to the Wall Street Journal (WSJ), who first reported the story.

"Confirming the WSJ story, the Treasury has made its final order of penny blanks this month and the United States Mint will continue to manufacture pennies while an inventory of penny blanks exists," a Treasury spokesperson said.

Other countries have discontinued similar coins. Canada ditched its one cent coin in 2012, citing the cost of minting it and its falling purchasing power due to higher prices.

The declining use of cash meant the UK did not mint any new coins in 2024, after officials decided there were already enough coins in circulation.

 

https://www.bbc.com/news/articles/cx2j07858lno

[Horny Chicken 11,112]

$100 is the new $1. 

[FATCAT 60,931]

5 minutes ago, A Fried Egg said:

$100 is the new $1. 

yup

[Auralegends 8,959]

This is nothing new. Here in Belgium we have phased out the 1 and 2 cent coins a few years ago and the same happened in the Netherlands before.

[Pandacadabra 9,180]

Yeah because this is certainly a pressing issue in the USA. Coins are ruining America.

[PartySick 174,211]

Oh interesting. I wonder what this does to sales tax.

It's 7% here in Florida, 7¢ on the dollar, so will it be rounded down to 5% or (god forbid) rounded up to 10%?

[PartySick 174,211]

1 minute ago, Pandacadabra said:

Yeah because this is certainly a pressing issue in the USA. Coins are ruining America.

Eh, this has been a background discussion since I was a little baby first learning how to hate the Republicans. Bush was still in office

[tylerjs 6,096]

2 minutes ago, PartySick said:

Oh interesting. I wonder what this does to sales tax.

It's 7% here in Florida, 7¢ on the dollar, so will it be rounded down to 5% or (god forbid) rounded up to 10%?

we both know it ain’t going down, henny 

[PartySick 174,211]

3 minutes ago, tylerjs said:

we both know it ain’t going down, henny 

Well, at least when everything gets 3% more expensive the Republicans will be the ones in charge

Small victories or something

[tylerjs 6,096]

Just now, PartySick said:

Well, at least when everything gets 3% more expensive the Republicans will be the ones in charge

Small victories or something

yeah but they’ll just blame Obama or something lol

[Pandacadabra 9,180]

7 minutes ago, PartySick said:

Eh, this has been a background discussion since I was a little baby first learning how to hate the Republicans. Bush was still in office

Partysick, you respond to my comment but not my message. I like sent a message a few days ago about the Gaga letter. I was asking if I should type the whole letter on the DM.

[PartySick 174,211]

Just now, tylerjs said:

yeah but they’ll just blame Obama or something lol

 

I'm still scarred from this whole state going anti-Obama 'cause the shuttle program ended while he was in office despite NASA having plans to end it then regardless since, like, the late 90s or early 00s

[PartySick 174,211]

Just now, Pandacadabra said:

Partysick, you respond to my comment but not my message. I like sent a message a few days ago about the Gaga letter. I was asking if I should type the whole letter on the DM.

Oh yeah, I don't open my inbox until I'm ready to gather some more letters 'cause I need the notification bubbles to remind me  

Yeah please, send it to me there

[sarahb 17,244]

Thank god, I was working as a cashier at Disney World the past several months and pennies were driving me insane. Especially since I'm used to the smallest denomination being 5 cents, and even they're annoying. 

[Economy 53,076]

1 hour ago, Auralegends said:

This is nothing new. Here in Belgium we have phased out the 1 and 2 cent coins a few years ago and the same happened in the Netherlands before.

Canada got rid of pennies years ago and its the best thing they could have done.

 

Those things were worthless and so annoying to keep in ur wallet to make exact change