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The federal government made its final order of penny blanks this month — marking the first step to end the production of the one-cent coin, a spokesperson for the U.S. Department of the Treasury confirmed to USA TODAY.
The penny’s run is coming to an end. First minted in 1792, it has been in circulation constantly. It wll be sunseted next year. Afterward, things that cost a penny must “round up” or “round down” to a nickel.
Treasury Department will take pennies out of circulation next year. Costly nickels, however, could cancel out savings.
After more than 200 years, we bid farewell to our small-denominated currency that grew to become a symbol of thriftiness and luck.
Per the latest U.S. Mint report, it costs less than six cents to make a dime ($0.0576). To make a quarter, it costs about 15 cents ($0.1468), and nearly 34 cents for a half-dollar ($0.3397).
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The End of the Penny Era How Fiscal Efficiency and Price Adjustments Will Shape the FutureThis move by the U.S. Treasury, motivated by rising production expenses and a call for fiscal frugality, has opened up an across-the-board debate about its effect on shoppers, retailers, and the entire economy.
It may be time to start collecting pennies.