Richmond, VA – The forgotten mainstay of coin bottles and car cup holders may not be soon.
What you need to know
President Donald Trump ordered the US to stop building penny
His surprise announcement comes after decades of failed efforts to phase out a cent coin
Advocates for dumping Penny cite its high production costs and limited utility
Penny fans cite the utility in the relative bargains of charity drive and production costs compared to nickel
President Donald Trump announced on Sunday that he ordered his administration to stop producing one-cent coins.
Supporters for dumping the penny cite its high production costs, according to the US Mint. Penny fans cite the utility in the relative bargains of charity drive and production costs compared to nickel, which costs around 14 cents to mint.
Trump’s surprise order comes after decades of hard work to market Penny.
“The only tradition explains our stubborn attachment to Penny, but sometimes traditions can be ridiculous,” the farmer’s yearbook stated in the 1989 edition.
Let’s take a look at some of the questions surrounding Trump’s order.
Can Trump really order the Treasury to stop building penny without Congressional approval?
Yes, according to law scholar Lawrence H. Trib, Carl M. Roeb, professor emeritus of constitutional law at Harvard University.
The US code gives the Treasury the authority to create and issue coins “in the amount the secretary deems necessary to meet US needs.”
If Treasury Secretary Scott Bescent determines that Penny needs zero, he will be within his legal rights, the tribe said.
“Unlike much of what the new administration has been doing since January 20th following the flood of executive orders, this action seems completely legal and completely constitutional,” the tribe says, adding that Trump has been accused of others. We mentioned the offensive executive action we took about the issue. Since taking office.
Congress directing currency specifications such as the size of the coin and the contents of the metal can make Trump’s orders permanent through the law. But past council efforts to throw away pennies have failed.
Pennies are made primarily of zinc, and the American zinc lobby was the main opponent who proposed to eliminate Pennies.
How many pennies are available?
It depends on the meaning of circulation.
Penny was the most popular coin made by US mint, and reported last year it would make 3.2 billion. This is more than half of all the new coins we created last year.
Professor MIT, who founded the citizens and retired Penny, said the coin was to continue to be in circulation for about 30 years, and that over the past 30 years, US mint has made around 250 billion pennies.
But he says, “No one wants to spend pennies, so they fall from the aggressive circulation much faster than the other coins.”
If Penny has been sitting in a drawer for 10 years, Gore asks, “Is it considered in circulation?”
Do Americans miss Penny?
Experiences in other countries suggest no.
Canada began abolishing pennies decades ago, urging store owners to round the price to the nearest nickel for cash transactions. Electronic purchases were still billed to the nearest cent. The move comes after New Zealand, Australia and the Netherlands dropped their lowest sect coins.
After dropping a penny or its equivalent, those countries have not looked back.
What’s coming next?
Trump’s order was released in a social media post because he was leaving New Orleans after watching the first half of the Super Bowl, and was the latest in the administration’s rapid efforts to cut government costs did.
“Let’s tear waste from the budget of a great nation, even if it’s a penny at once,” Trump wrote in his post.
According to a 2022 report from Canada’s Mint, after Canada stopped building new pennys, it began recycling for “valuable” copper and zinc.
