Lovstuhagen comments on Now that pennies are gone, here's how much it costs (3.7 cents!) to make them and other coins

Now that pennies are gone, here's how much it costs (3.7 cents!) to make them and other coins (www.wbaltv.com)

submitted 1 year ago by Lovstuhagen@hilariouschaos.com to c/randomshit@hilariouschaos.com

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PHILADELPHIA — The final 1-cent coin pressed by the U.S. Mint on Wednesday cost more than a pretty penny to make. In fact, it cost about three of them, and some change.

The end of the 232-year-old coin comes after President Donald Trump, in a social media post in February, called for the Treasury secretary to halt the production of new pennies.

One penny costs 3.7 cents to make, according to the latest 2024 U.S. Mint Annual Report. That is about 270% more than they are worth.

Penny production cost has been on the rise in recent years. It grew about 20% from 2023 to last year.

Since 2000, the cost of a penny has more than quadrupled.

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[–] Lovstuhagen@hilariouschaos.com [S] 0 points 1 year ago

Little more:

Despite the end of their production, about 300 billion pennies remain in circulation today.

If any pennies are rattling in your coin jar, do not worry, they can still be used at shops. The penny remains legal tender.

Still, retailers are already facing challenges from penny shortages. Without the 1-cent coin, merchants may have to start rounding prices to the nearest nickel.

While the U.S. Treasury has pinched its pennies, it's not the complete end of the 1-cent coin. A small quantity of collector pennies will continue to be produced, the U.S. Mint said in a press release.

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