Pennies Are Trash Now
6 days ago
- #government
- #currency
- #economics
- The U.S. has stopped minting pennies, but there is no plan for the 300 billion already in circulation.
- Pennies cost more to produce than their face value and are rarely used in commerce, making them economically inefficient.
- Most pennies are either lost or stored in homes, creating a perpetual demand for new ones despite their lack of use.
- The U.S. Mint has no strategy for rounding cash transactions or recycling the existing pennies, unlike Canada's systematic approach.
- There is concern that penny production could resume if deemed necessary, despite their impracticality.