US Treasury confirms the end of the penny
Summary
The US Treasury announced that it will stop making one-cent coins, or pennies, next year. This decision is expected to save $56 million each year in production costs, as it currently costs more to make a penny than it's worth.Key Facts
- The US will stop producing pennies next year.
- Stopping production will save $56 million every year.
- The cost to make a penny is now 3.69 cents.
- Pennies have been in use in the US since 1793.
- President Trump directed the halt on penny production earlier this year.
- Opinions differ: some say pennies are wasteful; others believe they help keep prices low and support charities.
- Other countries, like Canada, have also stopped making similar coins due to high costs.
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