May 22, 2025, 10:46 AM GMT-5
The U.S. will soon mint its last penny
The Treasury Department said it made its last order of blank pennies. It currently costs 3.7 cents to make the 1-cent coin.
The U.S. will soon mint its last penny
The Treasury Department said it made its last order of blank pennies. It currently costs 3.7 cents to make the 1-cent coin.
www.nbcnews.com
Inflation happens.
The value of a U.S. $dollar, and thus the penny, the cent, descends with it.
We've tinkered with the currency. 65 years ago the twenty five cent piece, aka the quarter, was made of Silver.
When that became too expensive it was switched to a less costly sandwich.
Now the U.S. penny coin faces extinction, even if credit / debit transactions still employ the unit, without the coin.
For a broader historic perspective:
Newspaper Article, "Henry Ford Gives $10,000,000 in 1914 Profits to His Employees"
When Henry Ford introduced the moving assembly line in 1913 he loved it but his employees didn't. The work was boring and relentless, and worker turnover was high. To get workers to stay, Henry more than doubled their pay, from $2.34 per day to $5 per day. It was headline news in Detroit and around the country.
Henry Ford: $5 Day - The Henry Ford
This Expert Set was compiled in 2013 to commemorate the 150th anniversary of Henry Ford’s birth.
www.thehenryford.org
Five $dollars a day. In some locations the minimum wage is $15 an hour. That's inflation.
Should we just kick the can down the road? Continue to address these consequences of inflation piecemeal? - OR -
Is a broader approach worth consideration?
Should the U.S. consider a currency reset? Setting the value of a dollar back to what it was when Ben Franklin was alive?
And bring back the Copper penny?
ref:
- The penny's unit cost increased by 20.2%, now costing 3.69 cents to produce.
- The nickel's unit cost increased by 19.4%, now costing 13.78 cents to produce.
- The dime's unit cost increased by 8.7%.
- The quarter's unit cost increased by 26.2%.
How Much Does it Cost to Produce Coins?
Ever wonder how much does it cost to produce coins? Find out the answer at our Coin Collector's Resource Center here on GovMint.com
www.govmint.com