For years, the penny has been the cornerstone of the U.S. Mint. However, it seems that it is fading away. In a few weeks, government officials will order the end of U.S. penny making.
A few days ago, the DOGE (Department of Government Efficiency) announced that in an effort to help stabilize U.S. spending, the penny will stop being minted. This is to the fact that the copper and materials needed to print a penny are more expensive than the penny itself. President Donald Trump backed the effort stating that it costs “nearly 4 cents to make a penny.”
The nickel is also in jeopardy as well. In a report about the end of the 2024 federal fiscal year, it was announced that it takes roughly 14 cents to create and produce the nickel. The DOGE has also appealed that the nickel is to stop being produced as well, but no major moves have been acted upon.
What would happen if the penny and the nickel went away? The U.S. would simply just stop the printing of the coins until they are manageable to create again. Current pennies and nickels would still be in circulation for now, but in the long run they might be retired. Nothing will happen on this issue for some time however. The DOGE has appealed to the Treasury, who has still not issued a statement. Although, one may be issued in the coming days.
The penny and the nickel have both been a part of the vital US currency for a while, but their place in the U.S. economy may be over. As for now, the Lincoln and Jefferson will have to be put aside.