President Donald Trump has recently made a bold move by ordering the U.S. Treasury to stop minting the penny. This decision comes as no surprise as the cost of producing this small coin has exceeded its actual value of one cent. Despite ongoing efforts to abolish it since the 1990s, the penny has managed to hold on and remain a part of American currency. So, what makes this tiny coin so resilient?
The penny, also known as a one-cent coin, has been a part of American currency since 1787. It has been a symbol of American culture and history, with its iconic image of Abraham Lincoln, one of the most beloved presidents of the United States. However, in recent years, the penny has faced criticism for its production cost, which has been estimated to be more than double its actual value.
According to the U.S. Mint, it costs 1.99 cents to make one penny. This may seem like a small amount, but when you consider the fact that the U.S. Mint produces billions of pennies each year, it adds up to a significant cost for the government. In 2019 alone, the U.S. Mint produced over 7 billion pennies, resulting in a loss of millions of dollars for the government.
President Trump’s decision to stop minting the penny is a step towards reducing unnecessary government spending. However, this is not the first time that the penny has faced the threat of elimination. In fact, efforts to abolish the penny have been ongoing since the 1990s. But despite these efforts, the penny has managed to stay in circulation, and its survival can be attributed to its sentimental value and its role in everyday transactions.
The penny may seem insignificant, but it holds a special place in the hearts of many Americans. It is a symbol of good luck, often found in the bottom of purses and pockets, and people believe that finding a penny brings good luck. Moreover, the penny has been a part of American history for over two centuries, and many people see it as a representation of their country’s values and principles.
Apart from its sentimental value, the penny also plays a crucial role in everyday transactions. While it may not seem like much, the one-cent difference can add up over time, especially for small businesses and low-income individuals. Eliminating the penny could result in rounding up prices, which could have a significant impact on these groups of people.
Furthermore, the penny has also been a symbol of charity and philanthropy. Many organizations, such as the Penny Harvest, have used the penny as a way to raise funds for various causes. The penny may be small, but it has the power to make a difference in the lives of those in need.
Despite its remarkable staying power, the penny’s future remains uncertain. The U.S. Treasury’s decision to stop minting the penny does not necessarily mean it will be eliminated from circulation. However, it does raise the question of whether it is time to bid farewell to this iconic coin.
Some argue that the penny has outlived its usefulness and that it is time to move on to more efficient forms of currency. Others believe that the penny’s sentimental value and its role in everyday transactions make it worth keeping. Whatever the outcome may be, one thing is for sure, the penny has left its mark on American history and culture.
In conclusion, President Trump’s decision to stop minting the penny has sparked a debate on the coin’s future. Whether it will be eliminated or continue to hold its place in American currency is yet to be seen. However, one thing is certain, the penny’s remarkable staying power is a testament to its significance in American culture and history. It may be a small coin, but it has managed to leave a big impact on the hearts of many Americans.
