Getting rid of the penny introduces a new problem: nickels
President Donald Trump says he has ordered the US Mint to stop making pennies, which he correctly says cost more than one cent to produce.
Opinion
Making pennies is a money-loser. Making nickels is worse.
Why President Donald Trump chose the middle of the Super Bowl to announce that his administration would stop producing pennies is anyone’s guess. But so he did, declaring at around 9:30 on Sunday evening that he was ordering the Treasury Department (which runs the U.S. Mint) to halt the manufacture of the copper-colored coins.
It takes nearly 4 cents to make a single penny. Here's why Trump wants them gone.
Trump says he'll order the Treasury Department to halt penny production to save money. Costly nickels, however, could cancel out savings.
It costs nearly four cents to make one penny. The nickel costs even more
President Donald Trump said he’s instructed the Secretary of the US Treasury to stop making new pennies, writing that they “literally cost us more than 2 cents.” He’s right — in fact, each US penny costs 3.
Why could getting rid of pennies cost the U.S. more money?
The idea of doing away with our smallest denomination is not new. The call to cut the penny has been growing louder in recent years, thanks in large part to one simple fact. it costs more to produce a penny than it is actually worth. According to CNN, it costs us three cents for every penny produced.
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