Pennies Are Ending Production

 

Pennies are no longer going to be produced. The United States has produced the penny since 1793. The reason for this decision was that pennies were getting too expensive to produce. This is according to the US Department of  Treasury. If legal tender is getting expensive to produce, then it indicates concerns about the economy. Increasing national debt means the ability to perform certain domestic tasks are limited. Currency production should not be a challenge for a high income country. Ending penny production is not going to save large amounts for the US. Pennies can still be used and will remain in circulation. An estimated billions of pennies still remain in stores, banks, and among the population. It will take time for pennies to become rare. Coin collectors might see an increase in acquisition as the supply becomes smaller. Retailers are trying to navigate the end of penny production. Making change could be an issue. One solution is to round down prices or ask customers to exchange pennies for rewards. Those who own large amounts of pennies should not dispose of them. The coins can still be used and as time passes more valuable. What would be helpful to consumers is to exchange pennies at your bank. Taking time to count the value, the banks will give cash for large amounts of pennies. The 230 year history of the penny will be of interest to numismatics and economics. The last penny was the Lincoln cent . Introduced in 1909 to commemorate  President Abraham Lincoln's birth, the currency itself became an icon.