After 232 years, the United States made goodbye to Pence.
The US Treasury announced in May that it will start gradually getting rid of the production of its least valuable currency.
According to the Trump administration, the reason for the decision was to save federal funds, “one penny at one time”. In 2024, the United States stated that the provision of each penny cost the government 3.7 cents, or nearly four times its nominal value. All in all, to make
3.2 billion bnces last year, lost the federal government
85.3 million dollars. It can only save $ 56 million a year in production costs.
A penny will remain a legal tender and will remain widely acceptable throughout the country as long as people continue to use criticism. Last year, Yougov reported that criticism is still the “most used form for payment”, with 67 % of Americans preferring it. But Capital is the primary consumer statistics, about half of the population of the United States will not use any money at all in 2025.
One metal currency consists of copper -plated zinc, but it was originally copper. It has been trading since the American mint was created in 1792. In recent times, despite 114 billion trading, the treasury says that the penalties are “very exploited” and are easily lost, eliminated or abandoned in tractor in people’s homes.
Officials expect companies to start closer to the nearest nickel- five cents- and gradually exceed cash in cash transactions. But the transition may not be uncomplicated like that.
“People who use money in stores are still entitled to change,” Jay Zagorski, a major lecturer in the market, publishing policy, and law at the University of Boston University Questrom. “The problem with the decision to stop cursing is that it only affects the offer of pennies, not the request. This issue must be resolved with an official national policy. The US Congress needs to pass a law in this regard.” The United States is not the first country to cancel its smallest currencies. The European Union and Canada have ended with their penalties for more than a decade, while New Zealand and Australia stopped production more than 30 years ago, in 1990 and 1992, respectively.
