Why a Smart Review Won’t Cost Taxpayers More or Harm the Economy A January 21, 2025, DOGE post claimed that the penny cost taxpayers $179 million in FY 2023. While this claim is not accurate per US Mint annual reports, DOGE is right to consider ways to improve the cost and efficiency of US currency. Eliminating ...

Pennies cost more to make than they are worth, and often accumulate unused. But would eliminating them cause prices to get rounded up?

By Steven T. Dennis / February 10, 2025 04:49PM ET / Bloomberg Government President Donald Trump’s order Sunday night to stop minting billions of pennies annually potentially comes with some unexpected costs. The penny, a staple of US currency since since 1793, costs more than 3 cents to make, costing the government a net loss of $85 million, per the US Mint’s 2024 ...

The Mint Actually Loses Money Without the One-Cent Coin Eliminating the penny won’t save the government money. In fact, such a move would have a significant negative impact on the U.S. Mint’s cost structure. Many overhead expenses at the Mint would remain and would need to be absorbed by other coins, increasing their per-unit costs. Additionally, ...

DOGE’s suggestion to eliminate the penny as a cost-saving measure is fundamentally flawed. In reality, removing the penny would increase government losses, not reduce them. “The government won’t save money if the penny is eliminated,” said Americans for Common Cents Executive Director Mark Weller. “Such a change would have a massive negative impact on the ...

Government Report Highlights Disproportionate Impact on Vulnerable Families October 1, 2024 A new report from the U.S. Consumer Financial Protection Bureau (CFPB) reveals that the shift to cashless payment systems in school cafeterias has had an unintended consequence: increased costs for lower-income families. As more schools transition to cashless systems, many districts have partnered with payment ...

Largest Card Network Faces Allegations of Anti-Competitive Practices September 25, 2024 The U.S. Department of Justice filed a sweeping antitrust lawsuit against Visa on September 24th, accusing the debit-card giant of stifling competition. The suit seeks to open the market to new competitors and challenges Visa’s alleged efforts to monopolize the debit-card sector. According to the government, ...

August 5, 2024 Two pennies began their journey to the International Space Station on August 4, aboard a SpaceX Falcon 9 rocket from Cape Canaveral Space Force Station, Florida. These pennies were part of the uncrewed capsule’s 8,200-pound cargo. The pennies will be used in a “STEMonstration,” a series of short educational videos filmed on the space ...

Cash is still vitally important, even as society’s transition toward digital payments accelerates, according to Royal Canadian Mint President Marie Lemay. During the COVID-19 pandemic, as businesses closed their physical doors and consumers shifted their buying online, there was an immediate and dramatic impact on coin demand. Lemay noted recently that coin demand is starting to ...

October 10, 2022. Many Florida restaurants and gas stations are accepting only cash in the wake of Hurricane Ian. These businesses need electricity and an internet connection –which doesn’t currently exist or is poor– to process payments and track sales. “Cash demand skyrockets during crises, be it man-made or a natural disaster,” said Americans for Common ...

June 22, 2022 The House of Representatives passed Representative Don Payne’s (D-NJ) bipartisan Payment Choice Act -HR 4395 -on June 15. The legislation protects the right to pay in cash at retail establishments for transactions under $2,000. The Payne bill, which at the time of passage had 49 cosponsors, was adopted on a vote of 224 ...

Miami-Dade has passed an ordinance that would require businesses in the Floridian county to accept cash, based on concerns that business refusal to accept cash and coin damages minority communities and overall choice. Many states including Arizona, Colorado, Massachusetts, New Jersey and Rhode Island already have pro-cash legislation, as do cities including New York, Philadelphia and San Francisco. At ...

Coin Task Force Reports on Disruption in Coin Circulation Posted on February 18, 2022 In response to the COVID-19 pandemic, the US Mint formed a task force to examine the impact of the coronavirus pandemic on coin flows and the use of cash by American consumers and businesses. The U.S. Coin Task Force is comprised of representatives ...

On December 2, 2020 the House of Representatives passed legislation that would allow the Mint to change the composition of coins. H.R. 7995 sponsored by Congressman Mark Amodei (R-NV) would permit a change in the metal content of our coins if it reduces costs and is seamless, which is determined by verifying that the coins ...

The U.S. Mint is taking steps to alleviate coin shortages caused by the COVID-19 pandemic. In the second half of 2020, the Mint expects production increases to 1.35 billion coins per month that would add up to a projected total of 14.2 billion coins produced in 2020 according to Statista. In June, the Federal Reserve announced ...