President Donald Trump’s penny proposal aims to kill off the coin that costs more money to produce than it’s worth.
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00:00President Donald Trump has declared the end of the penny.
00:02Last year alone, the U.S. lost over $85 million, issuing more than 3 billion pennies,
00:08following similar losses in 2022 and 2023.
00:12If Trump's proposal goes through, the U.S. would follow other countries like Canada, Australia, and New Zealand
00:17who have also stopped producing pennies.
00:19The country has lost money making the one-cent coin for nearly two decades,
00:23with every penny now costing 3.7 cents to produce.
00:27Despite the penny's coppery surface, the coin has been made primarily of zinc since the early 80s.
00:31At the time, the U.S. made the switch to avoid skyrocketing copper prices.
00:36Trump's proposal may require congressional approval,
00:38and even if the Mint stop producing pennies tomorrow, they will still be in circulation for now.
00:43Albeit, maybe just in our piggy banks.