Penny Panic! Trump Scraps the Coin, Leaving Hidden Treasure for Collectors

With rising costs, President Trump has announced a plan to phase out the penny coin due to its financial burden. The production costs now exceed the coin's value, costing taxpayers millions of dollars annually. Despite Trump's initiative, Congress must pass legislation to permanently discontinue penny production. The move has gained momentum over the years, with former presidents and several countries successfully eliminating their lowest denomination coins. The penny, introduced in 1793, has outlived its usefulness as a significant currency. The rising cost of zinc, the primary material in pennies, has further increased production expenses. Since 1982, pennies have comprised mainly zinc, leading to a significant loss for the government. In 2023, the deficit reached approximately $93 million, with only 39.54% of the total coins produced being pennies. Eliminating the penny would also reduce staffing costs at the U.S. Mint, saving tens of millions of dollars perpetually. Proponents argue that rounding would benefit society, as it would be applied both ways. Opponents claim it could lead to price increases, but studies suggest otherwise. While some collectors may object, the cessation of penny production could benefit collectors by increasing the value of existing pennies. The Elongated Collectors organization, which creates unique designs on pennies, would likely adjust to the change. Phrases such as "pennypinching" and "a penny for your thoughts" would evolve to reflect the absence of the coin. However, pennies currently in circulation will remain redeemable. Experts recommend using pennies only for mint sets and bags to generate profits for the U.S. Mint. Subscribe to our channel for more updates on this developing story, and let's join the movement to eliminate the penny, a waste in our great nation's budget. #penny #panic #trump #scraps #coin #leaving #hidden #treasure #collectors #finance #investing #marketupdate #financialnews #economictrends#crypto #cryptocurency