Start Collecting Those Pennies Louisiana, They Might Soon Disappear

Since his inauguration in January, President Donald Trump has certainly been busy. His flurry of executive orders are set to change many policies, from saving our gas stoves, to eliminating the electric cars mandate.

But if Trump passes this latest initiative, the copper Lincoln coin might be going the way of the paper map and the phone book.  There's been talk of eliminating the penny from circulation for decades, but now with the Department of Government Efficiency, (DOGE) looking into the many ways the federal government has been wasting our tax dollars, the penny may be on the chopping block.

According to the Federal Reserve, the penny accounts for 0.006% of the money in circulation, with about 114 billion pennies, or $1.14 billion dollars.  (Some reports say that there are around 250 billion pennies in circulation).

You Won't Believe What it Costs to Manufacture the Penny

But here's what you might not realize, and why you might think it isn't so crazy after all, the US Mint announced in 2024 that it actually costs 3.69 cents to manufacture one penny. It costs over three and half times the coin's face value to produce.  And costs for the nickel and dime don't fare much better.

If the penny is eliminated, it would affect the cash price for goods, with prices having to be rounded to the nearest five cents to allow for correct change on cash payments.  And you can bet your last wheat penny that retailers will be rounding up rather than rounding down.

Canada eliminated their penny from circulation back in 2013 and they seem to be doing just fine... socialized medicine not withstanding.