The US Treasury has confirmed it will stop producing new pennies after its current production run is complete, marking the end of an era in the country. The decision, made by the Trump administration as a cost-saving measure, comes amid declining demand for physical bills and coins due to digital technologies.
While there will still be over 1 billion existing pennies in circulation, no new cents will be minted, primarily composed of zinc with a copper coating. This change has sparked debate among experts, including economists and historians.
Professor Frank Holt of the University of Houston laments that the stoppage will disrupt the archeological record, as pennies have been used to date artifacts since 1793. He notes that this tradition reflects more than just economics, but also culture, politics, and society.
Holt argues that the penny’s significance extends beyond economic value, as it is often seen as a symbol of good fortune or a sign from loved ones who have passed on. The stoppage has led to questions about other forms of physical currency, including the fate of price tags ending in $.99.
Ursula Dalinghaus, an anthropologist at Ripon College, notes that cash remains essential for budgeting and controlling costs, even if some people prefer digital payments. She cautions against solely focusing on the cost of minting pennies, emphasizing the importance of everyday interactions with physical currency.
The news coincidentally comes just before Lucky Penny Day, celebrated on May 23rd, highlighting the symbolic significance of the penny beyond its economic value.
Source: https://apnews.com/article/no-more-penny-end-production-cent-25527a16976a8c81f91c1a4a4eba473a