For years now the calls to get rid of the Penny have been growing louder and louder but since Congress failed to pass legislation to phase out the Penny it kept on grinding along. That was until early this year when the Trump Admin announced that the Mint was going to stop production of the Penny this year. A couple of months later it was announced that the Mint had purchased the last blanks and so they would press what they had left before ceasing production. Well that time has come as today the final US Penny is set to be pressed at the Philadelphia Mint.
Unlike many of the Trumps Admins orders this one has drawn bipartisan support. Currently in the Senate there is a bipartisan bill, "Make Sense, Not Cents Act," from Sens. Jeff Merkley of Oregon and Mike Lee of Utah to end production. Both highlighted todays announcement as a win for taxpayers as an estimated $85 million will be saved from stopping production alone. In separate statements today the senators said.
“Ending penny production is the right thing to do, but let’s make sure we do it the right way,” Merkley added in. “If President Trump is serious about ending this wasteful spending — with each penny costing 4 times more to mint than it’s worth — he should work with Congress to take up necessary legislation, like my bipartisan bill with Senator Mike Lee. It’s time to make sense, not cents.”
“I’m pleased to see the Treasury Department taking a page from my ‘Make Sense, Not Cents Act,’” Lee said in a statement shared with Nexstar. “Each penny costs four cents to make, so cutting this waste will save the American taxpayer over $85 million every year.”
This end for the Penny though will have fanfare as the AP reported that Treasury Secretary Scott Bessent and Treasurer Brandon Beach are expected to be present for the final production run of the penny. It will be interesting to see if by the end of the year we see the legislation to officially halt penny production moves through Congress and is signed into law. Given the bipartisan support and the fact it saves money this could be a bill that is able to move rather quickly and be signed into law by the end of the year.
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