Goodbye To The Penny
April 14, 2022
Benjamin Franklin said “a penny saved is a penny earned” – but in today's world the penny is going away permanently.
Today it costs a little over 2 cents to make the “one cent piece,” so the United States Mint has decided that it will stop production of the penny. In late 2022, pennies will be phased out and the last batch of pennies will be minted in April 2023.
Actually, Benjamin Franklin would realize the savings by not minting the penny. In 2019, 7 billion pennies were minted at a loss of $70 million.
In late 2022, the government will institute “Pennies for Freedom” which is designed to gather the 23 trillion pennies sitting in homes and coin jars. The pennies will be melted and the copper will be used for green energy projects.
Due to checks, Venmo, ATMs, credit cards and bitcoin experts do not expect the dropping of the penny to affect most people. The U.S. Mint has suggested that businesses round up or down to the nearest nickle when the penny is no longer used.
If you think you will save a penny you might be wrong because state and local sales taxes are expected to increase to round up to the nearest nickle.
You have about a year to, as the saying goes: “See a penny, pick it up, All day long you'll have good luck. Give it to a faithful friend, Then your luck will never end.”