AssetID: 54787983
Headline: UNCAPTIONED: U.S. Treasury Announces End of Penny Production to Save Millions
Caption: U.S. Treasury Announces End of Penny Production to Save Millions. The U.S. Treasury has confirmed it will cease production of the one-cent coin, commonly known as the penny, starting next year. This decision aims to save approximately $56 million annually, as the cost to produce a single penny has risen to 3.69 cents. The penny, first minted in 1793, has been a staple of American currency for over two centuries. The move follows President Donald Trump's directive to halt penny production, labeling it "wasteful." Critics argue that the coin's production is an unnecessary expense, while supporters claim it helps keep prices low and supports charitable fundraising. As the phase-out begins, businesses will need to adjust by rounding prices up or down. The U.S. joins countries like Canada, which eliminated its one-cent coin in 2012 due to similar cost concerns. The decline in cash usage has also influenced this decision, reflecting a shift towards a more cashless society. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current affairs & Politics,U.S. Treasury,penny,one-cent coin,production halt,2025,56 million dollars,3.69 cents,1793,Donald Trump,wasteful,critics,supporters,price rounding,charitable fundraising,Canada,2012,cash decline,cashless society,cost concerns,American currency,economic efficiency.
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