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The US appears poised to dump Penny, with a recent report saying the US Treasury Department issued its final order for Penny Blanks in May. With no new blanks along the way, US mint is reportedly producing the last new penny the country may have seen before.
You might want to use it to cover strange price purchases, or you might want to hurry up and buy some rolls of 1 cent coins to hide them, for potential payments from the collector.
Generally speaking, you may not need to do that either.
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The wind plan for the use of penny has not been officially released, but it may be similar to the process that took place in Canada.
At the time, royal Canadian mint essentially reversed the distribution process, collecting pennies from financial institutions and charities. The collected and spinning pennies melted and melted, extracting valuable metals.
Meanwhile, consumers have begun to see cash transactions rolled up to the nearest nickel. For example, a purchase of $19.82 would be $19.80, while a purchase of $19.83 would be $19.85. However, payments by check or debit or credit card are not round.
The US is likely to do the same, a Treasury spokesman is shown in the Wall Street Journal.
Canadian pennies remain fiat currency, but you may find them difficult.
But that doesn’t make them into a very valuable collector’s item.
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Ten years after Canada stopped producing pennys, collectors said there was no significant surge in the value of the coin. Todd Sandham, owner of Ontario’s Coin and Jewelry Shop, told Canadian Outlet CTV News in 2023 that even those who brought a penny bottle to sell “get a penny and a half for them.”
An expert on Salt Lake City coins recently told Nexstar’s KTVX that he expects the same to happen in the US
“I don’t think we’ll be able to see a day that’s more valuable like Penny in 2024,” explained store clerk Casey Hackford Pier. “Maybe 200, 300 years, but not my life.”
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In a 2022 report from the Federal Reserve, authorities warned that it could “reduce or terminate penny production.” However, the same report suggests that mint could save $100 million a year by reducing penny production.
A bipartisan bill to stop penny production was recently introduced by Senators Jeff Markley (D-ore.) and Mike Lee (R-Utah). It has been one of several handfuls of bills since President Donald Trump called a cent coin a “waste.”
In a statement to Nexstar last week, Merkley said he was “pleasant” with the Treasury’s reported actions, saying “it’s right to end penny production.” However, he warned that he should do the “right way.”
“If President Trump is serious about ending this wasteful spending, it costs four times more than each penny would cost him. He should work with Congress to take away the necessary laws, like my bipartisan bill with Sen. Mike Lee,” Merckley said. “It’s time not to cents, it’s time to make no sense.”
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