Story perspectives

Trump Proposes Ending Penny Production Amid Cashless Shift

2/20/2025

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Summary

Story summary

President Trump suggested halting penny production, highlighting a trend towards cashless payments, with only 16% of purchases made in cash last year.
Since 1857, Congress has not removed any currency, despite the U.S. Mint incurring an $85 million loss on pennies.
Countries like Canada have successfully eliminated their pennies, while the U.S. considers the future of currency amid growing interest in Central Bank Digital Currencies (CBDCs).
Critics caution that CBDCs could raise privacy issues and affect the banking sector, as 134 countries explore digital currency alternatives.

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Story summary

President Trump suggested halting penny production, highlighting a trend towards cashless payments, with only 16% of purchases made in cash last year.
Since 1857, Congress has not removed any currency, despite the U.S. Mint incurring an $85 million loss on pennies.
Countries like Canada have successfully eliminated their pennies, while the U.S. considers the future of currency amid growing interest in Central Bank Digital Currencies (CBDCs).
Critics caution that CBDCs could raise privacy issues and affect the banking sector, as 134 countries explore digital currency alternatives.