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Eliminating Pennies Could Save Millions, Experts Say

1/26/2025

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Summary

Story summary

The Department of Government Efficiency (DOGE) estimates eliminating the penny could save taxpayers millions, as production costs exceed 3 cents per coin.
In FY2023, producing pennies cost $86 million, contributing to a total of $179 million with nickels.
Economists highlight the penny's declining utility due to inflation and the rise of digital payments.
The discussion on the penny's future has been ongoing for nearly 20 years, with some lawmakers advocating for its removal.

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Story summary

The Department of Government Efficiency (DOGE) estimates eliminating the penny could save taxpayers millions, as production costs exceed 3 cents per coin.
In FY2023, producing pennies cost $86 million, contributing to a total of $179 million with nickels.
Economists highlight the penny's declining utility due to inflation and the rise of digital payments.
The discussion on the penny's future has been ongoing for nearly 20 years, with some lawmakers advocating for its removal.