Dear MEL Topic Readers,
US ends penny-making run after more than 230 years
The penny is a US coin representing one-hundredth of a dollar, or a
cent. It has been produced since 1787 and has been the lowest currency for about
two centuries. The most recent version of the penny is made of zinc, weighs 2.5
grams, and costs nearly four cents to produce. To save the production cost of
$56 million annually, the US government has recently stopped producing the
penny. Most of the estimated 300 billion pennies in circulation will end up
falling out of use as businesses have already started rounding up or down
prices. As electronic transactions have become the preferred payment method these
days, this phase-out of this coin may not matter so much for most consumers. Also,
New Zealand stopped producing its then-lowest-value coins in 2006, Canada did
so in 2012, and the UK did so in 2024. It may not be so long before all coins,
or even cash registers, disappear from stores or restaurants.
Read the article and learn about the end of the penny in the USA.
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