Trump’s Call to Rethink the Penny: What It Means for Everyday Americans
In New York, former President Donald Trump is suggesting a significant change for his next term in office. However, he is also keeping an eye on the smaller details, like the penny.
Recently, Trump asked the Treasury Department to stop producing the penny, highlighting the fact that minting a penny costs the government more than its face value—around four cents each. This statement, made via his social media account, comes after years of conversations among conservatives about the inefficiency of continuing to make such small coins.
Despite Trump’s comments, there is no current indication that the U.S. Mint plans to halt penny production. Officials at the Mint have not offered any clarity, leaving many to wonder about the future of the penny.
Interestingly, the impact of Trump’s words is being felt in niche markets that rely on pennies. Some small businesses are involved in turning these coins into fun keepsakes at fairs, where children can enjoy watching their pennies get stretched with cool designs from popular characters.
As we reflect on the history of the penny, it’s worth noting that new copper pennies disappeared from circulation back in 1982, replaced by zinc-coated ones that are less valuable. These older pennies are prized in the crafting community because they are easier to work with.
Local businesses, such as Minnesota’s Penny Press Machine Co., emphasize the importance of these coins. For instance, manager Brian Peters shares how collectors seek out pre-1982 copper pennies for their quality.
However, not everyone agrees with Trump’s perspective. Critics argue that with the rise of digital payments, the need for pennies is dwindling, yet there are individuals and small companies worried about the potential impacts on their operations.
Alan Fleming, who runs a penny-pressing factory in Scotland, has expressed concern that he may not be able to source new pennies soon. He supports the idea of lobbying for the continuation of penny production, emphasizing their importance in the economy, regardless of the cost involved in making them.
In an age where digital transactions are increasingly common, there remains something reassuring about physical coins. They represent a tangible connection to our economy and history.
Ute Wartenberg, executive director of the American Numismatic Society, notes that these coins reflect a deeper conservative attitude toward money in America. From design choices to the dedication of coin engravers, the process surrounding pennies holds significance beyond their monetary value.
Fleming hopes that discussions with policymakers, including Trump, could influence the future of pennies. He envisions a way to secure a steady supply to keep his machines running and perhaps even maintain the penny’s legacy in American culture.
As the conversation around the penny continues, it seems clear that many see value in preserving not just the coin itself but what it represents in the larger narrative of American commerce.
