President Donald Trump has recently made a bold move by ordering the U.S. Treasury to stop minting the penny, citing its cost to make which exceeds its 1-cent value. This decision has sparked mixed reactions from the public, with some applauding the move while others are lamenting the potential loss of a beloved American icon. However, despite ongoing efforts to abolish it since the 1990s, the penny has managed to hold on and remain a vital part of American currency. Let’s take a closer look at the history and significance of the penny.
The penny, or one-cent coin, has a long and storied history in the United States. It was first introduced in 1787, as part of the country’s monetary system established by the Constitution. The design of the penny has undergone various changes over the years, with the most iconic being the image of President Abraham Lincoln on the front and the Lincoln Memorial on the back, which was introduced in 1909. The penny has not only served as a means of payment but also as a symbol of American history and culture.
However, in recent years, the penny has faced criticism for its rising production costs and lack of purchasing power. According to the U.S. Mint, it now costs 1.99 cents to produce a single penny, which is almost double its face value. This has led many to question the practicality of keeping the penny in circulation. In fact, several bills have been introduced in Congress over the years to abolish the penny, but none have been successful.
President Trump’s decision to stop minting the penny is based on a report by the U.S. Mint which found that the production costs have exceeded the coin’s value since 2006. This move is expected to save the country millions of dollars annually. However, it is important to note that this decision only applies to the production of new pennies, and the existing ones will remain in circulation.
One of the main arguments in favor of abolishing the penny is its declining purchasing power. In today’s economy, a penny holds little value and is often overlooked or discarded as insignificant. Many businesses have also stopped accepting pennies, leading to the coin’s decreasing popularity. In fact, some argue that it is more expensive to handle pennies than to simply round up or down in transactions.
On the other hand, proponents of the penny argue that it holds a sentimental value and is an essential part of American history. The penny has been in circulation for over 230 years and has become deeply ingrained in American culture. It is also seen as a symbol of thriftiness and saving, with many people collecting and saving pennies in jars or piggy banks. In addition, the penny has been used to honor important figures in American history such as President Lincoln and civil rights activist Susan B. Anthony.
Moreover, abolishing the penny could have a ripple effect on the economy. The elimination of the penny could lead to rounding up or down in transactions, which could result in a loss of millions of dollars for businesses and consumers. This could also have an impact on inflation and the overall economy.
Despite the ongoing debate surrounding the penny, it has managed to withstand numerous attempts to abolish it. This is a testament to its remarkable staying power and the emotional attachment people have towards it. The penny has become a symbol of American resilience and perseverance, and its existence in our currency is a reminder of our nation’s history.
In conclusion, President Trump’s decision to stop minting the penny may not be the end of the coin’s existence, but it does open up a conversation about its practicality in today’s economy. The penny has served as a symbol of American history and values for over two centuries, and its elimination would certainly be a significant change. Whether you are for or against the penny, it is undeniable that this small coin holds a special place in the hearts of many Americans.
