A penny for my thoughts

Editor’s Note: This column was included in our June 5 edition of The Pulse, a weekly newsletter that also features stories that recently ran on BankBeat.biz.The decision of the Trump administration to stop printing the penny is long overdue and will save the government money while leaving the already little-needed currency even harder to use. .Trump had announced his decision to end production of the penny in February, calling it “wasteful” on his social media platform, Truth Social. I agree. It costs the U.S. Mint 3.69 cents to produce and distribute each penny, nearly quadrupling its worth. Other countries have already ended circulation of their one-cent currencies, with Canada withdrawing its penny from circulation a dozen years ago. Australia eliminated its one-cent coin in 1992. It also costs the U.S. Mint 13.78 cents to produce the nickel, making me question the long-term viability of having the five-cent currency in circulation. Dimes and quarters, on the other hand, face brighter futures as they are more cost-effective to produce compared with their face value. Plus, it’s hard to imagine a time in the near-future when a quarter won’t come in handy when buying something — or, as I learned recently, when trying to use a cart at Aldi. Stopping printing of the one-cent currency is penny wise but not pound foolish. I can’t remember the last time I used a penny, even years ago when coins were used much more frequently. As Congress considers how best to reduce the national deficit, no longer printing of the penny — though a minor step — is nonetheless sound fiscal hygiene. As the often-used adage goes, a penny saved is a penny earned.