Washington: Taking a historic decision, America has officially stopped making pennies, i.e., one-cent coins, from November 13. This is the same forge that was part of the American economy for 232 years. The last penny was minted at the Philadelphia Mint, the same place where one-cent coins were first produced in 1793. The move sealed an important installment in US currency history.
Why was there a ban on making pennies?
The main reason for this visualization is cost. The US Mint had long believed that the penny was costing increasingly to produce than it was worth. It was costing scrutinizingly increasingly than two cents to produce a forge worth one cent. This was not sustainable from an economic point of view. For this reason, President Donald Trump had directed to tropical it in February this year.
Did Trump publicly support this decision?
Trump wrote on Truth Social that America has been making coins for a very long time whose forfeit is much increasingly than that. "This is useless. I have instructed the Finance Minister to shut them down," he said. The half cent forge was last minted in 1857. Now Penny has joined that list.
How did Penny start, and what was its historical journey?
The penny's journey begins in 1787 with the Fugio cent, considered America's first official circulating coin. It was moreover tabbed the Franklin Cent and was made of copper. At that time, metal strips from weaponry barrels sent by France during the American Revolution were used in the production of this coin. Each forge weighed approximately 10 grams, reflecting the technology and resource use of the period.
When did the image of Abraham Lincoln towards on the penny?
In 1909, the 100th year-end of Lincoln's birth, his image first appeared on U.S. currency. This was the first time that the squatter of an American president appeared on a coin. This image is still considered a part of the American identity and continues to requite Penny emotional significance among the worldwide people.
What is the future of small denomination coins in America?
After the discontinuation of the penny, the question is moreover stuff raised whether any other smaller denomination coins will be superseded in the future. However, the government has not yet given any indication on this. But it is well-spoken from this step that in the future America can move in the direction of remoter simplifying its currency system.
