Washington – The US Treasury says it will gradually get rid of the production of new books early next year after President Donald Trump He asked the agency To stop producing the currency, which was part of the American currency for more than 230 years.
The Treasury said in a statement that the American mint, which it supervises, will stop producing new penalties as soon as it is depleted from empty molds used to make copper and zinc coins mostly. The agency confirmed that it had presented its final order from the blanks this month.
The shark retired, which was first reported Wall Street JournalThe Treasury is expected to provide about $ 56 million annually in the costs of reduced materials, according to the administration statement.
The Treasury said: “Additional savings will accumulate, as the use of the facility is adjusted and other competencies are achieved with low production,” the Treasury said.
The agency announced this step a few months after Trump’s criticism of the currency production in February as a “waste”.
In February’s announcement of the social truth platform, Trump said that the cost of the currency association, which is characterized by the country’s sixteenth president’s file, Abraham Lincoln, is more than twice the nominal value of the currency.
“For a very long time US He has a port penalties, which literally cost us more than 2 cents. This is illuminated! Trump wrote. I ordered my treasury minister to stop producing new books. Let’s carry out waste from the budget of our great nation, even if it is one fils at the same time. “
According to the US Treasury, the cost of producing one penny has multiplied more than twice in the past ten years, from 1.3 cents to 3.69 cents in 2024.
The printing of $ 1 sheet of $ 1 is cheaper than shark production, which, according to American mint, consists of 97.5 % of zinc and 2.5 % of copper and requires a melting process to form minerals. According to Federal ReserveThe Ministry of Treasury’s inscription and printing office costs 3.2 cents to print a single note less than the cost of the shark.
The United States reported mint by losing 85.3 million dollars to make penalties in the fiscal year 2024, according to mint. The annual report To Congress.
The one -square piece has been part of America’s fabric since 1792. Lincoln’s image has been organized for 116 years, according to. US mint site.
There are about 114 billion People currently circulating in the United States, but they are not very exploited, according to the Ministry of Treasury.
“Given the cost savings of taxpayers, this is just another example of our administration to reduce the waste of American taxpayers and make the government more efficient for the American people,” the Treasury said in its statement.
This step usually requires the approval of Congress. Although it is part of the US Treasury, “Congress allows every currency and most medals by the United States to apply to manufacture mint operations within the framework of the Public Institutions Fund,” he said. Mint site.
However, Lawrence H. said. Chip, Professor of the University of Karl M. Loop Fakhry at Harvard University Law Faculty, Associated Press in February that United States codeThe list of general and permanent federal statues, the Treasury Secretary Scott Payette gives the authority to cancel a penny.
“This procedure seems completely legal and constitutional,” the tribe said.
The twelfth sex shark of the American currency will become retired, and joins the currency of half a hundred, the 2 -cents coin, a 20 ° C, and “TRIME”, a silver piece of three cents issued from 1851 to 1873, and Caroline Turco, the funding museum in Colorado Springs, Colorado.
“We have retired for various reasons, but usually because they have not been used or have become very expensive to produce it,” said Turku.
Is it a good idea?
Mark Wheeler is the executive director of Americans to obtain joint cents, the Washington DC, provides research to Congress and the executive authority on Benny benefits. He told ABC News he believed the elimination of the currency is a “very horrific idea”.
“It will be bad for consumers and it will be bad for the economy. In fact, it does not save money, but it will increase the loss of government and has some unintended economic consequences,” said Wheeler.
Beler, who revealed ABC news as pressure groups for companies in various industries, including ARTAZN, a manufacturer of zinc products that are based in Tennessee, some of which are used to make penalties, that the disposal of Benny will lead to an increase in mint in the United States to increase nickel production.
According to American mint, the cost of individual nickel separation is approximately 14 cents, or nearly three times the nominal value of the currency and more than three times the cost of the shark bond.
“Without a penny, the production of nickel may double, which will increase mint losses,” said Wheeler. “Therefore, it is difficult to understand how you can produce more nickel that loses more money than Benny and says you will save money.”
Wheeler also said that getting rid of a shark may lead to the cost of goods for American consumers.
“If there is one thing that most economists agree on is that private business has a profit motivation. So, the assumption is that they will seek things in a way that they wander around, and not around them.”
Although digital payments are increasingly more common, Weller said that criticism is still a decisive tool, “especially for a person who respects him economically and with properties.”
The United States produced mint 3.2 billion pence in the fiscal year 2024, according to the annual mint report to Congress, at about 250 billion pence currently traded.
Shark
TURCO, whose museum is the educational branch of the American Society for the number, said that one of the great misconceptions about a penny is that, technically, was not present in the United States.
“The American regime does not have” a penny “. This is a wrong designation.” We have a cent because when we rebelled against the British, they had penalties and this is a British word. “
Turco said that the piece of 1 cents was produced for the first time in the United States in 1792 and was originally the current quarter.
Turku said that Lincoln, who is also similar to a $ 5 bill, was added to the currency in 1909.
Turku said that the United States will not be the first country to eliminate the currency. For example, Canada decided to gradually get rid of its shark in 2012. In the United States, the Ministry of Defense stopped using penalties in its external bases in 1980 because it became very expensive to charge it.
Regardless of Benny’s fate, Turku said she believed that she will always be part of the United States, at least colloquially, adding that phrases such as “lucky shark” and “one penny have been saved is a penny that is most likely to win part of the American dictionary. Perhaps, it is irony that the value of Benny may increase if it stops.
“I think their university will enjoy their possession,” Turku said. “But I do not think that the value of a penny will rise overnight.”