A penny saved is a penny ...
urned? The possible impending death of the penny has piggy banks, give-a-penny-take-a-penny jars, and manufacturers of coin wrappers a bit nervous. In a move that would put the United States alongside Canada , Australia , and New Zealand , the big deal commonwealth countries, more or less, President Donald Trump said he no longer wants the U.S.
to bother rolling out new pennies because the cost to the nation is too great. Unlike paper currency, which more than pays for itself, pennies rely on metal, a more expensive and easily exhausted input to production than the linen and cotton that comprise the variety of paper bill denominations. Simply put, pennies cost more to produce than their face value, which makes their retirement in a sunny Florida beach coin jar a fairly straightforward move.
“According to the Mint's annual report, a penny last year cost 3.69 cents to produce, up about 20% from 2023 due to the cost of materials, including zinc,” Reuters reported in February. Let’s rewind to the infancy of the penny.
The first penny, known as the Fugio cent, was minted at the dawn of the republic in 1787. Designed by Benjamin Franklin, it featured the words "Mind Your Business,” which, at the time, meant being mindful of one’s commercial activities, not staying out of someone’s personal affairs. The word “fugio” means to run away or flee.
Coupled with the sundial depicted on this relic, the imagery suggested the popular term “time f.
