Elon Musk’s DOGE is coming for the penny. It’s not a novel idea
CNN
Elon Musk’s Department of Government Efficiency has a new target to cut down costs: the US penny.
Elon Musk’s Department of Government Efficiency has a new target to cut down costs: the US penny. DOGE said on X that the penny costs over 3 cents to make and cost US taxpayers over $179 million in the 2023 fiscal year. “The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced,” the post read in part. The US Mint in 2023 reported it circulated around 4.1 billion pennies. In fiscal year 2024, the US Mint said in its annual report that the US penny costs about 3.7 cents to produce and distribute, up more than 20% from the previous year. The rising cost of metals, including zinc and copper, is part of the reason it’s getting more expensive to make the coin. Musk isn’t introducing a novel idea. For years, people have advocated eliminating the penny, as pennies are rarely spent as change. And since the Covid-19 pandemic, more consumers are shopping online or avoiding physical currency altogether. More than 20 years ago, in a 2001 episode of the political drama “The West Wing,” fictional character Sam Seaborn goes into a rant about the penny. “Majority of pennies don’t circulate. They go in jars, sock drawers,” Seaborn said.
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