Key Takeaways
- U.S. halted penny production after 232 years; 300 billion pennies remain circulating.
- Penny production costs consistently exceeded its face value, reaching 3.7 cents per coin.
- Declining cash usage also contributed to the decision to cease penny production.
- Artist Robert Wechsler created a 100,000-penny sculpture displayed at Wellesley College.
Deep Dive
- The U.S. ceased production of the penny after 232 years in circulation.
- Approximately 300 billion pennies are still in circulation, valued at nearly nine dollars per person.
- Former U.S. Mint director Ed Moy stated the Mint aims to produce coins without taxpayer cost, generating profit called 'seigniorage'.
- In 2006, penny production costs exceeded its face value for the first time, reaching 1.4 cents per coin.
- Moy informed Congress about rising production costs, but lawmakers did not prioritize the issue due to the federal budget's scale.
- Artist Robert Wechsler completed a 3D lattice sculpture using 100,000 pennies seven years prior to the recording.
- The artwork is displayed at Wellesley College.
- Wechsler expressed concern that the penny's cancellation would render his artwork a mere memorial.
- Artist Robert Wechsler described logistical challenges of ordering bulk pennies, including weight, vault space, and security.
- Former U.S. Mint director Ed Moy continues to save pennies in a coin jar.
- The Lincoln Museum in Illinois distributes pennies to children and no longer accepts them at its gift shop.
- The production cost of the U.S. nickel also currently exceeds its face value.