Opinion
Making pennies is a money-loser. Making nickels is worse.
Why President Donald Trump chose the middle of the Super Bowl to announce that his administration would stop producing pennies is anyone’s guess. But so he did, declaring at around 9:30 on Sunday evening that he was ordering the Treasury Department (which runs the U.S. Mint) to halt the manufacture of the copper-colored coins.
The president says he’s killed off production of money-losing pennies, but nickels cost even more money to make—and we'd need ...
The penny, whose face value is a modest 1 cent, cost about 3.7 cents to make last year. They aren’t the only expensive coin.
Trump says he'll order the Treasury Department to halt penny production to save money. Costly nickels, however, could cancel out savings.
But there's a problem with his plan: Phasing out the penny could result in needing to make more nickels, and the US Treasury Department loses far more money on every nickel than it does on every ...
Eliminating the penny could lead to higher demand for nickels, a shift that might negate any financial savings from halting ...
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