{"id":131254,"date":"2025-05-25T18:03:08","date_gmt":"2025-05-25T18:03:08","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/131254\/"},"modified":"2025-05-25T18:03:08","modified_gmt":"2025-05-25T18:03:08","slug":"wasteful-pennies-scrapped-in-us-could-it-happen-to-uks-1p-too","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/131254\/","title":{"rendered":"\u2018Wasteful\u2019 pennies scrapped in US – could it happen to UK’s 1p too?"},"content":{"rendered":"

\t\t\"Pennies
\n\t\tThe American one-cent coin is to become a thing of the past (Picture: Shutterstock\/Brandon Pack)<\/p>\n

One cent coins are to be consigned to American history, after the cost of making them became more than they were worth as currency.<\/p>\n

Production of the 232-year-old loose change will cease next year, the Treasury Department has confirmed. \u00a0<\/p>\n

The coins, commonly known as pennies, were called \u2018wasteful\u2019 by Donald Trump<\/a> in February when he told Treasury Secretary Scott Bessent to stop minting them. \u00a0<\/p>\n

Elon Musk<\/a>\u2019s unofficial Department of Government<\/a> Efficiency (Doge) has also highlighted the cost of producing the shrapnel. \u00a0<\/p>\n

The bill has risen\u00a0from 1.3 cents to 3.69 cents per coin over the past decade, according to the Treasury.\u00a0<\/p>\n

The death knell for the coin follows other countries ditching similar currency in an increasingly cashless world. <\/a><\/p>\n

\t\t\"Close-up
\n\t\tUS pennies have reduced use in the age of cashless payments (Picture: Getty Images)<\/p>\n

In 2012, Canada ended its one-cent coin, citing the minting costs and its falling purchasing power due to higher prices.\u00a0<\/p>\n

The UK did not mint any new coins last year after officials said there were already enough in circulation amid the declining use of cash. \u00a0<\/p>\n

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One and 2p coins are not being scrapped but there have been several years when no 2p coins were produced, the Treasury said. \u00a0<\/p>\n

Discussions of scrapping the UK\u2019s pennies have been going on for years<\/a>, although not with the same urgency as across the pond. <\/p>\n

In 2019, there was speculation that the Treasury may be paving the way for the end of 1p and 2p coins<\/a> after inviting comments on the mix of coins in circulation.<\/p>\n

But the idea wasn\u2019t too popular, with the Federation of Small Businesses (FSB) national chairman Mike Cherry saying at the time: \u2018Keeping 1p and 2p coins in circulation is the right call. The freedom to use pennies is still important to a lot of small firms.<\/p>\n

\u2018For many, being able to charge prices that end in 99p rather than a round pound figure can be enough to tip intrigue into a sale, particularly where lower-value items are concerned.\u2019<\/p>\n

The US move brings to an end a story which began in 1793 when the penny was one of the first coins to be made by the Mint.\u00a0<\/p>\n

A woman with flowing hair symbolising liberty featured on the initial 60 years of the design.\u00a0<\/p>\n

Ceasing production is predicted to deliver an immediate annual saving of $56m (\u00a342m) in reduced material costs, according to the US Mint. \u00a0<\/p>\n

Arrow
\nMORE: Britain is becoming a cashless society \u2013 but what are the pros and cons?<\/a><\/p>\n

Arrow
\nMORE: An entire island is going cashless \u2013 is it a mistake?<\/a><\/p>\n

Arrow
\nMORE: \u2018Cash is king\u2019: UK shoppers fume over businesses that only accept card payment<\/a><\/p>\n

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