In a bid to shake things up in his second term, President Donald Trump is looking beyond monumental changes and addressing the smallest coins in circulation. Through a message posted on his social media, he instructed the Treasury Department to halt the production of pennies, citing the fact that producing these copper-coated zinc coins now costs nearly four cents each. This decision stems from years of conservative arguments about the economic inefficiency of penny production.
The pressing question remains whether Trump’s directive will actually lead to the cessation of penny minting. There’s been no definitive communication from the U.S. Mint regarding any plans to stop penny production in their Philadelphia and Denver facilities. Mint officials have so far been tight-lipped, not providing any comment on the future of the penny.
In the niche realm of penny-pressing, however, Trump’s declaration has already caused ripples. This world relies on purchasing pennies in bulk to load into machines, which families frequently use at fairs to imprint designs of popular characters like Paw Patrol and Teenage Mutant Ninja Turtles onto the coins. This community has grown around elongated penny souvenirs, with collectors and artisans creating intricate designs and collections. Without the penny, the future of these keepsakes could be uncertain.
It is worth noting that the original copper pennies, which vanished from regular circulation in 1982 and were replaced by zinc ones, are especially sought after for their malleability, making them ideal for such collectible creations. Brian Peters of Penny Press Machine Co., based in Minnesota, highlights this preference, noting that collectors often seek out pre-1982 pennies for their imprinting needs.
Historical figure Angelo Rosato, who spent decades crafting hand-printed pennies depicting New Milford, Connecticut, scenes, amassed over 4,000 images of his creations. This dedication underscores the penny’s cultural significance. Proponents like Aaron Zablow of Roseland, New Jersey, express fondness for keeping the penny in circulation, a sentiment echoed by collectors and families alike.
Despite the affection some have for the penny, critics argue that the rise of digital commerce and the abundance of pennies already in circulation indicate that their production could end without immediate economic impact. Nevertheless, there is concern among some that Trump’s critique could jeopardize businesses reliant on the penny, like those of Alan Fleming from Scotland’s Penny Press Factory, who anticipates needing new uncirculated pennies to keep operations running within the year.
Penny advocates argue for their economic role, albeit a costly one, in a broader historical context, where small change has long been a challenging issue for governments. The discussion recalls the analysis by economist Thomas J. Sargent in 2003, exploring the complex economics of currency production.
In an era where financial interactions increasingly occur in the digital realm, the physical presence of coins provides a tangible reassurance. Ute Wartenberg of the American Numismatic Society suggests that the continued presence of pennies reflects the United States’ conservative approach regarding money. Quarters, nickels, and dimes remain cultural artifacts, sometimes bearing artist-crafted portraits.
Joseph Menna, the U.S. Mint’s Chief Engraver, expressed pride in seeing his initials on currency in the film “Heads-Up: Will We Stop Making Cents?” which delves into the future of the penny. Meanwhile, Fleming considers appealing to influential figures like President Trump and Elon Musk in hopes of brokering a deal to secure pennies for his business, reflecting the diverse perspectives involved in the ongoing debate about the penny’s fate.
