New legislation seeks to drastically change US money: report

A bipartisan bill introduced in the Senate on Thursday calls for the U.S. Mint to end production of the penny, according to an exclusive report from the Wall Street Journal.

Introduced by Sens. Jeff Merkley (D-OR) and Mike Lee (R-UT), the bill says the coins would still be considered legal tender and that they could be used in daily transactions.

“It’s time to stop wasting Americans’ hard-earned tax dollars making overpriced pennies,” Lee said in a statement.

ALSO READ: 'Never so scared': Furious pastor berates cops after witnessing tasing of MTG constituent

If the Mint were to stop striking the one-cent coin, it would save the U.S. government more than $85 million. Last year, 3.2 billion pennies were produced at an increased cost of 20% for the 2024 fiscal year, according to the Mint.

Pennies have long been a costly coin to produce. They stopped being made of pure copper in 1982. They are currently made out of 97.5% zinc and have a thin copper coating.

Earlier this year, President Donald Trump wrote on social media that he instructed the Treasury Department to stop producing new pennies.

The Mint didn’t respond to the Wall Street Journal's inquiry about whether they are following through with Trump’s request.

According to the outlet, Americans throw away up to $68 million in coins a year.

Many of the coins that are not thrown away are often sitting in coin jars. The Federal Reserve estimates 60% of actively circulating coins, or $14 billion, are tucked away in a "rainy day jug."

The U.S. is not the only country in this penny pickle. Canada stopped making pennies in 2012. They now round cash transactions to the nearest 5 cents.

This is similar to the bipartisan plan that the House has come up with. Their bill looks to round cash transactions up or down to the nearest 5 cents.