# Is It Time to Finally Get Rid of the Penny? 🤔 **URL:** \ **Category:** News & Articles\ **Tags:** freebies, business\ **Created:** [September 2, 2024, 5:24pm UTC](https://onehack.st/t/is-it-time-to-finally-get-rid-of-the-penny/290455 "2024-09-02T17:24:28Z")\ **Posts on this page:** 2\ **Page:** 1
**Author:** ![TheJoker](https://onehack.st/user_avatar/onehack.st/thejoker/32/22660_2.png) [@TheJoker](https://onehack.st/u/TheJoker)\ **Post date:** [September 2, 2024, 5:24pm UTC](https://onehack.st/t/is-it-time-to-finally-get-rid-of-the-penny/290455/1 "2024-09-02T17:24:28Z")
**Summary:** * * * 1. **The Penny Problem** The U.S. Mint continues to produce billions of pennies annually, despite their low usage. This paradox means Americans are essentially storing unused pennies, leading to a costly cycle of production and replacement. 2. **The Costly Coin** Making and distributing a penny costs more than its face value—3.07 cents per penny. This economic inefficiency adds up, making the penny a financial burden rather than a practical currency. 3. **Circulation Conundrum** If people started using their stored pennies, the Mint could face logistical challenges. The potential influx of pennies could overwhelm storage and processing systems, adding complexity to an already inefficient system. **Read more at:** [New York Times](https://nytimes.com) ---
**Author:** ![Jared](https://onehack.st/user_avatar/onehack.st/jared/32/38087_2.png) [@Jared](https://onehack.st/u/Jared)\ **Post date:** [September 2, 2024, 6:57pm UTC](https://onehack.st/t/is-it-time-to-finally-get-rid-of-the-penny/290455/2 "2024-09-02T18:57:00Z")
Ireland, Netherlands, Finland, Belgium, Sweden, Denmark, Canada, Australia, New Zealand, Norway, Hungary and Italy have all removed their 1 and 2 cent coins (or equivalent) by rounding cash transactions to the nearest 5 cent and this generally works really well.