[Penny. Photo credit to Unsplash]

On Sunday at the Super Bowl event in New Orleans, President Donald Trump announced a plan to discontinue the  minting of new pennies because they cost more than they are worth and his goal is to reduce government waste in the United States.

Trump emphasized that the cost of producing pennies has been high for a long time.

Since it now costs more than two cents to manufacture a penny, he claimed, the government loses money on each coin that is made.

This choice aligns with his larger overarching initiative to reduce government expenditures and increase the effectiveness of governmental operations.

A decision to discontinue producing new pennies has been made by the U.S. Treasury Department, which some analysts predict could ultimately save millions of dollars.

Some, however, question whether the president can make this move on his own because the nation's coin production regulations are set by Congress.

The United States creates the regulations governing the dimensions, form, and composition of coins.

This problem is not new and has been a subject of debate among lawmakers, economists, and ordinary citizens who recognize its economic impact.

The proposal to eliminate the penny is supported by many who believe that it can lead to faster checkouts in stores and reduce the inconvenience of cluttering pockets and cash registers.

They also note that many other countries, such as Canada, have already stopped making pennies to save money and simplify transactions.

Canada ended the production of its one-cent coin in 2012, and many people think that the United States should follow suit.

Supporters further  contend that halting the minting of the penny can help the government lessen the environmental harm resulting from the extraction of metals such as zinc and copper.

Extracting these metals requires significant energy and generates detrimental emissions that can damage the Earth in the long run.

Conversely, some critics of the proposal worry  that eliminating the penny could lead to issues in routine transactions.

They are concerned that prices may be rounded up to the nearest five cents, potentially resulting in consumers spending a little more on products.

In certain locations, shops have begun rounding cash payments to reduce penny transactions, but this has occasionally resulted in customer complaints.

Certain individuals appreciate the penny for its sentimental value, as it evokes memories of saving spare change in piggy banks and gathering small coins throughout the years.

This ongoing debate demonstrates that a small coin such as the penny can significantly influence the economy and everyday life.

Numerous legislators have attempted previously to alter the regulations concerning penny manufacturing, yet none of those suggestions have been successfully enacted into law.

A lengthy debate exists regarding the future of the penny, with opinions still split between specialists and the general public.

Trump’s choice to instruct the Treasury Department to cease penny production is a daring decision that has reignited fresh conversations about the government's financial management.

This issue clearly involves not just cost savings, but also updating how currency is utilized in a progressively digital economy.

With an increasing number of individuals utilizing credit cards and mobile transactions, the necessity for a coin that has a production cost exceeding its worth appears to be of lesser significance than before.

While the fate of the penny is still unclear, the discussion persists as specialists, legislators, and the public deliberate on the optimal approach to manage this tiny but significant coin.