According to the U.S. Treasury, with manufacturing expenses each one cent coin actually costs taxpayers 2.5 cents to mint. That will add up to a loss of $70 million dollars this year alone.
“I didn’t realize it was (such) a big waste of money,” said Shawn Hawkins adding “We don’t need them.”
The last time a penny cost a penny was 2006. That was the last break-even year for a nickel too. It costs 10.09 cents to mint a coin worth half that. Combined losses on the nickel and penny over the last 7 years add up to $469 for taxpayers.
“That’s a big waste of money, a very big waste of money,” said DePalma who added he was surprised at the total.
“I say that means we should just get rid of (the penny),” said Eddie Rivera.
Most pennies drop out of circulation right after they are distributed which creates an artificial demand for the US government to mint more.
There are so few in actual circulation that several banks contacted by 13Wham News said they still hand roll the coins.
Many countries including the Netherlands, France, Spain, Australia, New Zealand and, most recently, Canada, have pitched their lowest denomination coins.
Back at the mall fountain, Jannyce Arnold said the penny may have outlived it’s usefulness in her lifetime. “I think it’s a lot of wasted money,” she said. And what about the sentimental value?
“You can make a wish with a dandelion too. Just blow on that and you make a wish,” she said.