America: Almost all of us have read the poem ‘One a penny, two a penny, hot cross buns’ in English subjects in schools. The bun in this line remains. The penny is being abandoned. The penny, which existed in the American financial system for 232 years, has seen its last production. Pennies, which have a history of two and a quarter centuries, will now become the goods of coin collectors.
Coins were first minted in America in 1792. The first penny coin was minted in 1793. Now, after 232 years, the last penny has been produced at the US Mint Factory in Philadelphia. With this, the United States has officially drawn the curtain on the history of its penny coin.
Why did penny production stop?
It costs 4 pennies to make a penny. In addition, there is no need to use it. Thus, the Trump administration has decided to stop printing pennies. ‘We are saving $56 million in taxpayer money,’ said US Treasury Secretary Brandon Beach.
Penny is one of the four coins in the US, how much is it worth?
Just as there are 100 paise in the Indian rupee, there are 100 cents in a dollar in the US. There are 4 different coins for this. Penny, nickel, dime and quarter coins. The value of a penny is 1 cent. That is, if you add 100 pennies, it becomes 1 dollar. Like 1 paise in our country.
Now, the value of a nickel is 5 cents. If you add 20 nickel coins, it becomes 1 dollar. The value of a dime coin is 10 cents. If you add 10 dimes, it becomes 1 dollar. The value of a quarter coin is 25 cents. If you add 4 quarters, it becomes 1 dollar.
Here, the pennies are copper-colored. The other three coins are silver-colored.
There are still 250 million pennies in America
Although the printing of pennies has stopped in America, their use continues. That is, they are valid for circulation. There are currently 250 billion pennies in circulation in this country. 250 billion means 25,000 billion pennies. Their value could be 250 million dollars.