Sen. Jeff Merkley, D-Ore., and Sen. Mike Lee, R-Utah, have a concept called the "Make Sense Not Cents Act" that could save millions of dollars for American taxpayers.
According to the U.S. Mint's 2024 Annual Report, the price of pennies increased by 20% in 2024 and, at 3.69 cents, stayed more than their face value for the 19th consecutive year.
In a news release for the measure, Lee stated, "Minting pennies costs the American taxpayer millions every year — nearly four times more than the pennies are worth."
"No private company would manufacture a product at a fourfold loss. Stop squandering hard-earned tax dollars on costly pennies, Americans.
Australia and New Zealand ceased producing 1- and 2-cent pennies in the 1990s. Then, according to Nasdaq, New Zealand also ceased making its five-cent currency in 2006.
According to GovMint, Canada did the same in 2012, taking 6 billion pennies out of circulation over a three-year period.
According to the website, the decision was made because of "a decline in the penny's purchasing power over time and rising production costs exceeding the coin's face value."
"I think the public in rich, industrialized countries is becoming less and less wedded to coins, generally," Lisa Cook, a former White House assistant during the Obama administration, told the BBC after the Bahamas stopped making its lowest valued coin in 2020.
"I think policymakers in other industrialized countries will be more willing to eliminate lower-value coins after Canada stopped minting the penny in 2012," she continued.