What You Need To Know About Ending Penny Production

Removing government waste and enhancing efficiency has been all the rage in Washington DC over the last few months.

And yet another American staple may be on the chopping block in order to cut back on spending.

The humble penny may soon be a thing of the past if recent legislation comes into fruition.

Move To Eliminate The Penny

Recently, Representatives Lisa McClain (R-Mich.) and Robert Garcia (D-Calif.), along with Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), introduced legislation that would end the production of pennies.

The legislation was titled the Common Cents Act and would ultimately put an end to minting pennies.

I think this legislation makes total sense because it costs more to mint a penny than what they're worth.

Not to mention, rounding things up to five cents would not be overly complex for most retailers.

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Why The Penny?

As I mentioned above, the penny costs more money to mint than it is valued at.

The US mint spends about three cents to make every penny, costing taxpayers millions to get the coin into circulation every year.

“Pennies are a waste of taxpayer dollars,” said Rep. McClain. “It doesn’t make sense to spend millions each year minting coins that so few people actually use. We are taking a decisive step toward fiscal responsibility and updating our currency for the 21st century.”

What are your thoughts?

Would you be disappointed to see the penny disappear in Montana?

Look At The Strange Coins Found Inside The Box

Sure, there is some American currency in there. Mostly it is Canadian and the arcade tokens.

Gallery Credit: Vinnie Martone

The Hidden Meaning of Coins on Gravestones

Believe it or not, all of the coins that can occasionally add up on the gravestones of service men and women--especially leading up to days like Memorial Day--mean something.

Take a look below to see what all of it means--and what coins have to do with it all!

Gallery Credit: Credit: Mateo, 103.5 KISS FM