O’Lery Ventures President Kevin O’Leeri shared if he was concerned about the tariff of President Donald Trump on steel and aluminum, US Penny’s fate and handling of tiktok sales.
chairman Donald Trump Trying to end the production of new money and recently asked Treasury Secretary Scott Besant to do so.
Trump revealed late on Sunday night that he had “instructed my secretary of the US Treasury to stop production of new penny,” arguing that “the United States has mined penis for a very long time, which was mined by the United States for a long time. Let us literally spend more than 2 cents “and” it’s so “waste! ,
Former President Donald Trump, Republican Presidential candidate, Palm Beach Convention Center in West Palm Beach, FLA comes to speak during an election night program on November 6, 2024. (Chip Somodeville / Getty Image / Getty Image)
This step has raised the question of how American consumers can be affected and, according to a specialist, the effect will be negligible.
“I don’t think it’s going to have any effect At consumersI think this is just a very intelligent thing, because no one now uses Penny. No one needs penis, “David Bahsenseen, the founder of the sister -in -law, told Fox Business.” Just as a matter of basic practicality and cost benefits, the study I have seen is that there are three cents to make a penny, so there is something. Rather about that mathematics backwards. ,
Trump is ‘right’ who orders America to dig ‘stupid’ Penny, Kevin O’Leeri says
The cost of making and distributing a penny was 3.69 cents in 2024, the US Mint’s most recent annual report indicated.
The US Mint sent 3.17 billion new pennies last year. According to the report, the gross cost of those penis, $ 117 million, was much higher than their $ 31.7 million joint price.
“In the context of affecting consumers, does it matter to their spending habits that there is no accurate change to the extent that all this exists? It’s so marginal that it will be a round error,” Bahsensen said .
GlenView Coin & Cellitibles are displayed on 6 July 2006 in GlenView, Ill. (Tim Boyle / Getty Image / Getty Images)
Canada moved away from its version of Penny a decade ago, and other countries such as Australia, New Zealand and Sweden took similar action earlier. In Canada, the government began to phase up pennies, circling up or down for the nearest five cents became common for cash transactions.
Bahsensen said that the goal of cash transactions is “less likely to be in more digital payment environment,” these days many people “are not paying with cash”.
A report released in last summer Federal Reserve Financial Services In October 2023, 32% paid credit cards and a similar but slightly small portion – 30% – used debit card. According to the report, in the meantime, payment with cash represents 16% transactions.
Canadian government said 2012 Economic Action Plan In New Zealand, Australia and other countries, getting rid of Penny “did not increase price inflation.”
The suggestions to prevent the production of new penis will have little impact, Bahsen also said.
He also said that the current Penny would still be in vogue “but you are actually talking about a collectible object, not consumer items, not a transaction currency that people are paying.”
“Finally, President Trump’s purpose was to be more efficient here, and I think the Treasury Department is wasting a lot of money, which has no real business use,” said Bahsen. Fox business“This is not an earth-creating phenomenon, but it is something that is mildly more efficient, and this is the job of the Treasury Department.”
Americans, who have been important for Trump’s effort for common st, argued in a press release in late January that “would not save the government’s money by digging Penny.”
Washington, DC, pile of US penis in a photo illustration in 10 February, 2025. (Through Saul Loaib / AFP Getty Image / Getty Image)
Executive Director Mark Veller said, “Many mint overhead costs will remain and should be absorbed by other coins without penny.” “Also, there will be more demand for expensive nickens, which means even more cost.”
How can Trump get rid of Penny – and what can come next for your pocketbook change
According to CNN, the group receives significant money from Artazn. This firm allegedly supplies spaces that are used in mint coin production.
The Americans have proposed the government for the common Saint, “How Taksal allocates its overhead costs and focuses on reducing the cost of nickel rather than moving away from the pages.
According to the agency, the mint to produce a nickel last year cost about 13.8 cents.
There is also a group pushed back Against those arguments that Penny does not have a value and has argued a “rounding tax”, resulting in a “unevenly without access to banking or non-cost payment methods to get rid of the One-Sent sect. Will be affected.
