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Paulson Wants to Toss Pennies

Costs outweigh value of small change, but government has no plans to cash out

By Matt Cantor, Newser Staff

Posted Feb 29, 2008 4:15 PM CST

(Newser) – Henry Paulson sees little point in pennies and would stop their production if he could, the AP reports. “The penny is worth less than any other currency,” the Treasury Secretary said today in a radio interview. But a sea change in change isn't imminent: Paulson says he has bigger challenges to tackle in the last year of the administration.

The penny isn’t going anywhere, but the Treasury has asked Congress about changing the coin's metallic makeup. The coin's production costs total $134 million for every $80 million in pennies, CBS News reports. "It's unsustainable," said the head of the US Mint. "You can't sustain losses on pennies and nickels and expect to be a viable organization that benefits the American people."

Treasury Secretary Henry Paulson appears before the Senate Banking Committee on Capitol Hill in Washington, Thursday, Feb. 14, 2008, to discuss the state of the economy. Paulson said in a radio interview... (Associated Press)

Treasury Secretary Henry M. Paulson speaks at the Economic Club of Chicago, Thursday, Feb. 28, 2008. (AP Photo/Nam Y. Huh) (Associated Press)

Treasury Secretary Henry Paulson says he would get rid of pennies if he could. ((c) Mr. Wizzard)

Treasury Secretary Henry Paulson wants to end penny production, but he doesn't expect a change in Bush's last year. ((c) swotai)

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Paulson Wants to Toss Pennies

Costs outweigh value of small change, but government has no plans to cash out

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Let's Replace Dollar Bills With Coins

And while we're at, it's time to ditch pennies, too: Los Angeles Times

Amid Debt Mess, Renewed Calls to Kill the Lowly Penny

Gov't could save millions each year by dropping the one-cent coin

Feds Quarantine $110B in Potentially Defective $100 Bills

New security features caused wide-scale printing problem

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Many resistant to changing small change

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New security features designed to curb counterfeiting

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Paulson Wants to Toss Pennies

Costs outweigh value of small change, but government has no plans to cash out

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OTHER STORIES ON OUR RADAR

Henry Paulson • Treasury Department • US currency • US Mint • pennies • penny • metal prices

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Let's Replace Dollar Bills With Coins

And while we're at, it's time to ditch pennies, too: Los Angeles Times

Amid Debt Mess, Renewed Calls to Kill the Lowly Penny

Gov't could save millions each year by dropping the one-cent coin

Feds Quarantine $110B in Potentially Defective $100 Bills

New security features caused wide-scale printing problem

Penny, Nickel Overhaul Makes No Sense to Many

Many resistant to changing small change

$100 Bill Goes 3D

New security features designed to curb counterfeiting

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?