cash
The USA cease production of 1 cent coins
The small coin has been a tradition for centuries – but it will gradually disappear from everyday life in the USA. Why penny production is set.
After around 230 years of history, the United States is the production of its 1 cent coin. You can continue to pay with the 1-cent piece, but from the beginning of next year there will be no new coins as cash, as several US media reported, citing the Ministry of Finance and coin producers. The last penny production was ordered.
The reason for the step is high manufacturing costs. These therefore exceed the value of the coin. In the future, companies should be rounded up or rounded off for the next largest coin – 5 cents. US President Donald Trump had requested the end of the production of the smallest coin months ago. Media, citing a forecast of the coin producer of $ 56 million (just under 50 million euros), which can be saved annually.
How is the situation in Germany?
In Germany, too, the change in the wallet has been discussed for many years. For example, whether you could do without 1 and 2 cent coins and instead round. This proposes the “National Care Forum” initiated by the Bundesbank, in which retail, banking associations, money transporters and consumer advocates are represented. Here, too, reference is made to manufacturing costs that exceed the monetary value of the coins.
Some euro countries are already trying to get by without the smallest cent coins. In Finland, for example, cash payments by law are rounded on the nearest five-cent amount. There are similar regulations in the Netherlands, Slovakia, Ireland, Italy, Belgium and Estonia. However, the small coins in these countries are not completely abolished. This could only be decided at European level.
dpa
Source: Stern
