Jessica Mendoza

My colleague Oyen Ededoyen covers personal finance, and we're reminiscing on the penny because the Treasury has announced that after decades of debate, it's going to stop minting the one-cent coin, reminding us of that old adage, Change is constant, even for, well, change. Oyen, what is this story really about to you?

Welcome to The Journal, our show about money, business, and power. I'm Jessica Mendoza. It's Monday, June 2nd. Coming up on the show, saying goodbye to the pennies. The penny has been around for over 200 years. It's almost as old as the United States itself.

Welcome to The Journal, our show about money, business, and power. I'm Jessica Mendoza. It's Monday, June 2nd. Coming up on the show, saying goodbye to the pennies. The penny has been around for over 200 years. It's almost as old as the United States itself.

Welcome to The Journal, our show about money, business, and power. I'm Jessica Mendoza. It's Monday, June 2nd. Coming up on the show, saying goodbye to the pennies. The penny has been around for over 200 years. It's almost as old as the United States itself.

Right. What else could you do to sort of solidify your status as a nation than to say like, hey, King George, we don't need your face on our coinage anymore. We have our own thing going.

Right. What else could you do to sort of solidify your status as a nation than to say like, hey, King George, we don't need your face on our coinage anymore. We have our own thing going.

Right. What else could you do to sort of solidify your status as a nation than to say like, hey, King George, we don't need your face on our coinage anymore. We have our own thing going.

For most of its history, the penny was made almost entirely of copper. But then copper got more expensive. So in the 1980s, in an effort to cut production costs, the U.S. Mint switched to zinc, which is cheaper, and then coated those pennies in copper. Regardless, the costs of making the penny kept rising.

For most of its history, the penny was made almost entirely of copper. But then copper got more expensive. So in the 1980s, in an effort to cut production costs, the U.S. Mint switched to zinc, which is cheaper, and then coated those pennies in copper. Regardless, the costs of making the penny kept rising.

For most of its history, the penny was made almost entirely of copper. But then copper got more expensive. So in the 1980s, in an effort to cut production costs, the U.S. Mint switched to zinc, which is cheaper, and then coated those pennies in copper. Regardless, the costs of making the penny kept rising.

These days, the government spends almost four cents to make just one penny. And last year, the Mint lost $85 million on the pennies that it produced. And all of this for a coin that, as we were saying earlier, winds up in places that aren't transactional at all, like fountains and jean pockets, right?

These days, the government spends almost four cents to make just one penny. And last year, the Mint lost $85 million on the pennies that it produced. And all of this for a coin that, as we were saying earlier, winds up in places that aren't transactional at all, like fountains and jean pockets, right?

These days, the government spends almost four cents to make just one penny. And last year, the Mint lost $85 million on the pennies that it produced. And all of this for a coin that, as we were saying earlier, winds up in places that aren't transactional at all, like fountains and jean pockets, right?

All that waste hasn't gone unnoticed. For years, the government has acknowledged the penny problem.

All that waste hasn't gone unnoticed. For years, the government has acknowledged the penny problem.

All that waste hasn't gone unnoticed. For years, the government has acknowledged the penny problem.

In 2013, President Obama was asked about getting rid of the penny during a live stream on YouTube.

In 2013, President Obama was asked about getting rid of the penny during a live stream on YouTube.

In 2013, President Obama was asked about getting rid of the penny during a live stream on YouTube.

The penny lived on. And then, President Trump returned to office and said he wanted to cut what he considers waste in the government. In February, Trump took aim at the penny on social media.