The Case for Eliminating Coins

TODAY’S STORY

President Trump recently ordered the Treasury Department to stop producing pennies for a simple reason: each one costs more than two cents to make.

He’s right. Since 2006, the government has spent more producing pennies than they’re actually worth.

We’re also losing money on nickels.

So, should we eliminate just pennies and nickels—or do away with coins altogether?

The direct financial impact of this decision is relatively tiny, measured in hundreds of millions rather than billions or trillions.

However, the indirect effects could be much more significant. The federal government’s primary revenue source is individual tax revenue, not coin minting. Studies estimate that income from the “cash economy”—taxable earnings from legal work not reported to the IRS—exceeds $100 billion annually.

Seen this way, it’s a significant decision. If eliminating coins even slightly reduces untraceable cash transactions by shifting them to digital, trackable payments, the resulting tax revenue gains could far outweigh any losses or savings from coin minting.

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Kieran & Justin Ryan