Change is in the works that could leave you penniless
Change is in the works that could leave you penniless. The president’s plans to get rid of the penny. President Trump over the weekend said he has directed the Treasury Department to stop minting new pennies, citing the rising cost of producing the one-cent coin. Jane Knodel, an economics professor at the University of Vermont, says the penny has lost its value over time. “At the beginning of the 19th century, you needed a penny coin or else people that were paid with very low wages would have a hard time making their daily purchases. But now, with a much higher price level, the penny is less important,” she said, and Vermonters seem to agree. Everyone will still be able to use pennies, but the country just won’t be making them anymore.