The humble penny, long a staple of American currency, is facing potential retirement under the directive of Elon Musk’s Department of Government Efficiency (DOGE), Cowboy State Daily reports.
Tasked by President Donald Trump to reduce wasteful spending, DOGE has flagged the penny as a costly inefficiency, with production costs exceeding three cents per coin. While the move could save taxpayers millions, it has sparked a range of opinions across Wyoming.
In a recent post on X (formerly Twitter), DOGE noted that in 2023, the US Mint produced over 4.5 billion pennies at a loss of $179 million.
“A penny (or 3 cents) for your thoughts,” the post quipped.
Critics argue that the penny is increasingly obsolete in an age dominated by digital transactions and credit card payments. Yet, its potential elimination raises questions about sales tax adjustments, sentimental attachments, and practical implications for businesses and consumers alike.
Opinions in Wyoming vary widely on the issue. For Mary Baker, branch manager of Platte Valley Bank in Casper, the prospect of losing the penny is a significant shift.
“We have customers who bring in jars of coins, including pennies, to count or exchange. Businesses still request rolls of pennies daily,” she said.
Baker added that adjusting to life without the coin would take time.
Kayla Moran, a financial services representative at First Interstate Bank in Cheyenne, noted a decline in demand for pennies, especially since the COVID-19 pandemic disrupted coin circulation. While Moran believes eliminating the penny could simplify transactions, she recognizes that the transition would be an adjustment for many.
Some business owners see practical benefits to retiring the penny. At Sutherlands in Casper, assistant manager Spencer Guthmiller said the coin is more of a “nuisance,” with 80% of the store’s transactions now completed via credit cards. However, Guthmiller raised concerns about the complexities of rounding prices and adjusting sales tax calculations.
Shawn Wagner, owner of Wagner’s Outdoor Outfitters in Casper, observed a similar shift toward card-based transactions.
“It’s not a huge deal anymore,” he said.
Wagner noted that many customers leave pennies in coin bins by the register.
For some Wyoming residents, the penny holds sentimental value. Casper resident Leroy Snider, for instance, has a habit of inspecting his change for collectible wheat or silver pennies.
“They’ve been here my whole life,” he said.
Snider expressed disapproval of the potential phaseout.
Others, like Walmart customer Kate Sprecher, see practical challenges in removing the penny. Sprecher worried about how sales tax would be calculated without the coin, recalling a simpler time when Wyoming’s sales tax was lower and easier to work out.
However, not everyone is attached to the penny. Brandi Dellenbaugh, an employee at Family Dollar in Cheyenne, said she used to collect pennies but wouldn’t miss them if they were eliminated.
“If it costs three cents to make one, that’s just not good policy,” she said.
The debate over the penny extends beyond sentimentality. At Depend A Pawn in Casper, owner Jim Romango sees the coin’s decline as a reflection of inflation and changing times.
“It just means that inflation is so bad that pennies aren’t good anymore,” he remarked.
Businesses like Sutherlands and Wagner’s Outdoor Outfitters acknowledge that adjusting pricing systems could present challenges. For Guthmiller, the question is how to balance rounding practices without negatively affecting profits, especially for industries with tight margins.
The penny is not the first coin to face retirement; Canada eliminated its one-cent coin in 2012, with little disruption. As electronic payments dominate and cash usage declines, many see the penny as an unnecessary relic of the past.
