So much for the maxim: “a penny saved, a penny earned.”

President Trump has announced the federal government will stop forthwith the printing of the penny. We view this news with nostalgic sadness. But, alas, the demise of the penny was inevitable, given the erosion in the value of the dollar and the penny.

Biden probably put the final nail in the penny’s coffin with his spending spree that cut the value of a penny by 21% in four years.

Today, the purchasing power of 10 pennies equals roughly what one penny was worth 50 years ago. In other words, the penny has lost 90% of its purchasing power. This devaluation is a failure of government.

Special thanks for this debacle goes to Richard Nixon for removing the last vestiges of the gold standard.

It now costs more than 3 cents each to mint the more than 3 billion new pennies every year.  So it has become a losing proposition for Uncle Sam to produce them.

We are worried that the end of the copper penny (actually made of copper-plated zinc since 1982) is a surrender in the fight against inflation.

The Brooking Institution has endorsed eliminating the nickel too!

Where does this erosion of the dollar end?