Short Wave The Indicator: Take A Penny, Leave A Penny, Get Rid Of The Penny
26 snips
Dec 18, 2025 
Christina Schutt, the Executive Director of the Abraham Lincoln Presidential Library and Museum, dives into the history and symbolism of the penny, particularly its connection to Lincoln. She shares fascinating insights about museum activities involving pennies and an artist's tribute to this American icon. The discussion also explores the penny's declining production, the costs of minting, and Congress’s reluctance to address its fate. Listeners are treated to anecdotes including a penny that ventured to Mars, making the penny's journey all the more intriguing.
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Minting Shouldn't Cost Taxpayers
- The U.S. Mint aims to produce coins at no cost to taxpayers and typically transfers seigniorage to the Treasury when production is profitable.
- Rising metal prices pushed penny production costs above face value, turning a historical profit source into a loss by 2006 and worsening to 3.7 cents by 2024.
From Cash Drawer To Mint Director
- Ed Moy traced his coin interest from handling change in his parents' Chinese restaurant to becoming director of the U.S. Mint.
- He started collecting unusual coins as a kid and later faced penny production challenges while serving from 2006–2011.
Seigniorage Turns Negative For Pennies
- The Mint's best-case scenario is when a coin's face value exceeds production cost, creating seigniorage revenue.
- In 2006 the penny crossed that threshold as rising base metal prices made production more expensive than the coin's nominal value.