Why A Penny Ban May Lead To You Paying More In New York State

Democrats and Republicans agree, but banning the penny may end up costing you more in New York. Here's why.

Earlier this month, President Donald Trump told the U.S. Treasury to stop minting new pennies.

Trump Wants To Stop Production Of Pennies

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Trump wrote on his Truth Social that America has been minting pennies for "far too long" which he says "literally cost us more than two cents."

The U.S. Mint reports it actually costs almost four cents to produce one new penny.

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According to NPR, Democrats and Republicans have both tired and failed "for decades" to get ride of the penny.

What This Could Mean To New Yorkers

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If the U.S. Treasury does stop minting pennies will likely result in the need for more nickels.

According to AP, it costs almost 14 cents to mint a nickel, meaning production costs for a penny is actually a bargain, compared to the penny.

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The National Association of Convenience Stores says eliminating the penny means you would likely pay slightly more for products. A spokesperson Eyewitness News without the penny all cash transactions would be rounded up to the nearest nickel.

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Meaning a cup of coffee that costs $1.96 may now cost $2.00.

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Treasures Worth Millions May Be Easily Found In Your New York Home

A few rare pennies could be worth over $1 million CLICK HERE to learn what to look for. There's also a very rare dime issued in 1975 that is worth about $500,000. CLICK HERE to find out more.