Federal Reserve Contractors Suspend Lincoln Cent Orders
The use of one-cent coins in the United States is moving closer to its end, as carriers are no longer ordering or receiving Lincoln cents, cutting off the supply of new coins to banks.
The Federal Reserve reports that 28 armored carrier locations nationwide have suspended orders and deposits involving Lincoln cents, following the Treasury Department's decision to suspend circulating cent production at the Denver and Philadelphia Mints.
- Cent production and distribution costs have exceeded face value for over a decade.
- The cost to produce and distribute each Lincoln cent into circulation is more than three times its face value.
This action affects the 12 Federal Reserve Bank districts, which include 37 subdistrict banking operations.
No direct quote available in the text.
Author's summary: Lincoln cent orders suspended by Federal Reserve contractors.
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