(Getty Images)

MORE MONEY THAN CENTS

Minting pennies is a loss-maker that Elon Musk and DOGE want to stop

America loses money while making some of its money.

2/3/25 11:18AM

For almost 20 years now, the physical act of making some of our money has weirdly been a money-loser for the United States Mint. Elon Musk and the Department of Government Efficiency (DOGE) are apparently looking to undo that paradox.

Stop making cents

In one of the first DOGE posts on X after the department was established, it highlighted the well-known oddity that each individual penny costs more than 3 cents to make and distribute.

It also wrongly claimed that producing the coin set US taxpayers back more than $179 million in FY23. (That figure was the loss of minting pennies and nickels that year.) However, the point still stands: America loses money while making some of its money, with the cost of making each denomination only rising in 2024.

Penny production cost chart — Sherwood News

According to the Mint’s 2024 annual report, every penny cost a relatively whopping 3.69 cents to produce, the 19th year in a row that the cost of production and distribution has outstripped the actual monetary value of the coin itself. While this phenomenon isn’t unprecedented, the current losing streak — which started in 2006, when the Mint explained that the increasing price of zinc and nickel was driving the cost of its lowest denominations higher — is the longest on record.

It’s not just one-cent pieces either…

Nickel production costs chart — Sherwood News

Another day, another nickel

Nickels have managed to escape some of the heat from Musk and co. and have generally been excluded from many of the anti-penny arguments that have cropped up in recent years, often owing to the fact that we mint far fewer of them, but they’ve also cost more to make than they’re worth since 2006. Last year, the Mint spent 13.78 cents to make and distribute every nickel, meaning that the 202 million five-cent coins that entered circulation cost $27.8 million to make, almost 3x more than they’re actually worth.

The same is not true for every coin that the US Mint produces, of course, with dimes, quarters, and 50-cent pieces all costing less than face value to produce last year.

When faced with the question of whether DOGE intends to abolish the penny, a spokesperson replied “Shouldn’t you ask Treasury?” Meanwhile, thanks to a tweet from Ryan Petersen, the founder and CEO of Flexport, Elon Musk’s attention seems to have specifically turned to the US Mint in San Francisco, which produces commemorative coins.

Jake Lahut21h

US on par for $4.50 per gallon in the next week or 2: Gas Buddy

Gas prices shooting up across several Midwestern states is putting the national average on track to hit $4.50 per gallon within the next two weeks, according to Gas Buddy’s Patrick De Haan.

In Michigan, the price went from $3.78 a week ago and $4.18 Tuesday to over $4.25 on Wednesday.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Wisconsin, where gas remained below the national average of $4.22 as of Wednesday afternoon, saw a more modest but similar jump up to $3.96 per gallon, according to the American Automobile Association.

De Haan also mentioned Ohio, Indiana, and Illinois in his post on BlueSky as contributing to the surge. Of those states, gas is most expensive in the Land of Lincoln, at $4.52 per gallon.

Patrick De Haan (@gasbuddyguy.bsky.social)

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

De Haan also mentioned Ohio, Indiana, and Illinois in his post on BlueSky as contributing to the surge. Of those states, gas is most expensive in the Land of Lincoln, at $4.52 per gallon.

Max Knoblauch4/27/26

In a 1,100-word statement, United CEO says merger talks with American have ended

United’s pursuit of its rival American Airlines has ended, according to a lengthy statement from United CEO Scott Kirby on Monday.

Per Kirby, American “declined to engage” with his “big, bold vision” of a megamerger that would have controlled more than a third of the US market, instead “publicly closing the door.”

“American’s public comments make it clear that a merger like this is off the table for the foreseeable future,” said Kirby, who also believes regulators would have approved the deal.

Kirby’s effort — and sheer word count — in explaining the logic and benefits of the deal could be read as evidence that the executive is still in the market for a big combination. A common theory in the industry has been that the megamerger could have been a means to actually pitch a smaller (but still huge) merger between United and JetBlue.

President Trump last week told CNBC that he didn’t like the United-American idea and would instead “love somebody to buy Spirit.” In American’s earnings call last week, CEO Robert Isom swiftly rejected a United merger, saying the two carriers are “going to be roommates and we’re not getting married.”

Statement from United Airlines CEO Scott Kirby

“American’s public comments make it clear that a merger like this is off the table for the foreseeable future,” said Kirby, who also believes regulators would have approved the deal.

Millie Giles

CAPITOL LOSSES

4/24/26

Washington, DC, lost over 100,000 jobs last year, the most in the US

Sweeping federal job cuts and a shrinking hospitality sector have resulted in high unemployment in the nation’s capital.

United States Capitol and Pennsylvania Avenue in Washington, DC

Jon Keegan4/23/26

In December, the White House announced a new program to let wealthy foreigners get a shortcut to US citizenship — the “Trump Gold Card.” After paying a $15,000 application fee, passing a vetting process, and ultimately paying a $1 million “contribution,” the applicant gets a card in President Trump’s favorite color that grants the owner US citizenship “in record time.”

So, how many of these rich foreigners have received their shiny ticket to American residency? Commerce Secretary Howard Lutnick told a House committee today that only one of the cards has been issued, but “hundreds” of applications are being reviewed.

In December, Lutnick predicted that the cards could generate up to $1 trillion in revenue.

Jake Lahut4/21/26

Who’s next to leave the Trump admin following Chavez-DeRemer’s departure?

After a few abandoned nominations and the occasional lateral demotion during President Donald Trump’s first year in office, turnover has accelerated dramatically.

Just in the past month, top officials such as Attorney General Pam Bondi, Homeland Security Secretary Kristi Noem, and Labor Secretary Lori Chavez-DeRemer have left their posts.

Following a report from The Atlantic alleging heavy drinking and absenteeism plaguing FBI Director Kash Patel, the odds of his departure from the Trump administration in 2026 shot up sharply, with traders now pricing in an 80% chance he won’t last the year.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Tulsi Gabbard, the director of national intelligence, is another official who could be on the ropes. Her deputy, Joe Kent, has already resigned over the Iran war. Gabbard’s 2020 presidential campaign — and appeal in broadening Trump’s electorate in 2024 — heavily centered around ending perpetual “regime change wars.” The White House has indicated to Gabbard that they want her gone before the midterms, but the timing of her departure remains vague, according to two sources familiar with the discussions who spoke to Sherwood News in recent weeks.

As for who will replace the outgoing members, pay attention to who can be confirmed by the Senate. To replace Bondi, a Trump adviser told Sherwood the most likely replacements are acting Attorney General Todd Blanche, Trump’s former personal attorney, as well as EPA Administrator Lee Zeldin.