Cents-Less to Keep the Penny?

The Penny Could Soon Be a Thing of the Past

The saying, "see a penny, pick it up, all day long, you’ll have good luck" is soon becoming a thing of the past. Have people become too lazy to bend over and snatch up the one cent? They’re certainly not hard to find. Pennies are ubiquitous; found everywhere from sidewalks to cars, to playgrounds and floors of department stores. If you look within the crevices of your furniture you’d probably find one right now. Stashed away in jars, and over a long period of time, one could collect quite a fortune in coins…however small. Yet, some have confessed to throwing them away! Why is the penny, a form of American currency, treated with such disregard?

One reason could be the perceived useless-ness of the copper coin. The value is so miniscule that it’s not practical to carry them around when making purchases. The United States has had a history of producing coins less than their value paid by banks, making it a profit for the government. But, according to the U.S. Mint, the penny is a lot more trouble than it’s worth today. Due to higher metal prices, the penny costs more to make, at 1.2 cents, than its monetary value, of only 1 cent. Could this mean the end of the road for Abe Lincoln’s coin?

It’s common sense that spending more to get less is imprudent. For this alone, the argument could be made to assassinate production of the penny. But polls have indicated that the majority of Americans won’t hear of losing the cent. There are even organizations that have formed, like Americans for Common Cents, who have petitioned and spread the cause to save the penny.

It’s been such a part of American history, yet there is action being put forth to phase out U.S.’s smallest currency. Jim Kolbe, U.S. Rep. of Arizona, had Congress reject his idea to abolish the penny, but intends to pursue it again later this year. The exile of the coin began in 1989 when another failed bill in Congress sought to round off purchases to the nearest nickel.