Will the Penny Ever Go Away

 Business, Culture  Comments Off on Will the Penny Ever Go Away
May 062006
 
This entry is part of 3 in the series Deep Questions

People have been calling for the penny’s eradication for years. Many Americans feel exact change isn’t worth the bother. Here’s the government’s two cents…According to the United States Mint, there are no plans to cease production of the one-cent coin. Pennies are the most widely used denomination, and they “remain profitable to make.” The Mint’s FAQ explains a penny costs about .93 cents to make, so each penny produced earns the government .07 cents. However, this recent article claims it now costs 1.4 cents to produce each penny, thanks to the rising prices of metals. Yikes, that’s no way to run a mint, guys.

This revelation isn’t likely to boost the copper coin’s popularity, but it would take congressional legislation signed by the president to actually eliminate the penny. So, if you feel strongly about the evils of pennies, write your representative. You never know — if enough weighed-down consumers and ornery bloggers complain, the penny could be history.