Is the penny a useful tradition that protects people from rising prices, or a waste of money and resources? The main argument in favor of eliminating pennies is financial. Pennies are always worth one cent, but the costs of buying metal, stamping it into coins, and then sending the coins to banks changes all the time.
Reasons to Keep the Penny
Those who favor keeping the penny believe the penny plays an important role in keeping down the costs of the goods and services we buy. If there were no pennies, stores and restaurants would round up to the nearest nickel. This means consumers would end up paying $0.55 for something that should cost only $0.51.
It's a Money Loser for You
The penny can buy nothing of value today. Its purchasing power is so low, it's provided free for the taking in many stores. And, as economist Greg Mankiw has observed, “When people start leaving a monetary unit at the cash register for the next customer, the unit is too small to be useful.”
Why Do Pennies Still Exist? Pennies have almost no purchasing power; it costs more to mint a penny than a penny is worth; and the U.S. Mint could cut its workload significantly just by ceasing production.
The penny is basically worthless. Actually, it's worse than worthless. It costs the U.S. government about 2 cents to produce every penny. ... It takes most of us more than two seconds to fumble around with change or pick a penny off the ground, which explains why there are so many pennies on the ground.
The Death of the Penny – US Mint to Cease Penny Production in 2023. ... The US Mint announced this morning that they will phase out the production of new pennies beginning in late 2022, and mint the last batch of pennies on April 1, 2023.
Making pennies wastes natural resources and is toxic to people and the environment - Pennies are 3 percent copper, and 97 percent zinc and are primarily made from virgin ore. ... The process of refining both metals can release sulfur dioxide (SO2), lead and zinc into the environment.
Retire the Penny is a commonsense, non-partisan coalition of individuals, businesses, and political leaders who understand that eliminating the penny from circulation could save the US government close to $85 million annually. The penny costs twice as much as to produce than it is worth.
What Pennies Are Worth Keeping? Every Lincoln cent struck before 1982 (except for the 1943 wheat penny) were made from a mostly copper composition. They are now worth closer to two cents for the metal value. Lincoln wheat cents were all bronze, struck from 1909 through 1958.
For most pennies, those minted in recent years are worth, well, a penny. Most wheat cents (wheat pennies were minted between 1909 and 1956) are worth about 4 to 5 cents. Those in better condition can have double-digit value. Special examples (especially those in near perfect condition) can be worth much more.
It represents new beginnings, the start of a new chapter and a fresh start. It all depends on what you believe, of course. So, the next time you see a penny from Heaven in the course of your next stroll, be sure to pick it up. It may or may not bring you luck but, hopefully, it will bring a smile to your face.
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