Should we get rid of the penny?
A reader and friend of mine, Rob, pointed me to an excellent segment that was done by 60-minutes discussing the American penny. The segment asks the questions: How do you view the humble penny? A small part of bigger things? A useless drag on your pocket or purse?
According to 60-minutes:
- It now costs the U.S. Mint almost two cents to make a penny and almost a dime to make a nickel.
- Coins last about 30 years in circulation before they wear out.
- The penny was 95 percent copper and 5 percent zinc until 1982 when it became 97.5 percent zinc and 2.5 percent copper.
- The U.S. Mint produces and distributes coins, while the Bureau of Engraving and Printing produces paper currency.
To be honest, I used to view pennies as an inconvenience, but I’ve come to realize that saving these little guys can really add up to a good chunk of change over time. With that being said though given it costs 2 cents to make a penny, that alone makes me think they need to go away. I really don’t think I’d miss them too much, and they would free up some space in our house and in my desk!
So maybe it’s time to do away with the penny. What do you think? Should we get rid of the penny?