The coin lobby Citizens to Retire the Penny support the elimination of the United States one-cent coin. In a 2015 survey regarding US currency, 56 percent of coin and numismatic experts declared that they on average believe that the penny will be phased out around the year 2026.
Are pennies a waste of money?
The penny wastes money. Mint produced almost 5 billion pennies—more than 60 percent of all coins made annually—at a cost more than twice their worth. A significant portion of the cost is for the zinc that makes pennies, which is why the zinc industry is paying its lobbyists six figures to keep the penny in production.
Will pennies be eliminated?
The U.S. Mint announced in early April that it will stop producing pennies beginning in 2022 and will make its last batch on April 1, 2023. And it’s arguably the biggest coin news since 1857 when Congress discontinued the half cent, which believe it or not, people weren’t thrilled about at the time.
Why should we get rid of the penny?
Retire the Penny. 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.
Why the penny is bad?
The store explains: 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.
Is it time to retire the US penny?
Over $85 million is wasted each year for the US government to keep the penny in circulation. Like the 1/2-cent coin and two dollar bill, it is time for the US Mint to retire the penny. Our country has many other important issues that face cronic underfunding, such as healthcare, transportation, infrastructure, and education.
Is the one cent coin still in circulation?
The U.S. One-Cent coin is probably the longest existing coin in public circulation. The coin, or more popularly called “penny”, has been in U.S. circulation since the late1700s until today. It had battled and survived World War I and World War II.
When did the US get rid of the Penny?
Watch his brilliant anti-penny rant. The former Representative (R-AZ) sponsored the Legal Tender Modernization Act in 2002 and the Currency Overhaul for an Industrious Nation (COIN) Act in 2006, which would have phased out the penny by specifying that cash transactions be averaged to the nearest 5 cents.
How to join the fight to retire the US penny?
Join the fight and stand with Retire the Penny by signing up below. This form will automatically tell those in the Trump adminstration how important this issue is to you! Also, you may click here to find your local elected government officials and voice your concern.
