Who Knew – Is the penny going on the chopping block?
Whether you're a penny pincher or not, this should be of interest. Apparently the penny is in enough trouble that it just might disappear from circulation.
Here are five things you didn't know about the humble penny:
1) The first ever American coin to bear a date is not a penny, but rather an 18th century copper one-cent piece. 2) At nearly two centuries old, the Lincoln Memorial penny is the longest produced by a US mint. 3) The price of copper, zinc and brass has quadrupled since 2006, making pennies costly for US Mint to produce and driving their manufacture overseas to countries such as China. 4) Unable to compete with other coins, the US Mint is taking steps to phase out the penny. 5) Many big-name museums refuse to accept pennies as change. Smithsonian and New York Public Library both say they'll only take dollar bills and quarters.
I say let's keep the penny around for a while, but find a new use for it. Maybe it could be used as currency in computer games?
http://www.npr.org/2011/04/06/139454733/is-the-penny-going-on-the-chopping
Original article: http://www.npr.org/2011/04/06/139454733/is-the-penny-going-on-the-chopping
Posted by R. Galbraith at 0:25 AM
I don't know, I think the penny has its uses. I don't want no game to be unplayable because of it. Reply Delete
You're right about the use of money as a reward for doing things that need doing, like making your bed, paying taxes or filling out the census. When I first moved to NYC, I spent all my time trying to get used to paying for things with cash instead of using my debit card or checking account. So I made a big point to always have cash. When I didn't have change, I put the amount owed in the tip jar. I was never short, not once, and everyone was happy (including me). Reply Delete
Original article: http://www.npr.org/2011/04/06/139454733/is-the-penny-going-on-the-chopping
Posted by R. Galbraith at 1:30 AM
The Coin Turned A Corner That Was Spinning From Left To Right. Reply Delete
Well, we'd better hope that it doesn't turn right! Reply Delete
Indeed the penny is in dire straits, but the Mint could make a coin out of it that has a much better chance of survival! What about a penny with 1% silver in it? We would love to see horror movies being made again with coin-operated weapons. Like shooting from a machinegun using a boltor smoking out of the barrel of an automatic rifle, every time you insert or pull out a dollar/cent/nickel/penny you shoot 5 rounds. It would be cool. Reply Delete
There is much more to the problem of coin shortages. I have worked in a few different places that use coin operated machines of one kind or another and the problem is not actually the coins, it's the machines themselves. They are often very old, parts are hard to get, and they are not very well maintained. The upshot of this is that when a machine runs out of singles it may not be worth fixing unless you can swap out for another one because it will cost to much for parts and labor to fix AND you might lose money on your investment. Reply Delete
What's the fuss? I'll keep mine in an old coffee can on top of the fridge and use them to pay my kids' allowance in pennies, it will be fun for all of us. Reply Delete
Well I can't find a single thing to buy in a store that doesn't accept change these days, so I guess if my son wants to play video games or something like that, he's out of luck! Reply Delete
My favorite is the quarter roll change dispenser. The vending machine has been around for eons. Why not give that invention a boost? Reply Delete
I have a suggestion: Why not have the U.S. Mint strike coins with denominations of .001, .010, .050, and .100? Do this right, and no one will be able to use them as actual money. Reply Delete
Well, I do think that the U.S. Mint should make a penny coin with 1% silver in it. It would go farther than a nickel or dime coin and it would be worth something! Reply Delete
And we should all start using "real" money again--gold, silver, copper (maybe even old-fashioned iron), etc. I've started using gold and silver at the local bank because they don't accept plastic money anymore. Reply Delete
But the 1%, silver dime is still the standard in use today. We are still using the fractional reserve system, and that would not be changed. We are still using "notional" money, so to speak. Reply Delete
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Conclusion It can be depressing to see any coin, especially a silver penny, go the way of the dinosaur. But in reality, the US Mint has not been printing pennies at all lately. They are being printed out of new designs that have become popular through vending machines or electronic games. So it is good news that they plan to bring back one, at least for a while. And the United States Mint has not been scrapping millions of pennies to get rid of them either. If you are looking for more information on this subject or want to comment on this article, you can do so here .