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INSIDE THIS ISSUE
1
We’re Hiring — But Not Just Anybody
2
How to Teach Kids Internet Safety
2
The Dangers of Distracted Driving
3
Never Doubt a Canine’s Senses
3
Finney Injury Law Scholarship
4
Why the Penny Lives On
Why Do Americans Still Use One Cent Coins? PENNY PINCHERS
They say a penny saved is a penny earned. But a penny used to be worth much more than it is today. Despite their supposed lucky qualities, many Americans won’t bother to stoop down to pick up a stray penny today. They fill cup holders in cars and jars in our homes. Stunningly, 2% of Americans admit to throwing their pennies in the trash instead of keeping them. This National One Cent Day (April 1), it’s worth asking: Why do pennies still exist? The penny was the first coin created by the U.S. Mint in 1793, though it wasn’t the smallest denomination early Americans used. Between 1793 and 1857, half-cent coins were also in circulation. Gizmodo reported in 2014 that they were phased out due to their low value — and noted that a half penny in 1857 was worth 10 cents in 2014 money. Therefore, our
ancestors may have done away with today’s penny, nickel, and dime!
Some advocates suggest the penny has practical benefits. They argue that eliminating the penny would increase prices, though other economists disagree. Many charities also rely on pennies as donations because they can add up to millions of dollars over time. Others simply like that the coin honors President Abraham Lincoln. Penny fans needn’t worry. While Americans are using less hard cash these days, the penny doesn’t appear to be going anywhere. Though it famously costs almost 2 cents to make each new one-cent coin, the U.S. Mint has no plans to stop production. Nostalgia and public opinion are apparently worth a pretty penny.
Meanwhile, adults of a certain age have fond memories of buying penny candies as children, but one cent won’t purchase anything today. According to the Bureau of Labor Statistics, one cent in 1776 is worth 34 cents in 2023. Certainly, 34 cents is not a lot of money — but it’s way more than the value of today’s pennies. There have been efforts to do away with pennies, mainly by U.S. Rep. Jim Kolbe, who introduced three bills to eliminate them between 1990 and 2006. Former President Barack Obama and former Sen. John McCain also supported the idea. But Americans like their pennies. A 2015 poll found that 51% of respondents preferred to keep the penny, while only 29% wanted to eliminate it.
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