KILL THE PENNY
NEW YORK (CNNMoney.com) - As the soaring price of zinc going into pennies pushes the cost of production above the coin's value, one congressman is rekindling plans to eliminate it. Representative Jim Kolbe, R-Arizona, told CNNMoney.com he plans to reintroduce legislation to eliminate the penny in the coming weeks.
Over half of the U.S. Mint's coin production comes in the form of pennies, which are made of 97.5 percent zinc. Since the Mint doesn't stockpile its inventory of materials, it is sensitive to fluctuations in zinc's price.
The cost of producing the coin has risen from .97 cent per penny in 2005 to 1.4 cent per penny. At that rate, the Mint would spend some $44 million producing pennies this year, nearly $14 million more than in 2005.
gothamist-In one of the more odd press releases we have received this week, we learn that Sir Richard Branson and Kevin Federline will be teaming up to "save the U.S. penny from annihilation". Yes, the two unite with Common Cents Policy Director Matthew Eggers to put emphasis on the value of a penny, in the face of its possible legislative elimination.
the penny jar foundation is planning to go to door to door in dc with coin counters to collect all remaining pennies and offer compensation.
for those of you who think abolishing the penny is impossible note:
chigo trib- The U.S. got rid of the half penny in 1857 when it was deemed too nugatory to be worthy of carrying about; a rough estimate of its purchasing power then in current terms is 11 cents.
Virgin Mobile reps will be gathering signatures for the “Save the Penny” petition (to be presented to lawmakers), while collecting pennies for charity (The RE*Generation, a charitable movement dedicated to connecting young people with organizations working on the front lines of activism). Of course, Branson will also be making a pretty penny by introducing his new Virgin Mobile Penny Texting plan, which offers 1,000 text messages for just $9.99 per month. And we're guessing K-Fed is in it to promote his new album.
Come throw pennies at Mr. Spears tomorrow, 1:30pm in Times Square.
tangential- there is a lot of controversy over why lincoln is the only president that is featured facing right.
you can dispose of your pennies at any nyc public library and have them go toward helping the homeless. the organization that started this penny charity campaign is very upset about the penny's looming demise
chicago-"Even though pennies seem like a nuisance, deep down we all know they have value," said writer Theodore Gross, founder of Common Cents."
common sense argues that eliminating the penny is classist as it disproportionately effects the poor. they also asserts that historically about 20 million a year is made on the penny by its copper value being less than its worth- although for the time being the opposite is the case.
Over half of the U.S. Mint's coin production comes in the form of pennies, which are made of 97.5 percent zinc. Since the Mint doesn't stockpile its inventory of materials, it is sensitive to fluctuations in zinc's price.
The cost of producing the coin has risen from .97 cent per penny in 2005 to 1.4 cent per penny. At that rate, the Mint would spend some $44 million producing pennies this year, nearly $14 million more than in 2005.
gothamist-In one of the more odd press releases we have received this week, we learn that Sir Richard Branson and Kevin Federline will be teaming up to "save the U.S. penny from annihilation". Yes, the two unite with Common Cents Policy Director Matthew Eggers to put emphasis on the value of a penny, in the face of its possible legislative elimination.
the penny jar foundation is planning to go to door to door in dc with coin counters to collect all remaining pennies and offer compensation.
for those of you who think abolishing the penny is impossible note:
chigo trib- The U.S. got rid of the half penny in 1857 when it was deemed too nugatory to be worthy of carrying about; a rough estimate of its purchasing power then in current terms is 11 cents.
Virgin Mobile reps will be gathering signatures for the “Save the Penny” petition (to be presented to lawmakers), while collecting pennies for charity (The RE*Generation, a charitable movement dedicated to connecting young people with organizations working on the front lines of activism). Of course, Branson will also be making a pretty penny by introducing his new Virgin Mobile Penny Texting plan, which offers 1,000 text messages for just $9.99 per month. And we're guessing K-Fed is in it to promote his new album.
Come throw pennies at Mr. Spears tomorrow, 1:30pm in Times Square.
tangential- there is a lot of controversy over why lincoln is the only president that is featured facing right.
you can dispose of your pennies at any nyc public library and have them go toward helping the homeless. the organization that started this penny charity campaign is very upset about the penny's looming demise
chicago-"Even though pennies seem like a nuisance, deep down we all know they have value," said writer Theodore Gross, founder of Common Cents."
common sense argues that eliminating the penny is classist as it disproportionately effects the poor. they also asserts that historically about 20 million a year is made on the penny by its copper value being less than its worth- although for the time being the opposite is the case.