Whether the penny should still remain in circulation has been a debate for long, with congressmen unsuccessfully trying to pass bills to remove it, because it costs much more to produce them than what they are actually worth. Many, however, feel sentimentally attached to the coin and do not want to see it removed. As a YouGov poll found, in the U.S., 51% of people oppose eliminating the penny, while only 34% are in favor. What is more, 43% of people said they would be angry or disappointed if the government stopped minting pennies.
Proponents of eliminating the penny point out that it is no longer feasible to mint pennies, as their strike costs twice their worth. Moreover, the size and weight of the penny, coupled with its ever decreasing value, makes it an inconvenience for most people to hold onto. On the other hand, opponents to eliminating the penny argue that the poor would be the hardest hit, both because of their reliance on the penny as currency and the fact that prices would be rounded up.
FAQs
Many, however, feel sentimentally attached to the coin and do not want to see it removed. As a YouGov poll found, in the U.S., 51% of people oppose eliminating the penny, while only 34% are in favor. What is more, 43% of people said they would be angry or disappointed if the government stopped minting pennies.
Should the penny be kept in circulation? ›
Those who favor keeping the penny believe the penny plays an important role in keeping down the costs of the goods and services we buy. If there were no pennies, stores and restaurants would round up to the nearest nickel. This means consumers would end up paying $0.55 for something that should cost only $0.51.
Is the U.S. going to get rid of the penny? ›
The U.S. Mint has no plans to discontinue the penny, and such a move would require congressional approval. However, the “Penny Debate” continues in the United States, with pro- and anti-penny advocates both making some pretty solid points in their arguments.
What would happen if the penny was eliminated? ›
These numbers alone put both coins at risk though the cent is the leading candidate for the firing squad. What, then, will happen when the cent is abolished? For the general public, prices would then be rounded to the nearest nickel and special sale prices such as $9.99 will likely revert to $9.95.
Should you save all copper pennies? ›
Some copper pennies are going for as much as $2 apiece. Buying pennies is more affordable than buying gold, and they can be a little easier to store. At least you don't have to worry as much about theft. Some businesses will store large bags of copper pennies on your behalf in secure locations.
Why did the penny go out of circulation? ›
That was until the federal government decided to take the penny out of circulation in the 2012 federal budget, following a finance committee study that deemed the coin too expensive to produce and no longer necessary.
Should I save pennies before 1982? ›
A: All U.S. pennies, regardless of their year of minting, are considered legal tender and can be used to pay for goods and services. However, pre-1982 pennies contain a higher copper content and may be worth more than their face value to collectors.
What are two arguments for eliminating the penny in the penny debate? ›
Anti-Penny Arguments
- Pennies are worthless. They don't buy anything, many people throw them away, and nobody wants to use them, so let's get rid of them. ...
- Pennies waste time. ...
- Making pennies wastes taxpayer money. ...
- Making pennies wastes time. ...
- Rounding-up prices wouldn't matter. ...
- Pennies are less than the minimum wage.
Would getting rid of the penny cause inflation? ›
Removing the penny from circulation will have significant adverse direct effects on consumers. Simulations show that the resulting need to round prices will generate a rounding tax of no less than $600 million a year. The inflationary impact of rounding will probably be small.
Are pennies worth keeping? ›
While most pennies are worth just one cent, certain years can dramatically increase their value. Penny collectors, also known as numismatists, value pennies based on their minting year, rarity, condition, and production errors.
The government (therefore society) would save about $80 Million per year (the penny costs abut 1.6 cents to produce) in eliminating the penny.
Why don't vending machines take pennies? ›
If you want to use pennies to buy from a vending machine, you would have to insert a handful of them. This is just not practical, and so vending machines have been programmed to not accept pennies for this reason.
Why is a 1982 penny worth so much? ›
One reason these coins are so valuable has to do with what they are made of. As GOBankingRates previously reported, any penny minted before 1982 contains 95% copper. Copper pennies are a relatively common find in a penny roll, which lowers their value.
How much is 1 pound of copper pennies worth? ›
Current US one cent coins (colloquially “pennies”) are made from copper plated zinc, and are 97.5% zinc, 2.5% copper. Each one has a mass of 2.5 grams. The number of such pennies needed to make 1 pound (avoirdupois) would be 182 (rounded to the nearest whole penny) and be worth $1.82.
Are pennies being phased out? ›
While Congress has spent more than 30 years entertaining legislation to eliminate the penny—as have countries including Canada, which eliminated its penny in 2013, and Sweden, which was ahead of the curve by removing the 1 öre coin in 1972—professor Robert Whaples of Wake Forest University said he's not optimistic of a ...
What years of pennies should I save? ›
Here's a list of the top 10 most valuable pennies for 2023:
- 1) 1944 Steel Wheat Penny - $408,000.
- 2) 1943 Copper Wheat Penny - $250,000.
- 3) 1856 Flying Eagle Penny - $25,000.
- 4) 1873 Indian Head Penny - $10,000.
- 5) 1858 Flying Eagle Penny - $10,000.
- 6) 1857 Flying Eagle Penny - $7,000.
- 7) 1914 D Wheat Penny - $5,500.
What happens to a penny while it is in circulation? ›
Coins are “in circulation” when we use them as money. They get passed around from banks, stores, and people over and over again (Circulate). You use your coins to buy something from a store. The store takes your coins to the bank.
Should I save all wheat pennies? ›
A: Wheat pennies are no longer circulated and cannot be used as legal tender. They're considered collectible items now. However, you can always sell your valuable wheat penny to a collector or keep it as a prized possession in your collection.
What coins have been taken out of circulation? ›
Obsolete and canceled coins
- Half cent: 1⁄2¢, 1793–1857.
- Silver center cent: 1¢, 1792 (not circulated)
- Large cent: 1¢, 1793–1857.
- Ring cent: 1¢, 1850–1851, 1853, 1884–1885 (not circulated)
- Two-cent billon: 2¢, 1836 (not circulated)
- Two-cent bronze: 2¢, 1863–1873.
- Three-cent bronze: 3¢, 1863 (not circulated)