Essay on Abolishing the Penny

It became known recently that the United States of America may decide on stopping produce pennies due to the fact that the cost of the production of one such coin this year exceeded the nominal due to the cost of metals. This was reported by the U.S. TV channel MSNBC citing an expert on North American coins. “Soon pennies disappear from circulation, if current trends persist in the economy” – said in an interview Robert Hogue, an expert of the American Numismatic Society. How MSNBC reports, the U.S. Mint for the first time said that the price of the penny production in the United States exceeds its nominal value. According to experts, the cost of raw materials for the production of one-cent coins at the moment is 1.2 cents. The idea of the withdrawal from circulation of this coin was voiced in the U.S. Congress, when in 1989, it was proposed draft a law on termination of purchases of nickel. Then the law was not supported.

In 1996, the report of the Accounting Chamber of the United States (General Accounting Office) stressed that some Americans believe the penny to be a “nanny coin.” According to a Gallup Poll, who conducted the study in 2002, 2% of the U.S. residents just dump penny received as change.

At the same time, for most Americans pennies is a kind of symbol of the country, that they do not want to abandon. 58% of Americans hold pennies in a piggy bank instead of spending them, two-thirds of Americans would like to see the penny in circulation. There is even a public organization in support of the coin, which has a name the Americans for Common Cents.

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In the American society, there are still hot debates on whether penny, shall be abolished as a monetary unit of the United States or not. in the 2000s, two bills presented in Congress, which would have abolished the coin and monetary unit if they were adopted, but none of them were adopted. In the debate, a number of arguments both for and against the abolition of the coin is lifted.

The most expensive penny was a prototype of the modern penny dated 1792. It was sold at auction in New York for 437 thousand dollars.

Many U.S. residents collected pennies over the years. So Alaskan Edmond Knowles amassed for over 40 years 1.3 million – 4.5 tons – of these coins. Bank, whose client is Knowles, refused to change coins into banknotes. Last year, a U.S. company engaged in the exchange of small coins agreed to carry out this operation for advertising purposes. To transport Knowles coins, the company had to send an armored truck that stuck in the numismatist yard and would not move any further due to the overload. The car had to be disembarrassed using tractor. “I still have the marks of wheels in the yard!” – Happy Knowles told the local press.

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