Pennies may be phased out as part of our currency, but please, let's hold onto our “Common Cents;”
We all know that things are more expensive now; even the gentle idiom that people used to ask someone what they were thinking about, “A Penny For Your Thoughts,” will soon be outdated due to the cost.
The reason is that, as of yesterday, the copper penny will no longer be minted. Yes, the last one was produced in Philadelphia, marking the end of a 232-year run that dates back to 1793, one year after Congress authorized the Coinage Act.
The change is part of an effort to eliminate the country's smallest denomination, which costs nearly four times ($3.69) its value to produce. The Associated Press reported that the last two were minted with special markings so they will not be placed into circulation; instead, at some point in the future, they will be auctioned off.
Before yesterday's final minting, the last coin that was discontinued was the half-cent in 1857. The demise of the penny has been looming for quite a while due to the prohibitive cost of producing them. That said, on a personal note, I find it sad. There was a time when I had an entire large apple cider jar filled to the brim with pennies. I can remember every cashier asking me if I wanted the pennies when I was checking out. Of course, I would always say yes and then dutifully check them to see if they were wheat straws.
I ended up rolling that entire jar because the bank refused to do it. Shortly after that, I stopped paying with cash, except on rare occasions, so my days of penny collecting were over.
The lowly penny may be gone, but it certainly isn’t forgotten. The U.S. Treasury Department estimates that there are still 300 billion of them in circulation.
They are still legal tender, and banks will still accept them. The American Banking Association encourages people to deposit their pennies at the bank to help prevent any shortages. That concern may be genuine, as some retailers worry that they may not have enough pennies. If that happens, their only choice would be to round the prices down to the nearest nickel.
Speaking of nickels, they may find themselves next on the chopping block. The U.S. Mint states that the cost to produce a nickel is almost 14 cents, nearly triple its face value.
Dimes and quarters can breathe easy for now. A dime only costs six cents to produce, and quarters only cost 15 cents to make. Before the next generation doesn’t even remember them, here are a few sayings they may never hear concerning pennies. “Pennies From Heaven,” “Find A Penny and Pick It Up and All The Day You Will Have Good Luck,” “A Pretty Penny,” “A Bad Penny,” “Not A Penny Less,” and “A Penny Saved Is A Penny Earned.”
Pennies may be phased out as part of our currency, but please, let's hold onto our “Common Cents.”
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