In true big government fashion, the United States has decided that it’s not only going to keep the less-than-worthless American penny around, but it’s creating a new design for the coin – which, incidentally, costs 1.7 cents to produce.
That’s right … the government is still minting millions of pennies a year at a cost of 1.7 cents apiece, despite the fact that nobody uses them anymore (because nothing takes pennies anymore).
Simply put, there’s never been a coin in circulation that’s as worthless as the American penny – not even Confederate money, people.
But the government refuses to get rid of the coin, despite the fact that all it creates is a negative revenue stream for the Federal Reserve and headaches galore for American consumers.
Economists estimate that the penny’s wasteful and time-consuming presence in our economy is costing us $300 million to $1 billion a year in wasted transaction time – on top of the unnecessary production and distribution costs incurred by the government.
As the LA Times editorial page said this morning, “Except as a coin to rummage around for in your pocket or purse — hoping to come up with the right change lest the cashier dump more pennies on you — the cent has outlived its usefulness.”
U.S. Rep. Jim Kolbe has twice introduced bills that would eliminate the penny, but each time Illinois politicians have blocked him.
It’s time for that sentimental obstructionism to stop.
The penny is a relic of a bygone era, and Lincoln freaks need to recognize that and get over it.
By Cooter Brown September 24, 2008 at 10:52 am
Dey can doo away wit da pennie– the less times I gots to look at Lincoln’s mug th’ better! While w’ear atit, let’s efface dat ugly mug from de five doller bill. Glory, Glory Hall-ei-lou-yah! My ass!