{"id":5987,"date":"2024-09-11T20:07:05","date_gmt":"2024-09-11T12:07:05","guid":{"rendered":"https:\/\/goutanddesign.com\/wpress\/?p=5987"},"modified":"2024-09-11T20:07:05","modified_gmt":"2024-09-11T12:07:05","slug":"the-penny-problem-why-its-time-for-the-us-to-let-go-of-the-coin","status":"publish","type":"post","link":"https:\/\/goutanddesign.com\/wpress\/2024\/09\/the-penny-problem-why-its-time-for-the-us-to-let-go-of-the-coin\/","title":{"rendered":"The Penny Problem: Why It’s Time for the US to Let Go of the Coin"},"content":{"rendered":"Reading Time : <\/span> 2<\/span> minutes<\/span><\/span>

The penny, once a staple of American currency, has now become a symbol of inefficiency. It costs the US Treasury more than three cents to produce each one, leading to millions of dollars in losses each year. Despite the clear financial burden, the penny persists, mostly ending up lost or unused. As cash usage declines and inflation makes the coin nearly worthless, its purpose has become questionable, yet the penny remains in circulation.<\/strong><\/p>\n

 <\/p>\n

\"\"<\/p>\n

 <\/p>\n

Corporate interests, particularly from Artazn\u2014the company responsible for supplying the zinc used in pennies\u2014play a large role in keeping the penny alive. Artazn has lobbied hard to protect its interests, promoting the narrative that eliminating the penny would harm low-income consumers and charities reliant on coin drives. But these arguments don\u2019t hold much weight today. Cash usage has been steadily declining, and many charities now rely on more modern methods of fundraising, such as rounding up credit card payments.<\/p>\n

 <\/p>\n

\"\"<\/p>\n

 <\/p>\n

Canada\u2019s successful decision to stop minting its one-cent coin in 2013 offers a compelling blueprint for the US. Canadian consumers have adjusted to the rounding system with little issue, and studies suggest that rounding prices to the nearest nickel in the US wouldn\u2019t significantly impact consumers. The argument that eliminating the penny would result in unfair price hikes is largely unfounded. In fact, the costs associated with maintaining penny production far outweigh any potential consumer benefit.<\/p>\n

 <\/p>\n

\"\"<\/p>\n

 <\/p>\n

What keeps the penny in circulation, despite years of discussion about its removal, seems to be simple inertia. The US Mint continues to produce them, and Congress hasn\u2019t felt the urgency to stop. But interestingly, there\u2019s one person who can single-handedly end the penny\u2019s production: the Treasury Secretary. According to an obscure law, the Treasury Secretary can decide not to order unnecessary coins, a move that could finally put an end to the costly penny once and for all.<\/p>\n

 <\/p>\n

\"B\u00e9n\u00e9dicte
B\u00e9n\u00e9dicte Lin \u2013 Brussels, Paris, London, Seoul, Bangkok, Tokyo, New York, Taipei, Hong Kong<\/figcaption><\/figure>\n

 <\/p>\n

#PennyDebate #EndThePenny #CurrencyReform #USMint #Numismatics #InflationImpact #ModernEconomy #CashlessFuture #TreasuryReform #CoinCollecting #AbolishThePenny #FinancialInefficiency #ZincLobby #CurrencyEvolution #CostOfPennies<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time : <\/span> 2<\/span> minutes<\/span><\/span>The penny has outlived its usefulness, costing the US more to produce than it’s worth. Despite this, it persists, thanks to corporate lobbying and government inertia. While many Americans don’t see the coin’s value, arguments for keeping it revolve around low-income users and charities. However, other countries like Canada have successfully moved on from their one-cent coins. It\u2019s time for the US to follow suit and end the costly production of these outdated tokens.<\/p>\n","protected":false},"author":2,"featured_media":5992,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[194,67],"tags":[196,25,19,342,165,4,94,111],"class_list":["post-5987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-wealthytalks","tag-196","tag-american","tag-benedicte","tag-coins","tag-finance","tag-gout-design","tag-money","tag-usa"],"_links":{"self":[{"href":"https:\/\/goutanddesign.com\/wpress\/wp-json\/wp\/v2\/posts\/5987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goutanddesign.com\/wpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goutanddesign.com\/wpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goutanddesign.com\/wpress\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/goutanddesign.com\/wpress\/wp-json\/wp\/v2\/comments?post=5987"}],"version-history":[{"count":1,"href":"https:\/\/goutanddesign.com\/wpress\/wp-json\/wp\/v2\/posts\/5987\/revisions"}],"predecessor-version":[{"id":5993,"href":"https:\/\/goutanddesign.com\/wpress\/wp-json\/wp\/v2\/posts\/5987\/revisions\/5993"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/goutanddesign.com\/wpress\/wp-json\/wp\/v2\/media\/5992"}],"wp:attachment":[{"href":"https:\/\/goutanddesign.com\/wpress\/wp-json\/wp\/v2\/media?parent=5987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goutanddesign.com\/wpress\/wp-json\/wp\/v2\/categories?post=5987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goutanddesign.com\/wpress\/wp-json\/wp\/v2\/tags?post=5987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}