A penny saved is … pretty much nothing now

The U.S. Mint has announced that it now cost 1.2 cents to make a penny. The first time the price exceeded the penny’s value. So why keep making them? Sentimental reasons mostly, it seems.

Enough Americans feel strongly about saving the penny that several organizations and lobbying groups have been built around the cause. They’re concerned that if pennies go away, it’ll lead to higher prices (rounding up), hurt charities (think convenience store jars), and disrupt our history (we’ll miss having Abe on a coin). They also have other concerns that don’t seem as valid: eroding of consumer confidence and higher deficits.

Of course, for every cause, there’s a counter group. The Citizens for Retiring the Penny sums of their stance: it’s a waste of money and time. According to the image on their website, they just seemed to be annoyed with the penny – especially when it spins around.

It’s silly to produce a coin that’s worth less than its production cost, so alternative production material is being considered, even plastic. Currently, the penny consists of mostly zinc and copper.

We just want enough pennies in circulation so we can create our own penny-art.