Why It's Time to Retire the Penny
THE ARGUMENT FOR ELIMINATING THE PENNY
Discover the compelling reasons to eliminate the penny from our currency system and how it can benefit the economy.
The Penny's Journey Through History
Negative Impacts of Keeping the Penny
Economic Inefficiency
Maintaining the penny costs taxpayers millions of dollars annually, far exceeding its utility in everyday transactions.
Consumer Inconvenience
Handling pennies in cash transactions slows down the checkout process, causing unnecessary delays for consumers and businesses alike.
Environmental Concerns
The production of pennies involves mining and metal processing, which have significant environmental impacts, including resource depletion and pollution.
TAKE ACTION!
The New York Times had an excellent article on this subject. According to this article in order for the US mint to stop minting pennies is for the Director of the Treasury, currently Janet Yellen, to order the mint to stop printing pennies under Title 31 Section 5111 of the US Code. So contact Janet Yellen and/or your representatives and tell them it is time to stop minting pennies! Change is coming and the penny is a good place to start!
Frequently Asked Questions
Here are some common questions and answers about the movement to abolish the penny:
Why should the penny be abolished?
The cost of producing a penny exceeds its face value, leading to a financial loss for the government. Additionally, pennies are often discarded or unused, making them inefficient for transactions.
What will happen to prices if the penny is abolished?
Prices would likely be rounded to the nearest five cents. Studies have shown that this rounding would have a negligible impact on consumers and businesses.
How will charities be affected?
While some charities rely on penny donations, they can adapt by encouraging donations of higher denominations, which are more valuable and easier to manage.
Take Action: Abolish the Penny
Join the movement to eliminate the penny! Contact your representatives today and let them know why it’s time to retire this outdated coin. Your voice can make a difference in shaping a more efficient and modern currency system.