A Penny for Your Thoughts
With rising costs and political debate, the penny’s future is once again in question—should it stay or finally be retired?
A penny for your thoughts? We know what President Donald J. Trump’s thoughts are about our one-cent coin. In February, he posted, “For far too long, the United States has minted pennies which literally cost us more than two cents. This is so wasteful!” You have to wonder if the president had read the 1989 edition of the Farmers’ Almanac, which reads: “Only tradition explains our stubborn attachment to the penny. But sometimes traditions get ridiculous.” While the U.S. Mint annual report for fiscal 2024 reports it costing 3.7 cents to strike a 1-cent coin (The report also indicates a 5-cent or “nickel” coin now costs about 13.8 cents to manufacture.) we’re also hearing protests to the idea of sending our cent to the dustbin alongside the half cent and other now extinct denominations.
On July 23, the House Financial Services Committee and Tennessee Republican Rep. John Rose argued that the “Common Cents Act” that would eliminate the cent is “without a well-crafted plan” to phase out the denomination, and as the act is written, wouldn’t accomplish the goal of “improving the cost and efficiency of U.S. currency.” Rose’s arguments almost sound like those coming out of Massachusetts every time the future of the dollar bank note is challenged. The security paper on which our bank notes are printed comes from Massachusetts-based Crane Paper Company.
Former Senator John McCain wanted the metal dollar coin to succeed. The metal for that coin is mined in the state McCain represented. The blanks for our cents are produced at Artazn Zinc (formerly Jarden Zinc Products) in Greene County, Tennessee. Perhaps we should question if this is another “here we go again” moment? The cent still has its uses. A Palermo, Maine, contractor recently paid the bulk of a $20,000 court-imposed fine with pennies.
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