Posted on 02/12/2005 10:39:52 AM PST by JCRoberts
1)The penny greatly facilitates commerce. The U.S. Mint produces between 10 billion to 13 billion pennies annually to meet broad public demand.
2) Most Americans still "count their pennies." A recent poll by Opinion Research Corporation found that more than 70% of Americans support keeping the penny in circulation. Not surprisingly, that same poll showed that those with the least annual income found the penny most valuable. When the economy slows, Americans count their pennies and cash them in. There is a flow of coinage from American homes into the economy confirmed by statistics showing a correlation between U.S. Mint demand for new pennies and the GDP rate.
3)Elimination of the penny would lead to higher prices. Prices would be rounded to the nearest five cents, resulting in higher prices. Professor Raymond Lombra, Pennsylvania State University, testified before Congress in 1990 that this "rounding tax" could cost Americans $600 million annually.
4)Elimination of the penny will hurt charitable causes. Organizations like Ronald McDonald House Charities and the Salvation Army rely heavily on donations from the collection of pennies. Recently, the Dallas-based Kindness Foundation raised over $14,400, a penny at a time, for the victims of the Oklahoma City bombing.
5)Abolishing the penny could erode consumer confidence in the economy. A 1990 General Accounting Office report found people were fearful their money may not go as far if the penny was eliminated because prices would be rounded to the nearest five cents. The report noted this "rounding" made many Americans feel they are being "ripped off" by being charged higher prices.
6)Elimination of the penny will hurt those who can afford it least, the poor and elderly. Increased prices due to "rounding" would fall disproportionately on those least able to afford it because they make more small cash purchases.
7)The penny produces a profit for the Treasury. Seigniorage, the revenue derived from the difference between the face value of coins and the cost of their mintage, produced more than $25 million for the Treasury last year -- from the penny alone.
8)Eliminating the penny would increase the deficit and the government's need to borrow money. Seigniorage from penny production is treated as a reduction in the amount the Treasury must borrow to finance the national deficit. Elimination of the penny would result in increased federal borrowing and higher interest payments.
9)The penny is part of our nation's history and culture. It was the first coin authorized to be minted by the government, with Benjamin Franklin suggesting its original design. Over the centuries, the penny's design has symbolized the spirit of the nation, from Liberty to Lincoln. The penny has been an integral part of the American experience -- whose childhood would be complete without penny candy and other small purchases?
10)President Lincoln has been on the penny since 1909, the 100th anniversary of his birth. No other historical figure has reigned longer on a U.S. coin. He deserves to stay there!
http://lrs.ed.uiuc.edu/students/tsullivl/commoncents/PennyFacts.htm
there have been attempts to get rid of the penny.
in fact, many people throw pennies away, onto parking lots, sidewalks, etc.
but the congressional attempt to get rid of the penny, never works because states like arizona that produce copper will not hear of it.
And don't forget about Illinois.
"...many people throw pennies away, onto parking lots, sidewalks, etc."
I always think behaviour like that is symptomatic of clinical depression.
And remember, many others come and pick those pennies up.
It is important I think that the penny remains, it is imporant to be able to produce the smallest denomination of currency.
Now, if we could only come up with a GOOD and USEFUL $1.00 coin, that would be excellent. I'd recommend that such a coin be LARGER than the quarter.
Maybe, in the future, we can have a nice, big, coin for a $1.00 value and put our beloved W on it. We can call it the Dubya, and it will be our "loonie".
whatta they produce? lincolns?
we have a lesbian dollar coin.
the u.s. post office forces them on you.
And the guy on the front who looks like Washington with the grim face and the weird hair...........aint no guy!
"we have a lesbian dollar coin."
Sakajawea (whatever! I can't spell to begin with, don't expect me to spell no Injun names!) was/is not a lesbian. She's even got the papoose (spelling again, aarrrrrggggh) on her back.
It's working as well as the Susan B.s did. I don't think she was a lesbian either, was she? She was pro-life, no?
Make the coin big, and put a man on it. Like the Kennedy 1/2 dollar.
See a penny, pick it up...
All that day you'll have good luck.
The only superstition I act on, even though I don't know why. Just seems to be tempting fate to see a free penny and act like you're too good to retrieve it.
Penny from Inspector Gadget
No, the expression is "see a penny, if it is heads up, pick it up for good luck, if it is tails up, turn it over to give somebody else good luck".
I do it all the time.
seigniorage
The profit that results from the difference in the cost of printing money and the face value of that money.
I had to look it up.
hmmm. must be a regional difference.
Anyway, I'm glad I'm not the only penny picker-upper out there!
I have heard about the heads-up/tails-up differences, but I have only heard it said, "See a penny pick it up, all day long you'll have good luck."
Click on the image above to view my thoughts on picking up pennies ... as fellow penny lovers I think you might enjoy.
On the flip side, many things would then cost $ X9.95 instead of $ X9.99.
LIONEL RICHIE lyrics - "Penny Lover"
The first time I saw you
Oh, you looked so fine
And I had a feeling
One day you'd be mine
Honey you came along and captured my heart
Now my love is somewhere lost in your kiss
When I'm all alone it's you that I miss
Girl a love like yours is hard to resist
Oh, oh, ooh, ooh, oh
Penny lover, my love's on fire
Penny lover, you're my one desire
Tell me baby could this be true
That I could need someone, like I need you
Nights warm and tender
Lying next to you
Girl I surrender
Oh, what more can I do
I've spent all of my life in search of your love
Now there's one more thing I'd like to say
Don't you ever take your sweet love away
Girl I'll do anything, just please stay
Oh, oh
I don't understand it, oh what's come over me
But I'm not gonna worry, no not anymore
'cause when a man's in love, he's only got one story
That's why my love is somewhere lost in your kiss
When I'm lost and alone it's you that I miss
With a love like yours, it's hard to resist
Ooh, ooh, oh
[begin fade]
Penny lover, don't you walk on by (don't you walk on by)
Penny lover, don't you make me cry (don't you make me cry baby)
Penny lover, don't you walk on by (don't you walk on by)
Penny lover, don't you make me cry (oh penny baby)
Penny lover, don't you walk on by (don't you walk on by)
I remember the first time I saw you baby
Penny lover, don't you make me cry
You had the look in your eye, you had the look in your
eye, yeah, yeah
Ooh pretty baby
I just wanted to reachout and touch you baby
I just want to reach out and hold ya, I want to reach out
and say ooh, ooh
Don't make me cry
I wanna talk about you everyday (penny lover)
Need you, need you baby ...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.