This morning, I read this article about the possibility of a United States without pennies. The penny now costs more than a cent to produce, so each cent represents a loss to the treasury. The article cites statistics about how inefficient pennies are, and even quotes the president as being anti-penny.
I have mixed feelings bout the penny. On one hand, I use my debit card or a check for just about everything I buy, so I probably wouldn't miss them much. On the other hand, I live in Oregon, where no sales tax means that I get a penny back for every 99 cent item I buy with cash.
I am saving those pennies for a Nikon D40 camera. I have a perfectly serviceable camera, so I can't justify spending real dollars on a new one. Coinstar machines will count your change for free if you use them to buy an Amazon.com gift card (there are other merchants, too, that participate, I think.). So I have been saving my coins, waiting for the day that I can lug $500.00 worth of change into the grocery store. I wonder how heavy it will be. I wonder how long it will take. [note to self: you should probably figure out how much change a coffee can can hold, for estimation purposes.]
Maybe we don't have to kill the penny. Perhaps the mint could halt production for a few years. Surely we have enough to get by on, if we all empty our ashtrays and sock drawers?
Or, could we make the penny worth two cents? Just rename it the two-pence? I don't see any reason why not. Currency is only worth what we say it is worth, right?
If the penny does disappear, we will have another national problem on our hands... and that is that few people know how to spell 'nickel'.
...and dimes are are so small they just get lost in your pockets.
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