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As both stores and individuals stop keeping pennies on hand, banks wont need to supply as many. The penny costs an irrational amount of money compared to what it's worth. And as it grows ever easier for charities to accept donations electronically, coin drives are likely to play a diminishing role in fundraising. For all its current problems, the penny has a long and proud tradition dating back to 1793, when one-cent pieces were the very first coins produced by the fledgling U.S. Mint. That makes them a much more cost-effective way to honor Lincoln than a penny that costs $0.018 to mint. https://www.britannica.com/story/pro-and-con-penny. The new penny, first issued in 1857 with a Flying Eagle design, was about one-third smaller in diameter than the large cent and less than half the weight. None of these changes caused any significant problems in commerce. Learn more about why the penny should be abolished. Chicago, Illinois 60654 USA, Natalie Leppard Want to learn more? Pennies are still good but, many people think not. The American Council of Science and Health calculates that just transporting pennies to banks not even counting any of the other stages of their production put about 107 million pounds of carbon dioxide (CO2) into the atmosphere between 1982 and 2016. The Department of Defense banned the use of pennies at overseas military bases in 1980 because the coins were deemed too heavy and not cost effective to ship. As the U.S. Mint explains, the copper surface of a penny accounts for only 2.5% of its metal content. However, the nickel is in just as bad a shape as the penny. Source: Jeffrey Sparshott, The Penny Cost More to Make Than Its Worth, Again, Dec. 27, 2016, The US Mint shipped 8.4 billion pennies for circulation in 2017, more than all nickels (1.3 billion), dimes (2.4 billion), and quarters (1.9 billion) combined. 7 Reasons to Get Rid of the Penny 2022-11-18. Anti-penny advocates scoff at this argument, pointing out that Lincoln would still remain on the $5 bill, which is actually useful to consumers. It's clear that the modern penny is no longer necessary in our financial system. But, by the 1850s, the government faced much the same dilemma as today: The price of copper had risen, making cents too costly to produce. The penny-pinching . Reduced coin usage linked to the pandemic has already had an impact. The composition change also meant that Pennies became lighter; before 1982 they weighed 3.11 grams compared to only 2.5 grams after 1982 and about 2500 grams for one dime (2268 grams). The mint produces billions of these coins every year. If we don't have the penny. It's a Money Loser for Retailers.
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