Who Knew Is the penny going on the chopping block
Below is a MRR and PLR article in category Business -> subcategory Other.
Is the Penny Going on the Chopping Block?
Summary:
The cost of producing a penny now exceeds its monetary value. Could the penny soon vanish?Article:
The rising cost of metal has put the penny's future in doubt. The United States Mint recently revealed that it costs more than one cent to produce a penny, a situation that has sparked debate.
Jeff Gore, founder of Citizens for Retiring the Penny, points out that each penny costs about 1.2 cents to make, calling this an absurdity. I find the irony striking, too.
A Gallup poll indicates that two-thirds of Americans wish to keep the penny, likely unaware of the rising production costs. Traditionally, coins were cheaper to produce than their face value, turning a profit for the government.
Efforts to cease penny production date back to 1989, including a Congressional bill proposing to round transactions to the nearest nickel. In 2002, a Gallup poll found that 58% of Americans save pennies, while 2% confessed to discarding them.
Consider the story of Edmond Knowles from Alabama, who saved 1.3 million pennies over 40 years, amassing 4.5 tons. His banks wouldn't accept them, so he contacted Coinstar, which dispatched an armored truck to collect the coins, seizing a publicity opportunity. Edmond received $13,084.59 for his effort.
This amusing tale fits perfectly with the theme: Who Knew?
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