The penny is one of the earliest coins released in the United States, and according to most historians, the first penny was released not long after the United States minting agency was established.
Through the years after the first penny was released, it’s designed changed, and many presidents were depicted on the coin. However, it was the design introduced in 1909 that is still used today.
The design of the 1909 penny showcases Abraham Lincoln and his memorial. For more than a century, the United States has been using the penny depicting one of the greatest United States presidents, and because of its historical and cultural value, the penny is considered to be a souvenir by people who are visiting the country.
Despite the historical and cultural value of the penny, the US Money Reserve reports that there are calls from American lawmakers to discontinue its use. The idea to discontinue the penny originated from a recent issue that was discussed at the United Kingdom parliament. The British lawmakers recently debated whether to keep the penny in circulation or to abandon it completely.
Those who are in favor of keeping the penny pointed out that people are still using cash, and it is not a wise idea to remove the coin completely from circulation. There are also schools and other institutions that are still accepting the penny, and it is a justifiable reason to keep it. In the end, the United Kingdom parliament decided to keep the penny in circulation. Read more: US Money Reserve President Discusses Elimination of Benny and US Money Reserve | Indeed
In the United States, the idea of removing the penny from circulation is gaining a lot of supporters. Based on the recent poll conducted by experts that cover the issue, 80% of the American population supports the idea of leaving the penny behind. The most common reasons for the abandonment of the penny are the higher cost of production and less usage by the public.
The trade war between China and the United States allowed for the value of zinc to go up. Zinc is the mineral used in the production of the penny, and 97.6% of the coin is made from this mineral.
Copper constitutes only 2.4% of the coin. In the past, copper constitutes 95% of the coin, and zinc only represents 5% of the coin, but the excessive production of copper made it a hard to find mineral. The cost of production is so high, and lawmakers are seeing it as a burden to the economy.
Another lawmaker pointed out that more Americans are distancing themselves from the penny because it has tiny value. When receiving a penny, most Americans would prefer throwing it away or putting it on coin jars.
Lawmakers pointed out that instead of throwing the coin away, it would be much better if they will stop its circulation.
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