How our coins got their names.
Election Day is here again, and I know there are some single-issue voters out there who haven’t forgotten an issue of our time that Congress has repeatedly failed to act on, despite the introduction of bills HR 3761 in 1989, HR 2528 in 2001, and HR 5818 in 2006. President Obama has stated that he is in favor—the lobbyists for outnumber the lobbyists against—and yet the Price Rounding Act, the Legal Tender Modernization Act, and the Currency Overhaul for an Industrious Nation (COIN) Act, respectively, have all failed to pass. As a nation, we have yet to abolish the penny.
A penny costs more to produce than it is worth (even after the 1982 change from a 95 percent copper composition to 97.5 percent zinc), so the U.S. loses tens of millions of dollars a year minting them; the sheer cost of lost time spent hunting for pennies, waiting in line behind someone else hunting for pennies, and disposing of pointless pennies once we have them has been estimated at as high as a billion dollars a year. No coin in U.S. history has ever been worth less than a penny is today, by a long shot: the half cent, eliminated in 1857, was worth more than a dime in today’s buying power. A penny saved may be a penny earned, but it is about two seconds of income for an average American, so who cares. Yet again, the Ben Franklin for our time turns out to be Andy Warhol: “I hate PENNIES. I wish they’d stop making them altogether. I would never save them. I don’t have the time. I like to say in stores, ‘Oh forget it, keep those pennies. It makes my French wallet too heavy.’ ”
One thing we’ll lose, when the penny eventually goes the inevitable way of the half cent and the Canadian penny (extinct as of 2012), is the last possible link between our language of money and the everyday physical world. Read More