The U.S. Penny Has Lots of Fans, a GAO Survey Finds
JNADAD
Posts: 69
Washington, Dec. 17 (Bloomberg) -- The humble U.S. penny,
which has gone without a facelift since 1909, is a keeper, a
survey found.
Almost two-thirds of U.S. residents in a Gallup poll
commissioned by the congressional General Accounting Office say
the mint should continue producing pennies.
Of the people surveyed, 58 percent hoard the coins in jars or
banks at home, while 27 percent use them for purchases. Some 10
percent throw them in cups used to make change at store counters,
and 2 percent throw them away.
Part of the attachment may be economic rather than
sentimental. More than half of those polled, 56 percent, said they
oppose rounding cash transactions up or down to the nearest
nickel, saying they fear retailers would take advantage of the
system to always round up.
The coin, which has borne Abraham Lincoln's profile since the
centennial of his birth, has enemies in high places.
Representative Jim Kolbe, an Arizona Republican, last year
submitted legislation to eliminate it.
``It's a hassle in American transactions,'' said Neena
Moorjani, Kolbe's press secretary, adding that it costs the U.S.
Mint more money to produce pennies than it earns on them.
While Kolbe remains committed to the penny's demise, ``there
are currently no plans'' to reintroduce the bill next session,
Moorjani said.
The GAO poll, which surveyed 1,003 adults in July and August,
was conducted in part to measure acceptance of the Sacagawea
dollar coins introduced in 2000, according to the agency.
Only 26 percent said they have ever used the golden-hued coin
to make a purchase. More than half of the respondents had never
seen the dollar coin or had no idea what it was. Ninety-three
percent of those polled said they don't use dollar coins because
they're more familiar with the bills.
Canada can have its ``tooney,'' the survey also found. Almost
55 percent of respondents opposed a $2 coin for the U.S.
Penny fans, meanwhile, will have lots of coins to hoard. The
mint produced 12.8 billion of them in 2001, slightly more than the
other five coins combined, the GAO found.
which has gone without a facelift since 1909, is a keeper, a
survey found.
Almost two-thirds of U.S. residents in a Gallup poll
commissioned by the congressional General Accounting Office say
the mint should continue producing pennies.
Of the people surveyed, 58 percent hoard the coins in jars or
banks at home, while 27 percent use them for purchases. Some 10
percent throw them in cups used to make change at store counters,
and 2 percent throw them away.
Part of the attachment may be economic rather than
sentimental. More than half of those polled, 56 percent, said they
oppose rounding cash transactions up or down to the nearest
nickel, saying they fear retailers would take advantage of the
system to always round up.
The coin, which has borne Abraham Lincoln's profile since the
centennial of his birth, has enemies in high places.
Representative Jim Kolbe, an Arizona Republican, last year
submitted legislation to eliminate it.
``It's a hassle in American transactions,'' said Neena
Moorjani, Kolbe's press secretary, adding that it costs the U.S.
Mint more money to produce pennies than it earns on them.
While Kolbe remains committed to the penny's demise, ``there
are currently no plans'' to reintroduce the bill next session,
Moorjani said.
The GAO poll, which surveyed 1,003 adults in July and August,
was conducted in part to measure acceptance of the Sacagawea
dollar coins introduced in 2000, according to the agency.
Only 26 percent said they have ever used the golden-hued coin
to make a purchase. More than half of the respondents had never
seen the dollar coin or had no idea what it was. Ninety-three
percent of those polled said they don't use dollar coins because
they're more familiar with the bills.
Canada can have its ``tooney,'' the survey also found. Almost
55 percent of respondents opposed a $2 coin for the U.S.
Penny fans, meanwhile, will have lots of coins to hoard. The
mint produced 12.8 billion of them in 2001, slightly more than the
other five coins combined, the GAO found.
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Comments
People, if given the chance, will also usually vote themselves "bread and circuses"even if it is financially unwise. Put a question on the poll "Should we return to making the dime quarter and half dollar out of 90% silver again instead of copper-nickel?" and they'll vote for that too.
I did note though that they say almost two thirds think they should keep making them, but less than one third actually use them.
Absolutely right and they absolutely would. And one reason why I oppose rounding.
<< <i>The humble U.S. penny,
which has gone without a facelift since 1909, is a keeper, a
survey found. >>
Two things wrong with this statement:
1) there is no such thing as a U.S. "penny". It's a cent. The penny is a British denomination. Of course, we have traditionally called our cents "pennies" since the very beginning. It's technically incorrect, but such common practice that I suppose either term could apply. Another example of the wrong name becoming the favored one would be the improper "Mercury" nickname that got stuck on the Winged Liberty dime. (Mercury was male, and had wings on his feet, not his head.)
2) what happened in 1959? Is a complete change of reverse design not a "facelift"?
The cent needs to stay. As we become more electronic, dealing with cents is not a problem. I would also however restrict the minting of the cost inefficient cent and devise a plan to try to get the hoards of cents back into circulation.
Anyone remember when copper prices rose in the 70's and there was a shortage of cents?
Joe.