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class="vector-toc-numb">2</span> <span>Arguments</span> </div> </a> <button aria-controls="toc-Arguments-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Arguments subsection</span> </button> <ul id="toc-Arguments-sublist" class="vector-toc-list"> <li id="toc-Production_and_distribution_costs" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Production_and_distribution_costs"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Production and distribution costs</span> </div> </a> <ul id="toc-Production_and_distribution_costs-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Limited_utility_of_pennies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Limited_utility_of_pennies"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Limited utility 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vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" 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src="//upload.wikimedia.org/wikipedia/commons/thumb/4/46/United_States_penny%2C_obverse%2C_2002.png/220px-United_States_penny%2C_obverse%2C_2002.png" decoding="async" width="220" height="220" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/46/United_States_penny%2C_obverse%2C_2002.png/330px-United_States_penny%2C_obverse%2C_2002.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/46/United_States_penny%2C_obverse%2C_2002.png/440px-United_States_penny%2C_obverse%2C_2002.png 2x" data-file-width="903" data-file-height="901" /></a><figcaption>A <a href="/wiki/Proof_coinage" title="Proof coinage">proof</a>-quality penny</figcaption></figure><p>A debate exists within the United States government and American society at large over whether the one-cent coin, the <a href="/wiki/Penny_(United_States_coin)" title="Penny (United States coin)">penny</a>, should be eliminated as a unit of <a href="/wiki/Coins_of_the_United_States_dollar" title="Coins of the United States dollar">currency in the United States</a>. The penny costs more to produce than the one cent it is worth, meaning the <a href="/wiki/Seigniorage" title="Seigniorage">seigniorage</a> is negative – the government loses money on every penny that is created. Several <a href="/wiki/Bill_(proposed_law)" class="mw-redirect" title="Bill (proposed law)">bills</a> introduced in the <a href="/wiki/United_States_Congress" title="United States Congress">U.S. Congress</a> would have ceased production of pennies, but none have been approved. Such bills would leave the five-cent coin, or <a href="/wiki/Nickel_(United_States_coin)" title="Nickel (United States coin)">nickel</a>, as the lowest-value coin minted in the United States. </p><p>Other countries <a href="/wiki/Withdrawal_of_low-denomination_coins" title="Withdrawal of low-denomination coins">have also withdrawn coins no longer worth producing</a>, such as Canada ending production of the <a href="/wiki/Canadian_penny" class="mw-redirect" title="Canadian penny">Canadian penny</a> in 2012. The most recent time that the United States withdrew the lowest-value coin from circulation was with the <a href="/wiki/Half_cent_(United_States_coin)" title="Half cent (United States coin)">half-cent coin</a> (hay-penny), which was withdrawn in 1857; the 1857 half-cent coin was worth approximately 16 cents in 2023 dollars.<sup id="cite_ref-inflation-US_1-0" class="reference"><a href="#cite_note-inflation-US-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>a<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Legislation">Legislation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Penny_debate_in_the_United_States&action=edit&section=1" title="Edit section: Legislation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 1990, <a href="/wiki/United_States_House_of_Representatives" title="United States House of Representatives">United States Representative</a> <a href="/wiki/Jim_Kolbe" title="Jim Kolbe">Jim Kolbe</a> (<a href="/wiki/Republican_Party_(United_States)" title="Republican Party (United States)">R</a>-<a href="/wiki/Arizona" title="Arizona">AZ</a>) introduced the Price Rounding Act of 1989, H.R. 3761, to eliminate the penny in cash transactions, rounding to the nearest nickel.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> In 2001, Kolbe introduced the Legal Tender Modernization Act of 2001, H.R. 2528,<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> and in 2006, he introduced the Currency Overhaul for an Industrious Nation (C.O.I.N.) Act, H.R. 5818.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> While the bills received much popular support from the public, all failed to become law.<sup id="cite_ref-eliminate_6-0" class="reference"><a href="#cite_note-eliminate-6"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>In 2017, Senator <a href="/wiki/John_McCain" title="John McCain">John McCain</a> (R-AZ) and Senator <a href="/wiki/Mike_Enzi" title="Mike Enzi">Mike Enzi</a> (R-WY) introduced S. 759, the Currency Optimization, Innovation, and National Savings (C.O.I.N.S.) Act of 2017, that would stop minting of the penny for 10 years and would study the question of whether production could cease thereafter. The bill died at the end of the 115th Congress with no hearings held by the <a href="/wiki/United_States_Senate_Committee_on_Banking,_Housing,_and_Urban_Affairs" title="United States Senate Committee on Banking, Housing, and Urban Affairs">Senate Committee on Banking, Housing, and Urban Affairs</a>.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Arguments">Arguments</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Penny_debate_in_the_United_States&action=edit&section=2" title="Edit section: Arguments"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Pro_and_con_list plainlinks metadata ambox ambox-style" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/40px-Edit-clear.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/60px-Edit-clear.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/80px-Edit-clear.svg.png 2x" data-file-width="48" data-file-height="48" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>contains a <a href="/wiki/Wikipedia:Pro_and_con_lists" title="Wikipedia:Pro and con lists">pro and con list</a></b>.<span class="hide-when-compact"> Please help <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Penny_debate_in_the_United_States&action=edit">rewriting it</a> into consolidated sections based on topics.</span> <span class="date-container"><i>(<span class="date">October 2024</span>)</i></span></div></td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Production_and_distribution_costs">Production and distribution costs</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Penny_debate_in_the_United_States&action=edit&section=3" title="Edit section: Production and distribution costs"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><b>Production at a loss</b> –  In 2022, it cost 2.72 cents to mint a penny.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> With a 2022 production of an estimated 6,359,600,000 pennies, this results in an annual loss for the U.S. government of around $110 million.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> Also, as the price of the raw materials from which the penny is made exceeds the face value, there is a risk that coins will be illegally melted down for raw materials.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Coronavirus_11-0" class="reference"><a href="#cite_note-Coronavirus-11"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup></li> <li><b>Increased cost</b> –  Commissioned by Jarden Zinc, which supplies zinc "penny blanks" to the Mint, a report conducted by Navigant Consulting found that the government would lose money without the penny. According to Americans for Common Cents' website, "First, the Mint's fabrication and distribution costs include fixed components that will continue to be incurred whether or not the Mint produces the penny. Navigant estimates this fixed component at <span class="nowrap"><span style="white-space: nowrap">$13</span> million</span> in FY 2011. Plus, there is <span class="nowrap"><span style="white-space: nowrap">$17.7</span> million</span> in Mint overhead allocated to the penny that would have to be absorbed by the remaining denominations of circulating coins without the penny. Second, under current Mint accounting, the nickel costs eleven cents to manufacture. In a scenario (unlikely to occur) where nickel production doubled without the penny, Navigant concludes that with existing fixed costs, eliminating the penny would likely result in increased net costs to the Mint of <span class="nowrap"><span style="white-space: nowrap">$10.9</span> million</span>, relative to the current state."<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup></li> <li><b>Effort to transport and count</b> – Approximately 47 percent of coins minted are pennies and all these pennies (generally over 5 billion annually) must be transported by secure and therefore expensive means from the Mint to banks and then on to stores.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Store employees spend valuable time counting low-value pennies at the end of a work shift. Banks often return loose coins on an armored truck to be sorted and wrapped so as to be ready to be given out to a customer. This process costs on the order of 10 cents per roll (a 20 percent charge on a roll of 50 pennies).</li></ul> <div class="mw-heading mw-heading3"><h3 id="Limited_utility_of_pennies">Limited utility of pennies</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Penny_debate_in_the_United_States&action=edit&section=4" title="Edit section: Limited utility of pennies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><b>Lost productivity and <a href="/wiki/Opportunity_cost" title="Opportunity cost">opportunity cost</a> of use</b> –  With the median <a href="/wiki/Wage" title="Wage">wage</a> in the US being <span style="white-space: nowrap">$20.17</span> per hour in 2020,<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> it takes less than two seconds to earn one cent. Thus, it is not worthwhile for most people to deal with a penny. If it takes only two seconds extra for each transaction that uses a penny, the cost of time wasted in the US is about <span style="white-space: nowrap">$3.65</span> per person annually,<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> or about one billion dollars for all Americans.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Using a different calculation, <a href="/wiki/Robert_Whaples" title="Robert Whaples">Robert Whaples</a>, a professor of economics at <a href="/wiki/Wake_Forest_University" title="Wake Forest University">Wake Forest University</a>, estimates a <span style="white-space: nowrap">$300</span> million annual loss.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Additionally, Whaples argues that eliminating the penny would coax people into using <a href="/wiki/Dollar_coin_(United_States)" title="Dollar coin (United States)">one dollar coins</a>. In 2006, the Federal Reserve stated that replacing one-dollar bills with one-dollar coins would save an additional <span style="white-space: nowrap">$500</span> million per year.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup></li> <li><b>Limited utility</b> –  Pennies are not accepted by any <a href="/wiki/Vending_machine" title="Vending machine">vending machines</a> or by most <a href="/wiki/Toll_booths" class="mw-redirect" title="Toll booths">toll booths</a>, and are generally not accepted in bulk. Economist <a href="/wiki/Greg_Mankiw" title="Greg Mankiw">Greg Mankiw</a> says that "The purpose of the monetary system is to facilitate exchange, but ... the penny no longer serves that purpose."<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> Pennies often drop out of circulation (for example, they are stored in jars in a person's home) and due to their low value are sometimes even discarded by consumers. This contributes to the United States Mint needing to produce more pennies than all other coins.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2024)">citation needed</span></a></i>]</sup></li></ul> <div class="mw-heading mw-heading3"><h3 id="Effect_on_prices">Effect on prices</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Penny_debate_in_the_United_States&action=edit&section=5" title="Edit section: Effect on prices"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><b>Prices would not be higher</b> –  Research by Whaples, using data on nearly 200,000 transactions from a multi-state convenience store chain shows that <a href="/wiki/Cash_rounding" title="Cash rounding">rounding</a> would have virtually no effect. Consumers would gain a tiny amount –  about <style data-mw-deduplicate="TemplateStyles:r1154941027">.mw-parser-output .frac{white-space:nowrap}.mw-parser-output .frac .num,.mw-parser-output .frac .den{font-size:80%;line-height:0;vertical-align:super}.mw-parser-output .frac .den{vertical-align:sub}.mw-parser-output .sr-only{border:0;clip:rect(0,0,0,0);clip-path:polygon(0px 0px,0px 0px,0px 0px);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px}</style><span class="frac"><span class="num">1</span>⁄<span class="den">40</span></span>¢ per transaction.<sup id="cite_ref-Whaples07_21-0" class="reference"><a href="#cite_note-Whaples07-21"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup></li> <li><b>Elimination would not hurt the poor</b> –  Given that rounding (based on cash transaction totals being rounded up and down to the nearest multiple of five cents) is neutral at the transaction level, and that cash transactions are faster without having to deal with extremely low-value coins, people who disproportionately deal in cash transactions would be helped more by elimination of the penny.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> To gain consumer favor for reducing the use of the penny it could be legislated (either on a state or federal level) that all cash transactions totals over a nominal amount (say 25 cents) would need to be rounded <i>down</i> to the nearest multiple of five cents. Rounding down cash transaction totals is a win for the merchant too as it encourages cash sales and thereby avoids the electronic payment fee (typically on the order of two percent of the balance).<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> However any savings on this fee must be balanced against the nontrivial costs of handling cash, which is why many merchants encourage electronic payments.</li> <li><b>Consumers and the economy</b> –  A research paper commissioned by the zinc lobby and its <a href="/wiki/Front_group" class="mw-redirect" title="Front group">front group</a> <a href="/wiki/Americans_for_Common_Cents" title="Americans for Common Cents">Americans for Common Cents</a> concludes that were the penny to be eliminated, consumers, particularly poor consumers who are more likely to use cash, may pay several dollars more each year if all transactions are rounded up.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> Canada's elimination of the penny, however, rounds cash transactions both up and down.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> The paper stated that rather than eliminate the penny, it would make more sense to change the composition of the penny to a cheaper metal than zinc if the costs of zinc do not come down and there continues to be a significant loss per penny. The author of the paper, Raymond Lombra, debated penny elimination with another economist.<sup id="cite_ref-WSJ01_26-0" class="reference"><a href="#cite_note-WSJ01-26"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading3"><h3 id="Public_opinion">Public opinion</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Penny_debate_in_the_United_States&action=edit&section=6" title="Edit section: Public opinion"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><b>Recent popular support</b> –  According to a national survey conducted in January 2017 by the polling team of Hart Research Associates and Public Opinion Strategies on behalf of the Dollar Coin Alliance, there is broad support for eliminating the penny. The Hart/POS survey found that 77 percent of voters support suspending production of the penny. When told of the savings made by suspending the penny, support jumped to 84 percent.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup></li> <li><b>Historical popular support</b> – A poll conducted in June 2006 by USA Today/Gallup, found that 55% of the American public considered the penny to be a useful coin, while 43% of those surveyed were in favor of abolishing the coin.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading3"><h3 id="Historical_precedents">Historical precedents</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Penny_debate_in_the_United_States&action=edit&section=7" title="Edit section: Historical precedents"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There has never been a coin in circulation in the U.S. worth as little as the penny is worth today, although currently other countries have coins with less purchasing power in circulation. Due to <a href="/wiki/Monetary_inflation" title="Monetary inflation">inflation</a>, one <a href="/wiki/5-cent_piece_(United_States)" class="mw-redirect" title="5-cent piece (United States)">nickel</a> in 2017 was worth approximately what a penny was worth in 1974.<sup id="cite_ref-inflation-US_1-1" class="reference"><a href="#cite_note-inflation-US-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> When the United States discontinued the <a href="/wiki/Half_cent_(United_States_coin)" title="Half cent (United States coin)">half-cent coin</a> in 1857, it had a 2023-equivalent buying power of about 16 cents.<sup id="cite_ref-inflation-US_1-2" class="reference"><a href="#cite_note-inflation-US-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> After 1857, the new smallest coin was the one-cent, which had a 2023-equivalent buying power of 33 cents. The nickel fell below that value in 1973; the <a href="/wiki/Dime_(United_States_coin)" title="Dime (United States coin)">dime</a> (at 10 cents) fell below that value in 1981; the <a href="/wiki/Quarter_(United_States_coin)" title="Quarter (United States coin)">quarter</a> (at 25 cents) fell below that value in 2012.<sup id="cite_ref-Consumer_Price_Index_Research_Series_29-0" class="reference"><a href="#cite_note-Consumer_Price_Index_Research_Series-29"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Environmental_and_health_hazards">Environmental and health hazards</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Penny_debate_in_the_United_States&action=edit&section=8" title="Edit section: Environmental and health hazards"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Zinc_toxicity" title="Zinc toxicity">Zinc</a> can cause anemia or gastric ulceration in babies that inadvertently ingest pennies made after 1982. A single penny can kill a pet.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> Also, the mining of <a href="/wiki/Zinc_toxicity" title="Zinc toxicity">zinc</a> and copper causes toxic pollution and is especially undesirable when considering the valuable metals being used to produce a coin with little utility.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (October 2024)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Nickels">Nickels</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Penny_debate_in_the_United_States&action=edit&section=9" title="Edit section: Nickels"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>As of 2022, nickels cost <span style="white-space: nowrap">$0.1041</span> (equivalent to $0.1084 in 2023) to produce and distribute,<sup id="cite_ref-usmintreport2022_31-0" class="reference"><a href="#cite_note-usmintreport2022-31"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> providing an argument for elimination similar to the penny's production at a loss. The current face value of a nickel is also well below that which the last remaining lowest-denomination coin (the penny) held at the time of the half-cent's elimination in 1857.<sup id="cite_ref-inflation-US_1-3" class="reference"><a href="#cite_note-inflation-US-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>A penny in 1977 was worth the same amount as a nickel in 2023.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> A nickel in 1977 was worth a quarter in 2023.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Lobbying">Lobbying</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Penny_debate_in_the_United_States&action=edit&section=10" title="Edit section: Lobbying"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>The sole provider of zinc "penny blanks," <a href="/wiki/Jarden_Zinc_Products" title="Jarden Zinc Products">Jarden Zinc Products</a> of <a href="/wiki/Greeneville,_Tennessee" title="Greeneville, Tennessee">Greeneville, Tennessee</a>, has hired lobbyists to make the case for preserving the penny and their sales.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> <ul><li>In 2011 $140,000 in retention fees were paid to Americans for Common Cents for its lobbying efforts on behalf of Jarden Zinc who received a $48 million dollar government contract later that same year.</li></ul></li> <li>The coin lobby Citizens to Retire the Penny support the elimination of the United States one-cent coin.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup></li> <li>The <a href="/wiki/Coin_Coalition" title="Coin Coalition">Coin Coalition</a> of vending machine manufacturers, arcade owners, and soft drink companies supports eliminating the penny and the paper dollar bill.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Other_options">Other options</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Penny_debate_in_the_United_States&action=edit&section=11" title="Edit section: Other options"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Economist François R. Velde suggested in 2007 that the government make the penny worth five cents. This change would add about $6 billion to the money supply.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p><p>Congress passed the Coin Modernization, Oversight, and Continuity Act of 2010, which requires the Treasury to report on possible new metallic coin materials.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> In the 2014 Biennial Report, Appendix 4, the Mint reported that the previous study had "found that there was no more-cost-effective alternative material for the one-cent", and thus recommended that it continued its current mix of copper and zinc.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Precedents_in_other_countries">Precedents in other countries</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Penny_debate_in_the_United_States&action=edit&section=12" title="Edit section: Precedents in other countries"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Withdrawal_of_low-denomination_coins" title="Withdrawal of low-denomination coins">Withdrawal of low-denomination coins</a></div> <p>Many countries outside the United States have chosen to remove low-value coins from circulation: </p> <ul><li>Australia discontinued one-cent coins in 1990 and two-cent coins of the <a href="/wiki/Australian_dollar" title="Australian dollar">Australian dollar</a> in 1989 due to the metal exceeding face value. They were fully withdrawn from circulation in 1992.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup></li> <li>Until 2012, Canada minted a <a href="/wiki/Penny_(Canadian_coin)" title="Penny (Canadian coin)">one-cent coin</a> of similar size and color as its American counterpart, with steel as the interior metal instead of zinc, though composition was near identical to US cents prior to 2000 and so it circulates at par in small quantities in the United States (and vice versa). However, on March 29, 2012, the Canadian government announced that it would eliminate the penny from its coinage system.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> The final Canadian penny was minted on May 4, 2012,<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> and active distribution of the coin by the mint was discontinued on February 4, 2013.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> Since that date, businesses were encouraged to begin rounding cash transactions only to the nearest five-cent increment. Checks and transactions using electronic payments – debit, credit and payments cards – are not rounded.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup></li> <li>Mexico's <a href="/wiki/Mexican_peso" title="Mexican peso">new peso</a> transition in 1993 made the five-centavo coin the smallest denomination of the new currency. In 2009, new coins were minted only for the 10, 20 and 50 centavo denominations.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup></li> <li>New Zealand eliminated <a href="/wiki/New_Zealand_1_cent_coin" class="mw-redirect" title="New Zealand 1 cent coin">one</a>- and <a href="/wiki/New_Zealand_2_cent_coin" class="mw-redirect" title="New Zealand 2 cent coin">two-cent</a> coins of the <a href="/wiki/New_Zealand_dollar" title="New Zealand dollar">New Zealand dollar</a> in April 1990, and the <a href="/wiki/New_Zealand_5_cent_coin" class="mw-redirect" title="New Zealand 5 cent coin">five-cent coin</a> in October 2006.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup></li> <li>At US military bases overseas, <a href="/wiki/Army_and_Air_Force_Exchange_Service" class="mw-redirect" title="Army and Air Force Exchange Service">AAFES</a> rounds up or down to the nearest one-twentieth denomination of currency.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup></li></ul> <p>However, many nations still use coins of similar or smaller value to the United States cent. In some cases, while the nominal value of the coin may be smaller than that of a US cent, the <a href="/wiki/Purchasing_power" title="Purchasing power">purchasing power</a> may be higher: </p> <ul><li><a href="/wiki/South_Korea" title="South Korea">South Korea</a> stopped minting <a href="/wiki/South_Korean_won" title="South Korean won">₩</a>1 and ₩5 coins, but ₩10 coins (worth about <span style="white-space: nowrap">US$0.01</span>) are still minted with changing composition and used only in supermarkets.</li> <li>Some countries in the <a href="/wiki/Eurozone" title="Eurozone">Eurozone</a> use one and two-cent coins. As posted prices generally include taxes, it is possible (but not standard) for vendors to round prices to the nearest five cents and eliminate the need for smaller-value coins. However, <a href="/wiki/Finland" title="Finland">Finland</a>, <a href="/wiki/Republic_of_Ireland" title="Republic of Ireland">Ireland</a> and the <a href="/wiki/Netherlands" title="Netherlands">Netherlands</a> have <a href="/wiki/Swedish_rounding" class="mw-redirect" title="Swedish rounding">abandoned</a> the use of one- and two-cent coins altogether. Finland only ever produced a small number of one-cent coins, mostly for collecting and legal reasons.</li> <li><a href="/wiki/Panama" title="Panama">Panama</a> and <a href="/wiki/Ecuador" title="Ecuador">Ecuador</a>, which use the United States dollar as their currency, mint their own coins including one-centavo pieces identical in size to the penny. However, prices and wages are generally lower in those countries than in the United States.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Laws_regarding_melting_and_export">Laws regarding melting and export</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Penny_debate_in_the_United_States&action=edit&section=13" title="Edit section: Laws regarding melting and export"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On April 17, 2007, a <a href="/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">Department of the Treasury</a> regulation went into effect prohibiting the treatment, melting, or mass export of pennies and <a href="/wiki/Nickel_(United_States_coin)" title="Nickel (United States coin)">nickels</a>. Exceptions were allowed for <a href="/wiki/Numismatists" class="mw-redirect" title="Numismatists">numismatists</a>, jewelry makers, and normal tourism demands.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> The reason given was that the price of copper was rising to the point where these coins could be profitably melted for their metal content.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> In 1969, a similar law regarding silver coinage was repealed. Because their silver content frequently exceeds collector value, silver coins are often sold by multiplying their "face value" times a benchmark price that floats relative to the spot silver price per ounce.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> According to American law, US citizens are allowed to melt foreign coinage (e.g., Canadian pennies) for personal or commercial use; however, by doing so they are usually violating the laws of the country that issued the coinage in question.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Penny_debate_in_the_United_States&action=edit&section=14" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{clear:left;float:left;margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png" decoding="async" width="32" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/48px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/64px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></span></li><li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/46/United_States_penny%2C_obverse%2C_2002.png/28px-United_States_penny%2C_obverse%2C_2002.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/46/United_States_penny%2C_obverse%2C_2002.png/42px-United_States_penny%2C_obverse%2C_2002.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/46/United_States_penny%2C_obverse%2C_2002.png/56px-United_States_penny%2C_obverse%2C_2002.png 2x" data-file-width="903" data-file-height="901" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Numismatics" title="Portal:Numismatics">Numismatics portal</a></span></li></ul> <ul><li><a href="/wiki/Debasement" title="Debasement">Debasement</a></li> <li><a href="/wiki/Gresham%27s_law" title="Gresham's law">Gresham's law</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a></li> <li><a href="/wiki/Inflationism" title="Inflationism">Inflationism</a></li> <li><a href="/wiki/Inflation_hedge" title="Inflation hedge">Inflation hedge</a></li> <li><a href="/wiki/Metal_theft" title="Metal theft">Metal theft</a></li> <li><a href="/wiki/Take_a_penny,_leave_a_penny" title="Take a penny, leave a penny">Take a penny, leave a penny</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Penny_debate_in_the_United_States&action=edit&section=15" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-lower-alpha"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text">Many other non-lowest denominations have since been withdrawn from circulation, from the <a href="/wiki/Two-cent_piece_(United_States)" title="Two-cent piece (United States)">two-cent coin</a> in 1872 to the $10,000 bill in 1934; see <a href="/wiki/Obsolete_denominations_of_United_States_currency" title="Obsolete denominations of United States currency">Obsolete denominations of United States currency</a>.</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Penny_debate_in_the_United_States&action=edit&section=16" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist reflist-columns references-column-width reflist-columns-2"> <ol class="references"> <li id="cite_note-inflation-US-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-inflation-US_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-inflation-US_1-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-inflation-US_1-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-inflation-US_1-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text">1634–1699: <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFMcCusker1997" class="citation book cs1"><a href="/wiki/John_J._McCusker" title="John J. McCusker">McCusker, J. J.</a> (1997). <a rel="nofollow" class="external text" href="https://www.americanantiquarian.org/proceedings/44525121.pdf"><i>How Much Is That in Real Money? A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States: Addenda et Corrigenda</i></a> <span class="cs1-format">(PDF)</span>. <a href="/wiki/American_Antiquarian_Society" title="American Antiquarian Society">American Antiquarian Society</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=How+Much+Is+That+in+Real+Money%3F+A+Historical+Price+Index+for+Use+as+a+Deflator+of+Money+Values+in+the+Economy+of+the+United+States%3A+Addenda+et+Corrigenda&rft.pub=American+Antiquarian+Society&rft.date=1997&rft.aulast=McCusker&rft.aufirst=J.+J.&rft_id=https%3A%2F%2Fwww.americanantiquarian.org%2Fproceedings%2F44525121.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span> 1700–1799: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcCusker1992" class="citation book cs1"><a href="/wiki/John_J._McCusker" title="John J. McCusker">McCusker, J. J.</a> (1992). <a rel="nofollow" class="external text" href="https://www.americanantiquarian.org/proceedings/44517778.pdf"><i>How Much Is That in Real Money? A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States</i></a> <span class="cs1-format">(PDF)</span>. <a href="/wiki/American_Antiquarian_Society" title="American Antiquarian Society">American Antiquarian Society</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=How+Much+Is+That+in+Real+Money%3F+A+Historical+Price+Index+for+Use+as+a+Deflator+of+Money+Values+in+the+Economy+of+the+United+States&rft.pub=American+Antiquarian+Society&rft.date=1992&rft.aulast=McCusker&rft.aufirst=J.+J.&rft_id=https%3A%2F%2Fwww.americanantiquarian.org%2Fproceedings%2F44517778.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span> 1800–present: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFederal_Reserve_Bank_of_Minneapolis" class="citation web cs1">Federal Reserve Bank of Minneapolis. <a rel="nofollow" class="external text" href="https://www.minneapolisfed.org/about-us/monetary-policy/inflation-calculator/consumer-price-index-1800-">"Consumer Price Index (estimate) 1800–"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">February 29,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Consumer+Price+Index+%28estimate%29+1800%E2%80%93&rft.au=Federal+Reserve+Bank+of+Minneapolis&rft_id=https%3A%2F%2Fwww.minneapolisfed.org%2Fabout-us%2Fmonetary-policy%2Finflation-calculator%2Fconsumer-price-index-1800-&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://thomas.loc.gov/cgi-bin/query/z?c101:H.R.3761.IH:"><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i></i></span></sup></a><i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged July 2022">permanent dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged June 2022">permanent dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged August 2021">permanent dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup> H.R.3761 –  Price Rounding Act of 1989 (Introduced in House –  IH)<sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged February 2023">permanent dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20160704133929/http://thomas.loc.gov/cgi-bin/bdquery/z?d107:h.r.02528:">"Legal Tender Modernization Act of 2001, HR 2528"</a>. Archived from <a rel="nofollow" class="external text" href="http://thomas.loc.gov/cgi-bin/bdquery/z?d107:h.r.02528:">the original</a> on July 4, 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">August 28,</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Legal+Tender+Modernization+Act+of+2001%2C+HR+2528&rft_id=http%3A%2F%2Fthomas.loc.gov%2Fcgi-bin%2Fbdquery%2Fz%3Fd107%3Ah.r.02528%3A&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChristian_Zappone2006" class="citation news cs1">Christian Zappone (July 18, 2006). <a rel="nofollow" class="external text" href="https://money.cnn.com/2006/07/18/news/penny/index.htm">"Kill-the-penny bill introduced"</a>. CNN Money<span class="reference-accessdate">. Retrieved <span class="nowrap">March 21,</span> 2007</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Kill-the-penny+bill+introduced&rft.date=2006-07-18&rft.au=Christian+Zappone&rft_id=https%3A%2F%2Fmoney.cnn.com%2F2006%2F07%2F18%2Fnews%2Fpenny%2Findex.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-eliminate-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-eliminate_6-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-07-20T120021Z_01_N17321144_RTRIDST_0_LIFE-PENNY-GENERAL-FEATURE.XML">"Nickel for your thoughts? US bill seeks penny's end"</a>. Reuters. July 20, 2006<span class="reference-accessdate">. Retrieved <span class="nowrap">July 20,</span> 2006</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Nickel+for+your+thoughts%3F+US+bill+seeks+penny%27s+end&rft.date=2006-07-20&rft_id=http%3A%2F%2Ftoday.reuters.com%2Finvesting%2FfinanceArticle.aspx%3Ftype%3DbondsNews%26storyID%3D2006-07-20T120021Z_01_N17321144_RTRIDST_0_LIFE-PENNY-GENERAL-FEATURE.XML&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.congress.gov/bill/115th-congress/senate-bill/759">"S.759 - 115th Congress (2017-2018): Currency Optimization, Innovation, and National Savings Act of 2017"</a>. March 29, 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=S.759+-+115th+Congress+%282017-2018%29%3A+Currency+Optimization%2C+Innovation%2C+and+National+Savings+Act+of+2017&rft.date=2017-03-29&rft_id=https%3A%2F%2Fwww.congress.gov%2Fbill%2F115th-congress%2Fsenate-bill%2F759&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFUnited_States_Mint" class="citation web cs1">United States Mint. <a rel="nofollow" class="external text" href="https://www.usmint.gov/wordpress/wp-content/uploads/2023/04/2022-USM-Biennial-Report_P5_FINAL.pdf">"2020 Biennial Report"</a> <span class="cs1-format">(PDF)</span>. p. 3<span class="reference-accessdate">. Retrieved <span class="nowrap">December 13,</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=2020+Biennial+Report&rft.pages=3&rft.au=United+States+Mint&rft_id=https%3A%2F%2Fwww.usmint.gov%2Fwordpress%2Fwp-content%2Fuploads%2F2023%2F04%2F2022-USM-Biennial-Report_P5_FINAL.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCoinNews.net2023" class="citation web cs1">CoinNews.net (January 25, 2023). <a rel="nofollow" class="external text" href="https://www.coinnews.net/2023/01/25/u-s-mint-produced-13-6-billion-coins-circulation-2022/">"U.S. Mint Produced Over 13.6 Billion Coins for Circulation in 2022"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">April 10,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=U.S.+Mint+Produced+Over+13.6+Billion+Coins+for+Circulation+in+2022&rft.date=2023-01-25&rft.au=CoinNews.net&rft_id=https%3A%2F%2Fwww.coinnews.net%2F2023%2F01%2F25%2Fu-s-mint-produced-13-6-billion-coins-circulation-2022%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.usmint.gov/news/press-releases/20070417-us-mint-limits-exportation-melting-of-coins">"United States Mint Moves to Limit Exportation & Melting of Coins"</a>. April 17, 2007. <q>The rising commodity prices of copper, nickel and zinc have increased the value of the metal in both pennies and nickels so that the content of these coins now exceeds their face value. There is concern that speculators could remove pennies and nickels from circulation and sell them as scrap for profit.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=United+States+Mint+Moves+to+Limit+Exportation+%26+Melting+of+Coins&rft.date=2007-04-17&rft_id=https%3A%2F%2Fwww.usmint.gov%2Fnews%2Fpress-releases%2F20070417-us-mint-limits-exportation-melting-of-coins&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-Coronavirus-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-Coronavirus_11-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGross2020" class="citation news cs1">Gross, Jenny (July 29, 2020). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2020/07/29/business/coin-shortage-penny.html">"Will the Penny Survive Coronavirus? Some Hope Not"</a>. <i>The New York Times</i><span class="reference-accessdate">. Retrieved <span class="nowrap">December 14,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Will+the+Penny+Survive+Coronavirus%3F+Some+Hope+Not&rft.date=2020-07-29&rft.aulast=Gross&rft.aufirst=Jenny&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2020%2F07%2F29%2Fbusiness%2Fcoin-shortage-penny.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.pennies.org/index.php/penny-the-economy/penny-profitability">"Penny Profitability: What Does it Cost to Make a Penny?"</a>. <i>Americans for Common Cents</i><span class="reference-accessdate">. Retrieved <span class="nowrap">November 13,</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Americans+for+Common+Cents&rft.atitle=Penny+Profitability%3A+What+Does+it+Cost+to+Make+a+Penny%3F&rft_id=http%3A%2F%2Fwww.pennies.org%2Findex.php%2Fpenny-the-economy%2Fpenny-profitability&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://pennies.org/images/stories/pdfs/penny-profitability-april-12-2012.pdf">Navigant Consulting: Impact of Eliminating the Penny on the United States Mint's Costs and Profit in the Fiscal year 2011</a> by Rodney J. Bosco and Kevin M. Davis</span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://cashessentials.org/united-states-coin-production-and-circulation/">"United States: Coin Production and Circulation"</a>. <i>Cash Essentials</i><span class="reference-accessdate">. Retrieved <span class="nowrap">June 6,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Cash+Essentials&rft.atitle=United+States%3A+Coin+Production+and+Circulation&rft_id=https%3A%2F%2Fcashessentials.org%2Funited-states-coin-production-and-circulation%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bls.gov/oes/current/oes_nat.htm#00-0000">"May 2020 National Occupational Employment and Wage Estimates"</a>. <i>www.bls.gov</i><span class="reference-accessdate">. Retrieved <span class="nowrap">December 13,</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.bls.gov&rft.atitle=May+2020+National+Occupational+Employment+and+Wage+Estimates&rft_id=https%3A%2F%2Fwww.bls.gov%2Foes%2Fcurrent%2Foes_nat.htm%2300-0000&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMallaby2006" class="citation news cs1">Mallaby, Sebastian (September 25, 2006). <a rel="nofollow" class="external text" href="https://www.washingtonpost.com/wp-dyn/content/article/2006/09/24/AR2006092400946.html">"The Penny Stops Here"</a>. <i>The Washington Post</i>. p. A21<span class="reference-accessdate">. Retrieved <span class="nowrap">August 9,</span> 2007</span>. <q>The median worker earns just over <span style="white-space: nowrap">$36,000</span> a year, or about 0.5 cents per second, so futzing with pennies costs him <span style="white-space: nowrap">$3.65</span> annually.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Washington+Post&rft.atitle=The+Penny+Stops+Here&rft.pages=A21&rft.date=2006-09-25&rft.aulast=Mallaby&rft.aufirst=Sebastian&rft_id=https%3A%2F%2Fwww.washingtonpost.com%2Fwp-dyn%2Fcontent%2Farticle%2F2006%2F09%2F24%2FAR2006092400946.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMankiw2006" class="citation web cs1"><a href="/wiki/N._Gregory_Mankiw" class="mw-redirect" title="N. Gregory Mankiw">Mankiw, Greg</a> (September 25, 2006). <a rel="nofollow" class="external text" href="http://gregmankiw.blogspot.com/2006/09/how-to-make-1-billion.html">"How to Make <span style="white-space: nowrap">$1</span> Billion"</a>. <i>Greg Mankiw's Blog</i><span class="reference-accessdate">. Retrieved <span class="nowrap">August 9,</span> 2007</span>. <q>Multiply that last figure by the number of Americans & you find that getting rid of the penny would free up economic resources valued at about <span style="white-space: nowrap">$1</span> billion a year.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Greg+Mankiw%27s+Blog&rft.atitle=How+to+Make+%3Cspan+style%3D%22white-space%3A+nowrap%22%3E%241%3C%2Fspan%3E+Billion&rft.date=2006-09-25&rft.aulast=Mankiw&rft.aufirst=Greg&rft_id=http%3A%2F%2Fgregmankiw.blogspot.com%2F2006%2F09%2Fhow-to-make-1-billion.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.consumeraffairs.com/news04/2006/07/penny_sense.html">"The Penny's End Is Near"</a>. Consumer Affairs. July 19, 2006<span class="reference-accessdate">. Retrieved <span class="nowrap">August 9,</span> 2007</span>. <q>Whaples said that based on the average American wage, <span style="white-space: nowrap">$17</span> an hour, every two seconds of an average American's day is worth 1 cent. "That's going to add up to about <span style="white-space: nowrap">$300</span> million per year for the U.S. economy," Whaples said.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Penny%27s+End+Is+Near&rft.pub=Consumer+Affairs&rft.date=2006-07-19&rft_id=http%3A%2F%2Fwww.consumeraffairs.com%2Fnews04%2F2006%2F07%2Fpenny_sense.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarrett,_Maggie2006" class="citation web cs1">Barrett, Maggie (July 18, 2006). <a rel="nofollow" class="external text" href="http://webarchive.loc.gov/all/20061201205131/http://www.wfu.edu/wfunews/2006/2006.07.18.w.html">"Professor's research supports eliminating penny"</a>. Wake Forest University. Archived from <a rel="nofollow" class="external text" href="http://www.wfu.edu/wfunews/2006/2006.07.18.w.html">the original</a> on December 1, 2006<span class="reference-accessdate">. Retrieved <span class="nowrap">January 17,</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Professor%27s+research+supports+eliminating+penny&rft.pub=Wake+Forest+University&rft.date=2006-07-18&rft.au=Barrett%2C+Maggie&rft_id=http%3A%2F%2Fwww.wfu.edu%2Fwfunews%2F2006%2F2006.07.18.w.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMankiw2006" class="citation web cs1"><a href="/wiki/N._Gregory_Mankiw" class="mw-redirect" title="N. 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Written debate between Raymond Lombra, an economics professor at Pennsylvania State University, and Robert Whaples, a professor and chairman of the economics department at Wake Forest University</span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.dollarcoinalliance.org/2017/03/29/press-release-new-legislation-will-provide-billions-in-budget-savings-by-modernizing-dollar-currency-reducing-cost-of-nickel-production-and-suspending-the-penny/">"Press release"</a>. March 29, 2017<span class="reference-accessdate">. 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Retrieved 2014-04-03.</span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.banxico.org.mx/billetes-y-monedas/informacion-general/billetes-y-monedas-de-fabricacion-actual/billetes-y-monedas-de-fabricacion-actual/material-educativo-2/%7B8194D85F-2D2F-B6D1-3C46-001D8AFD7AC6%7D.pdf">Anuncio de cambios al actual cono monetario</a>, Banco de México. Retrieved 2010-12-27.</span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.rbnz.govt.nz/currency/money/0094086.html">History of New Zealand Coinage</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090123153550/http://rbnz.govt.nz/currency/Money/0094086.html">Archived</a> January 23, 2009, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Reserve Bank of New Zealand. Retrieved 2008-01-02.</span> </li> <li id="cite_note-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-46">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.gpo.gov/fdsys/pkg/CREC-2002-03-19/pdf/CREC-2002-03-19.pdf">Congressional record –  House of representatives March 19, 2002</a>, <a rel="nofollow" class="external text" href="https://www.gpo.gov">gpo.gov</a>, p. H959 (p. 21 of the PDF).</span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.usmint.gov/news/press-releases/20070417-us-mint-limits-exportation-melting-of-coins">"United States Mint Limits Exportation & Melting of Coins"</a>. <i>Press Release and Public Statements</i>. United States Mint. April 17, 2007<span class="reference-accessdate">. Retrieved <span class="nowrap">April 10,</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Press+Release+and+Public+Statements&rft.atitle=United+States+Mint+Limits+Exportation+%26+Melting+of+Coins&rft.date=2007-04-17&rft_id=https%3A%2F%2Fwww.usmint.gov%2Fnews%2Fpress-releases%2F20070417-us-mint-limits-exportation-melting-of-coins&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20160527072103/http://www.usmint.gov/pressroom//index.cfm?action=press_release&ID=724">"The United States Mint Pressroom: United States Mint Moves to Limit Exportation & Melting of Coins"</a>. Archived from <a rel="nofollow" class="external text" href="https://www.usmint.gov/pressroom/index.cfm?action=press_release&ID=724">the original</a> on May 27, 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">February 11,</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+United+States+Mint+Pressroom%3A+United+States+Mint+Moves+to+Limit+Exportation+%26+Melting+of+Coins&rft_id=http%3A%2F%2Fwww.usmint.gov%2Fpressroom%2Findex.cfm%3Faction%3Dpress_release%26ID%3D724&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></span> </li> <li id="cite_note-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-49">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external free" href="http://www.coinflation.com/coins/silver_coin_calculator.html">http://www.coinflation.com/coins/silver_coin_calculator.html</a> <a rel="nofollow" class="external text" href="http://www.hartfordadvocate.com/article.cfm?aid=5401">Hartford Advocate: News – Penny Ante Profits</a></span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external free" href="https://www.aol.com/article/2012/05/11/should-you-melt-down-pennies-for-profit-not-u-s-pennies-but/">https://www.aol.com/article/2012/05/11/should-you-melt-down-pennies-for-profit-not-u-s-pennies-but/</a> Should You Melt Down Pennies for Profit? Not U.S. Pennies, But ...</span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Penny_debate_in_the_United_States&action=edit&section=17" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWeaver2024" class="citation news cs1">Weaver, Caity (September 1, 2024). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2024/09/01/magazine/worthless-pennies-united-states-economy.html">"America Must Free Itself from the Tyranny of the Penny"</a>. <i>The New York Times</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20240901153612/https://www.nytimes.com/2024/09/01/magazine/worthless-pennies-united-states-economy.html">Archived</a> from the original on September 1, 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=America+Must+Free+Itself+from+the+Tyranny+of+the+Penny&rft.date=2024-09-01&rft.aulast=Weaver&rft.aufirst=Caity&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2024%2F09%2F01%2Fmagazine%2Fworthless-pennies-united-states-economy.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APenny+debate+in+the+United+States" class="Z3988"></span></li></ul>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" 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