US Penny: 51% Americans oppose removing 1 cent as legal tender:
The chances of the penny being removed from circulation in the US are there practically, but it's not a sure thing for now.
Americans are attached to Pennies, according to a report 51% of people oppose eliminating the penny, while only 34% are in favour. Here are the main arguments made in favour and in opposing the Penny.
Why people want to Remove 1 cent in USA:
The biggest reason behind some US citizens as well as some Congressman want to remove the Penny from circulation in the US is its manufacturing cost, the US Mint more to produce a penny than it's worth.
Other reasons include, its low value, Penny can't buy much anymore due to inflation. Some economist in favour of removing it argue that cash transactions could be rounded to the nearest nickel without significant impact, so it is basically worthless to keep minting the Penny.
Some people say it should be retired as many other countries did to their lowest denomination coins, like Canada, India, and many others.
People who argue for continuation of 1 cent in usa:
The biggest pro Penny argument in US society, involves its psychological effect. Some argue it has symbolic, tradition values, while some say pennies adds up to savings and encourages saving.
While the smallest US currency, Pennies, are still used in cash transactions widely, especially for exact change in day to day life in the parts of US.
Facts, 1 cent united states of america:
1 Cent or Penny was first minted in the United States in 1793, after the establishment of the Coinage Act of 1792, the United States Mint
Earlier versions of the Penny were larger than today's version and made entirely of copper.
The design featured a woman with flowing hair symbolizing Liberty on the obverse (heads) and a chain of 15 links representing the unity of the states on the reverse (tails).
In 1857, it became smaller and was made of 88% copper and 12% nickel to reduce production costs.
The final version which is being used till today was Lincoln Penny, introduced in 1909, the Lincoln Penny was made to commemorate the 100th anniversary of Abraham Lincoln's birth.
Though the front side of the penny didn't change since then, but back part (tails) have been modified from time to time.