America one cent coin to be discontinued? | One cent usa, 51% of Americans oppose removing 1 cent as legal tender | US pennies.

Category: general

US Pennies

51% Americans oppose removing it as legal tender according to a report.

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.

America One Cent Coin legal US tender status?

America one cent coin might be removed as legal US tender in future

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.

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.

US Penny history

The history of 1 cent united states of america dates back to 1793, when it 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.

Attempts to remove the 1 cent from U.S. legal tender.

The Currency Overhaul for an Industrious Nation (COIN) Act (H.R. 5818) by Representative Jim Kolbe (R-AZ) aimed to eliminate penny production and round transactions was coin in 2006, but failed to pass.

Another attempt failed in 2017, with the Currency Optimization, Innovation, and National Savings (COINS) Act of 2017 (S. 759) by Senator John McCain (R-AZ) and Senator Mike Enzi (R-WY) proposed a 10-year halt in penny production with a study on its future. This bill too failed to pass in both houses of Congress.

The future of Pennies looks in the personal collections rather than in the markets as legal tender, as economic and technological factors of the practicality of Pennies raise the questions and debates.

It would be interesting to how long could the iconic Penny or One-Cent manages to stay as a legal tender in the United States.

Category: general ➤ America one cent coin to be discontinued? | one cent USA | US pennies

More in general