By Andy Young
Nov. 12 marked the end of a 232-year era of American history. That was the final day the U.S. mint in Philadelphia produced any 1-cent pieces.
There are multiple reasons for the demise of the coin with Honest Abe Lincoln’s likeness on it. The most obvious: it was costing the government three cents to mint every penny it produced. It doesn’t take an economics major to figure out that it no longer makes sense to produce cents.
Some pragmatists have been advocating for the end of the penny for some time, pointing out the coin has zero purchasing power, and thus has become all but irrelevant. Penny candy disappeared long ago, as did scales that provided both one’s weight and fortune for a mere one one-hundredth of a dollar. Today single pennies are virtually worthless; even amassing five of them won’t buy anything more valuable than a nickel.
The penny’s passing is sure to have an impact on other aspects of American life, including everyday language. “A penny for your thoughts,” an expression already on the decline, is likely a generation or two from utter extinction. The same goes for encouraging financial prudence with, “a penny saved is a penny earned,” describing expensive items as costing “a pretty penny,” and characterizing unwise spending as “penny wise, pound foolish.”
The 1-cent coin’s discontinuance means eventual obsolescence for “See a penny, pick it up, all the day you’ll have good luck” as well, since it won’t be long before people stop carelessly, haphazardly, or absent-mindedly tossing pennies on the ground for good luck seekers to gather.
However, the second half of that old ditty’s disappearance (“See a penny, let it lay, you’ll have bad luck all that day”) is a blessing. Who knows how many innocent people have been cursed with ill fortune due to their reluctance to pick up wayward pennies they’ve noticed, for fear of being seen doing so by random (and potentially judgmental) eyewitnesses?
Doing away with pennies isn’t unprecedented. When Canada stopped minting 1-cent coins in 2012, retailers throughout the Dominion started rounding all cash purchases up (or down) to the nearest nickel. And while Canadian pennies are still legal tender, good luck finding merchants who’ll accept them. Those looking to get value for Canadian one-cent pieces these days had best find a deserving charity to donate them to.
For serial penny-stashers wishing to cash in their treasure while it still has value, there’s good news: a five-gallon jug full of pennies contains between $350 and $450. Unfortunately, that amount won’t begin to cover the cost of hernia surgery, which they’ll likely need after attempting to lift a five-gallon jug of pennies.
The penny’s discontinuance won’t be the last alteration concerning America’s currency. Our Canadian neighbors (or neighbours, as they prefer) stopped printing $1 bills in 1987, and discontinued minting $2 bills nine years later. Why? Because $1 and $2 coins last far longer than paper money does, which lessens the need for (and cost of) minting new currency as frequently.
Some people have difficulty imagining a world without small bills, but others, mostly younger consumers, have been purchasing items virtually and/or electronically since the day they became virtually solvent enough to do so.
Cash may still be king in some households, but recent developments on the currency front suggest even more seismic changes loom on both the fiscal and linguistic horizons.
I for one am glad I won’t be around when expressions like “Some Venmo for your thoughts?” and/or “See some Bitcoin, pick it up, all that day you’ll have good luck” become commonplace in America’s lexicon. <



