A Penny For Your Thoughts

by Intern | September 21, 2017 11:38 pm

Contributed by Samantha Flavell

Oswego County Today intern

OSWEGO – The cost to produce the one-cent penny rose to 1.5 cents in the 2016 fiscal year according to US Mint spokesman Tom Jurkowsky in a Forbes interview.

Despite this, whether or not the continuing the penny remains hotly debated.

In the production of coins, according to treasury.gov, the US Mint buys strips of metal to manufacture the nickel, dime, quarter and half dollar.

The penny however requires a separate material.

For pennies, the mint buys ready made planchets or plain metal disks after supplying fabricators with the copper and zinc that is used to make the pennies.

Are pennies worth the hassle of paying for a separate material than is used on the rest of US coins?

While pennies may cost more than they are worth in economic value, pennies and their designs have often been used to commemorate different anniversaries and events, according to pennies.org.

For many, it is this sentimental worth that is what makes the penny appealing.

“I used them when I visit places and there are those penny press machines,” said Celene Stewart, 21. “I collect them.”

While many enjoy these penny presses to commemorate their travels, very few people say that they use pennies often.

A general consensus of the 16 that were interviewed by this reporter, nine responded that they either never use them at all or only use them when they know they have exact change and are a self-checkout where a cashier is not waiting for them to fish the change out.

When asked how often he uses pennies Michael Tavolacci said, “A few times a week. Honestly, I’d be happier without them because I hate getting four cents back.”

There are arguments for both sides.

Many insist that it is not worth it when it costs more to make the pennies than pennies are actually worth.

It would be much easier to change pricing to make the use of pennies obsolete, they said.

Whether you are pro-penny for sentimental or economic reason or adamantly against their use and the space they take up in your wallet – for now, it appears that they are here to stay.

So save those pennies, they may just add up to something.

Source URL: https://oswegocountytoday.com/news/oswego/a-penny-for-your-thoughts/

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