Coin of the Realm
The New Yorker’s David Owen asks what would happen if we abolished the penny. At TNR, Isaac Chotiner says, “get it over with already!”
Me, I learned everything I need to know about the coin from The West Wing.
SAM
It turns out the majority of pennies don’t circulate. They go in jars and sock drawers. Two-thirds of the pennies produced in the last 30 years have dropped out of circulation.
JOSH
You’ve been reading about this?
SAM
It’s interesting.
JOSH
No, it’s not.
SAM
[stands] The Mint gets letters with pennies taped on notebook paper. Letters from citizens who found the pennies on the street and mailed them back to the Treasury to help pay down the debt.
JOSH
It’s almost hard to believe that plan hasn’t worked.
SAM
It’s also bad for the environment. Production requires the mining of millions of tons of copper and zinc each year.
JOSH
Zinc?
SAM
In 1982, they changed the composition to 97.5% zinc and only 2.5% copper.
JOSH
Sam?
SAM
I’m turning into one of the funnel people.
Also, why does the one dollar bill persist? (In Europe you have £2 & €2 coins, each worth 3-4 times $1).
— Danny · Mar 25, 06:19 PM · #
My favorite argument for keeping the penny is that we wouldn’t get to enjoy looking in our change for wheat pennies, which I’ve done since childhood. Plus, I don’t know what I’d do if I didn’t have to sift through all the pennies in my wallet while looking for nickels, dimes, and quarters. There are certain inconveniences in life that are a comforting part of its fabric. Pennies fit into that category.
— Joules · Mar 27, 04:57 PM · #