2012 Statement by Mark Weller on Future of Money: Dollars and Sense before the House Finacial Services Subcommittee on Domestic Monetary Policy and Technology

Americans for Common Cents (ACC) Executive Director Mark Weller promoted the value of the one-cent coin and discussed alternative metals for circulating coins in testimony before the House Financial Services Subcommittee on Domestic Monetary Policy and Technology, on November 29, 2012.  In a panel that included former Mint Director Phil Diehl and former OMB Director Jim Miller, Weller focused on the use of alternative metals in U.S. coins, and the importance of the penny to America’s economy and culture.
 
Weller said that steel is a coin material that saves money and has been used successfully in Canada and other countries. But he noted that metal content was only one component in the rising cost of circulating coins.  Weller added that the Mint’s substantial overhead, as well as cost accounting changes made by the Mint that inflate the reported cost of the penny and the nickel, need additional focus.
 
His testimony began with a statement that ACC does not have a preference regarding which metals are used to create our coins and that its focus is directly solely on the broader fact that consumers benefit with a low denomination coin. Based on public opinion polling and economic research, Weller said the penny is important to the American economy, working families benefit from the penny, and America's many charitable organizations thrive on it.
 
ACC considers it prudent to look at ways to make coins less expensively, and it applauded the subcommittee’s work in 2010 directing the Department of Treasury to review the metallic content of U.S. coins. The complete written statement from Mark Weller can be found here.  
 
Americans for Common Cents was established in 1990 to conduct research and provide information to Congress and the Executive Branch on the need to retain the penny. The organization is broad-based and comprised of, and endorsed by, many of the nation's leading coin and numismatic organizations, charitable organizations that benefit from penny donations, and companies involved in the manufacturing and transport of the penny.

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President's Day - A Time to Celebrate Abraham Lincoln and Cheaper Pennies

President's Day gives us the chance - at least once a year - to recognize Abraham Lincoln's immense contributions to the country and a legacy that continues to enrich us daily.


President Lincoln is a unique cultural and historical figure," said Mark Weller, Executive Director of Americans for Common Cents. "It's not just that the front of the penny has had Lincoln's image since 1909, it's what Lincoln did for our nation," Weller added "He possessed all the qualities we want in a president -- the ability to unite a divided nation, honesty, strength, and humility," Weller concluded.


For the full press release, please click here

 

Special Announcement!

Pennies for Pasta and Pennies for Patients

These are run by The Leukemia and Lymphoma Society through its local chapters as part of its renamed Student Series program:  www.studentseries.org

For more information, you should call your local Chapter which may be found by going to the Society's website at: www.lls.org

Please note Americans for Common Cents does not get actively engaged in any fundraising activities.

Collapse of the zinc market means the penny is cheaper to make; saves taxpayers!

A collapse in metals prices means U.S. coins, including the penny, are less expensive to make. The penny has reached its lowest cost in seven years. Each 1-cent coin, made almost entirely of zinc, now costs the taxpayer much less to produce and its likely to stay that way for the foreseeable future.

Click here to read more.

More than Two-Thirds of Americans Still Favor Keeping the Penny

Recent Poll Shows Increasing Penny Support and Concern About Price Increases If Penny Is Eliminated

WASHINGTON--(BUSINESS WIRE)--A poll released today by Americans for Common Cents (ACC) continues to show overwhelming and increasing support for the penny by the American public. 68% of those surveyed favor keeping the penny in circulation, representing a slight increase since the last poll in 2012.

"These results confirm the strong and unwavering support the penny continues to receive from Americans," said Mark Weller, Executive Director of ACC. Weller's group includes more than 50 organizations that support continued production of the penny.

For the full article, please click here

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