Obama Misses Economic Benefits of Penny in President's Day Remarks

It's ironic that on the eve of President's Day weekend President Obama said he would support eliminating the penny. "Such a move would remove the image of one of our great presidents, Abraham Lincoln, from public view in our circulating coinage and harm consumers," said Americans for Common Cents Executive Director Mark Weller.

President Obama is wrong to state that the penny is one of the those situations "where people get attached emotionally to the way things have been." "American's may have an emotional attachment to Lincoln and the penny, but their strong support for the penny is based on economic issues," Weller said. "The alternative to the penny is rounding prices, which is something consumers abhor," Weller added. Rounding simply can't be done fairly and will hurt working families.

During the Presidential campaign, President Obama consistently reminded Americans about economic fairness. Federal Reserve studies show that people with relatively low incomes use cash more frequently than individuals with high incomes. Since only cash transactions will be subject to price rounding, it follows that penny elimination and rounding prices will force the poor to bear a larger share of the burden.

President Obama also said he wants to reorganize inefficient agencies to create a more modern infrastructure. In doing so, he needs to look no farther than the US Mint. The penny costs two cents to make and the nickel costs over ten cents to produce due largely to fixed costs at the Mint. "If you focused on production costs alone you'd have no penny and no nickel and you'd round to the dime," Weller said. "But no one thinks that option makes sense," he added. Congress and the Administration must find ways to make our coins less expensively, not eliminate coins and currency. An ongoing Mint study into alternative metals for our coins is a step in the right direction.

The penny is our nation's final line of defense against inflation. Without it, we would see a jump in prices that will add billions to government outlays.

"In these uncertain economic times, the last thing consumers need is price rounding, inflation or reduced charitable assistance," concluded ACC Policy Director Robin Adams.


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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