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.
 
With global demand for zinc now slowing, particularly in China which has been the biggest consumer in recent years, prices have fallen significantly. Zinc prices dropped below $1445 a metric ton at one point last month, down 14% from a year earlier. Prices had spiked to a record $4580 a metric ton in 2006.
 
Apart from the lower cost, the penny continues to have many other benefits. Consumers benefit with a low denomination coin that helps keep prices in check.  Without a one-cent coin, product prices would be rounded up to the nearest nickel, which hurts working families, said Mark Weller, Executive Director of Americans for Common Cents.
 
"There's always going to be a need for cash and for coin," Weller said. He noted that Federal Reserve's surveys show there are over 10 million Americans who are unbanked or under-banked and lack access to bank accounts or credit cards. "Not only will you have an overall rounding tax on the economy if you didn't have the penny around, but you would have a disproportionate impact on those that could least afford it," Weller added.
 
Add to this the huge benefit that pennies provide to charitable organizations, and the general level of public support for keeping the coin in circulation, as consistently reported by independent polling, and clearly, the penny continues to play an important role in the economy. The penny helps to keep inflation in check, protects America's hard working families, and allows charities to raise millions of dollars.

 

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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