Weaker Economy Signals Stronger Penny Support


IMMEDIATE RELEASE 
Contact: Mark W. Weller
(202) 312-7426

February 4, 2003 — American's support for the penny continues to rise according to a new poll released by Coinstar.  "The results of Coinstar's 2003 national poll confirm Americans' strong affinity for the penny and their sense of thrift during uncertain economic times," said Mark W. Weller, Executive Director of Americans for Common Cents (ACC).  ACC, which includes more than 50 groups that support continued production of the penny, has found that Americans turn to their jars of pennies when the economy falters.  Coinstar, Inc. (www.coinstar.org) released the findings of its sixth national currency poll, an annual gauge of consumers' coin and currency habits, on January 29, 2003.

Significantly, Coinstar found that public support for the one-cent coin has grown in recent years, with 71% of Americans responding that Congress should keep the penny in circulation.  When the same question was asked in 2001 a similarly impressive, yet slightly fewer, number of Americans (65%) were in support of keeping the penny in circulation.

"There is a direct link to the strength or weakness of the economy and the flow of coins into circulation from households.  When the economy slows, Americans cash in their coins and make every penny count," said ACC's Weller.

Smaller budgets aren't the only explanation for consumers' strong tie to the penny.  Weller cited a December 17, 2002 report issued by the General Accounting Office (GAO), the investigative arm of Congress, which found that over 56% of Americans were opposed to rounding cash transactions.  "The alternative to the penny is roundingsomething that Americans abhor," Weller said.  Research conducted by ACC suggests the public would be hit with a $600 million "rounding tax" if the penny was eliminated.

Weller said the GAO also found that 92% of Americans were satisfied with current coin denominations and coin designs.  "People may view the penny only in terms of its exchange value, but Abraham Lincoln's image on the coin and cultural significance to our country are noteworthy," said Weller, who plans to honor Lincoln's 194th birthday February 12.  "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.  He is what we think of as a president," Weller concluded.

Americans for Common Cents is a broad-based coalition of business and charitable organizations dedicated to keeping the penny.  ACC was formed in 1990 in response to Congressional threats to eliminate the one-cent coin (www.pennies.org).

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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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