Americans For Common Cents
Charities thrive on pennies. While some question the value of the penny, collectively the penny is powerful and aids charities in raising hundreds of millions of dollars for important causes — yes, one cent at a time.
Consumers benefit with a low denomination coin. Moreover, faith in the strength of the economy and the nation is tied to perceptions about the currency system, and public acceptance is an important criterion for evaluating currency and coinage changes.
An overwhelming number of Americans want to keep the penny. National polling over the last 25 years by Gallup, AP, Coinstar and other organizations show that between two-thirds and three-quarters of Americans want to keep the penny.
Q & A
Answers to some frequently asked questions about the penny.
Americans Support the Penny
National polling over the last 25 years by Gallup, AP, Coinstar and other organizations show that between two-thirds and three-quarters of Americans want to keep the penny. A poll conducted by Americans for Common Cents in 2014 found over two-thirds (68%) of those surveyed favor keeping the penny in circulation. The results were consistent with a 2012 poll that showed 66% of Americans favor keeping the penny. Americans understand that eliminating the penny would lead to a rounding process and cost them hundreds of millions of dollars in higher prices. The 2014 ACC poll results from Opinion Research Corporation showed that: Over two-thirds of adults (68%) favor keeping the penny in circulation; Nearly three-quarters of Americans (73%) were concerned that without the penny merchants might use price rounding to raise prices. 71% of those earning $35,000 or less per year want to keep the penny. These results confirm the strong and unwavering support the penny continues to receive from Americans.
Cash is still vitally important, even as society’s transition toward digital payments accelerates, according to Royal Canadian Mint President Marie Lemay. During the COVID-19 pandemic, as businesses closed their physical doors and consumers shifted their buying online, there was an immediate and dramatic impact on coin demand. Lemay noted recently that coin demand is starting Read more about Vital Role for Cash Remains as Digital Payments Increase[…]
October 10, 2022. Many Florida restaurants and gas stations are accepting only cash in the wake of Hurricane Ian. These businesses need electricity and an internet connection –which doesn’t currently exist or is poor– to process payments and track sales. “Cash demand skyrockets during crises, be it man-made or a natural disaster,” said Americans for Read more about Hurricane Ian Aftermath: Cash Ensures Economic Stability[…]
June 22, 2022 The House of Representatives passed Representative Don Payne’s (D-NJ) bipartisan Payment Choice Act -HR 4395 -on June 15. The legislation protects the right to pay in cash at retail establishments for transactions under $2,000. The Payne bill, which at the time of passage had 49 cosponsors, was adopted on a vote of Read more about House Passes Legislation to Protect Cash Use[…]
Miami-Dade has passed an ordinance that would require businesses in the Floridian county to accept cash, based on concerns that business refusal to accept cash and coin damages minority communities and overall choice. Many states including Arizona, Colorado, Massachusetts, New Jersey and Rhode Island already have pro-cash legislation, as do cities including New York, Philadelphia and San Read more about Increase in Legislation to Defend Payment Choice[…]
U.S. Coin Task Force report on the reasons for the disruption in coin circulation and what the future of coins looks like.
Coin Task Force Reports on Disruption in Coin Circulation Posted on February 18, 2022 In response to the COVID-19 pandemic, the US Mint formed a task force to examine the impact of the coronavirus pandemic on coin flows and the use of cash by American consumers and businesses. The U.S. Coin Task Force is comprised Read more about U.S. Coin Task Force report on the reasons for the disruption in coin circulation and what the future of coins looks like.[…]
On December 2, 2020 the House of Representatives passed legislation that would allow the Mint to change the composition of coins. H.R. 7995 sponsored by Congressman Mark Amodei (R-NV) would permit a change in the metal content of our coins if it reduces costs and is seamless, which is determined by verifying that the coins Read more about House Passes Coin Metal Legislation[…]
The U.S. Mint is taking steps to alleviate coin shortages caused by the COVID-19 pandemic. In the second half of 2020, the Mint expects production increases to 1.35 billion coins per month that would add up to a projected total of 14.2 billion coins produced in 2020 according to Statista. In June, the Federal Reserve Read more about US Mint to Increase Coin Production[…]
Temporary Coin Shortages Expected to Fade as Businesses Reopen June 23, 2020 05:34 PM Eastern Daylight Time WASHINGTON–(BUSINESS WIRE)–In testimony before a House Congressional Committee last week, Federal Reserve Chairman Jerome Powell said that we may see spot coin shortages around the country as a result of the state economic shutdowns that began in March Read more about Coronavirus Impacts Flow of Money[…]
COVID-19 has substantially altered our country’s economic and social landscape, including how we purchase goods. Part of this change is a fear that the virus can be transmitted by currency. Amidst the spread of misinformation suggesting coins are a greater transmitter of viruses and bacteria than other surfaces, consider the mighty penny and its properties. Read more about Copper: An Ally to Fight Viruses and Bacteria[…]
2020 Testimony of Mark Weller Before the House Task Force on Financial Technology: “Is Cash Still King?”
Cash in a World of Digital Payments ACC Testimony before the House Financial Services Task Force on Financial Technology Posted on January 31, 2020 Americans for Common Cents provided testimony for Members of the House Task Force on Financial Technology. The January 30 hearing reviewed the rise of mobile payments and asked the question, “Is Cash Read more about 2020 Testimony of Mark Weller Before the House Task Force on Financial Technology: “Is Cash Still King?”[…]