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.
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?”[…]
Cash is a Defense to Cyberterrorism. Cash is convenient, private and free to use. Cash is also the safest payment method, which is why cash demand skyrockets during crises, be it man-made or a natural disaster. (MorningConsult)
Appeared in MorningConsult CASH AS A DEFENSE TO CYBERTERRORISM Posted on January 13, 2020 As a result of the killing of Quds Force leader Qassem Soleimani, the United States faces a tangible threat that Iran may employ its cyberwarfare prowess in retaliation. A cyber response is especially worrisome, as Iran has previously demonstrated its ability Read more about Cash is a Defense to Cyberterrorism. Cash is convenient, private and free to use. Cash is also the safest payment method, which is why cash demand skyrockets during crises, be it man-made or a natural disaster. (MorningConsult)[…]
Penny popularity comes at a time when stores are experimenting with cashless payment. More than two-thirds of Americans (68%) want to keep the penny, according to a poll released by Americans for Common Cents (ACC). (Graphic: Business Wire) April 25, 2019 07:29 AM Eastern Daylight Time WASHINGTON–(BUSINESS WIRE)–Over two-thirds of Americans (68%) want to keep Read more about Strong Support for the Penny in Recent Poll[…]
Fails to Capture Costs Associated with Eliminating the Penny A Government Accountability Office (GAO) Congressional advisory report released on March 21 incorrectly estimates the budgetary impact from changing U.S. currency. The Senate Budget Committee asked the GAO to examine three issues: 1) the benefit to the government of replacing the $1 dollar note with a Read more about GAO Issues Flawed Report on Changes to US Currency[…]
In testimony before a House Financial Services Subcommittee, Mint Director David Ryder reaffirmed the government’s position by saying, “it is not the intent of the Treasury Department to eliminate the penny.” Ryder went on to say that the Mint plans to create programs to increase the current recirculation of pennies and reduce costs. Ryder noted Read more about Mint Director Confirms Penny Support[…]
The high costs from eliminating the penny would dwarf any proposed savings according to a new economic study. Titled “The Economics of Eliminating or Retaining the U.S. Penny,” the study found eliminating the penny would cost Americans a whopping $909 million to $1.93 billion per year. The study was funded by the coin cashing service Read more about Economic Study Supports Penny’s Value[…]
Currency reform is often promoted as a way to save taxpayers money. Unfortunately, the proposed solution of The Currency Optimization, Innovation, and National Savings (COINS) Act of 2017, misses the mark completely and would move the country in exactly the wrong direction. There is no argument that countries around the world are concerned about the Read more about A Closer Look Behind the Dollar Coin Legislation[…]
Data collected from Coinstar, whose coin-counting kiosks are used around the world, found there would be significant Mint cost increases without the US penny. Coinstar looked at their experience in Canada where the penny was eliminated in 2013 and found reduced “velocity” or frequency of coin recirculation. Two-thirds of all coins recirculated through the U.S. Read more about Canada Costs to Produce Coins Increases Without the Penny[…]
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 Read more about Collapse of the zinc market means the penny is cheaper to make; saves taxpayers![…]