Americans for Common Cents (ACC) conducts research and provides information to Congress and the Executive Branch on the value and benefits of the penny.
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![…]
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 Read more about President’s Day – A Time to Celebrate Abraham Lincoln and Cheaper Pennies[…]
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 Read more about More than Two-Thirds of Americans Still Favor Keeping the Penny[…]
Information Collection on Public’s View of Circulating Coins ACC responded this week to the U.S. Mint’s plan to use opinion surveys and focus group interviews to solicit the public’s views on the nation’s circulating coins. The Mint request for public comment is geared to provide information for inclusion in the Mint’s anticipated December 2014 Report Read more about ACC Responds to Mint Request for Comments[…]
A Closer Look at Costs Associated with Making Change Does time spent at the cash register really “cost” the economy millions of dollars? Are retail workers actually paid according to their productivity? The answer to both questions is a resounding “No” according to Americans for Common Cents (ACC) Executive Director, Mark Weller. Both arguments about Read more about Pennies at the Cash Register[…]