To: National Circuit
Contact: Mark W. Weller, Americans for Common Cents (www.pennies.org)
(202) 312-7426
Making Every Cent Count: 129 Billion Pennies Processed by Coinstar Adds Up to a “Small Fortune” for Americans
July 15 – “Americans continue to maximize the value of their loose
change – especially their pennies,” according to Mark W. Weller,
Executive Director of Americans for Common Cents (ACC), an organization
that includes more than 50 groups who support continued production of
the one-cent coin. “Whether it’s through commercial transactions or
donations to charities, Americans recognize the utility of the penny,”
Weller added.
A July 14, 2004, announcement by Coinstar
(http://www.coinstar.com/us/PressReleases/591061) states the company has
processed approximately 129 billion pennies since it began operation
more than a decade ago. “The Coinstar experience makes our point that
every cent counts,” ACC’s Weller said. Coinstar owns and operates
11,000 self-service coin counting machines that help consumers turn
their spare change into cash or store credit. Weller added that the
U.S. Mint produces from 6 billion to 12 billion pennies each year.
Coinstar has found that public support for the one-cent coin has grown
in recent years, with 71% of Americans responding in 2003 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.
Weller noted that as a consequence of the 2001 economic downturn many
Americans have turned to their pennies to make ends meet. When the
economy is robust, there is a tendency for pennies – and other coins as
well – to be stashed in piggybanks and spare-change drawers, and demand
for new penny production increases. In a slowing economy, people are
more likely to cash in their coins. “Americans for Common Cents has
found that there is a strong correlation between penny use and our
economic situation,” Weller said.
Smaller budgets are not the
only explanation for consumers’ strong tie to the penny. Weller cited a
December 2002 report issued by the General Accounting Office (GAO), the
investigative arm of Congress, which found that well over half of
Americans (56%) were opposed to rounding cash transactions.
Sylvester Neal of Auburn, Washington, understands the value of the
penny. Sylvester recently cashed in literally thousands of his pennies
through Coinstar. Sylvester noted, “I have always loved pennies. . . .
[P]eople do not realize their accumulated change could add up to a
small fortune.” Equally inspired, half of a California man’s $10,000
worth of pennies is to be donated this month to the Make-A-Wish
Foundation of Greater Los Angeles, a charity that grants the wishes of
children with life-threatening medical conditions.
This
donation to the Make-A-Wish Foundation, or to other charities, such as
The Leukemia & Lymphoma Society’s School & Youth Pennies for
Patients program, shows that the penny remains an important fund raising
tool for many worthy causes. For those seeking to donate their spare
change, just look around. The best place to benefit others may be
closer than you think.
Americans for Common Cents
(www.pennies.org) is a broad-based coalition of business, charitable,
and numismatic organizations dedicated to keeping the penny. The
coalition was formed in 1990 in response to Congressional threats to
eliminate the one-cent coin.