Wednesday, September 24, 2008
The New Penny Doesn't Make Sense
The US Mint unveiled some pretty spiffy looking prototypes for next years new one cents pieces celebrating the life of Abraham Lincoln.
The only problem with the new coins is that, being shiny and all, they will start to renew interest in pennies, and some people might collect a few of them. No harm there, really, except it costs you and I money.
To produce a penny last year cost 1.67 cents, so every penny saved in a drawer somewhere is costing the US government, (i.e., you and me), 0.67 cents.
Now the new quarters with pictures of different states adorning them was pure genius. Many people bought the little blue books and started collecting all fifty of them. This is great for our country since it only costs 9.78 cents to make a quarter, we make 15.22 cents on each quarter taken out of circulation. (It's kinda like a tiny savings bond each time someone throws a quarter into the back of a drawer).
Unfortunately, with the penny, encouraging collecting just doesn't make sense.