The Daily Gazette
The Locally Owned Voice Of The Capital Region

Editorial: Put penny out of its misery

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Few people will stoop to pick up those pennies that are dropped (or thrown) on the ground these days, and there’s a reason: The coins are practically worthless unless you’ve got a ton of them, and almost no one besides a numismatist will argue that point. So why does the government still insist on making them? The cost of minting each penny, which is now 97.5 percent zinc and only 2.5 percent copper, rose to ...

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May 6, 2012
9:17 p.m.

[ Flag Post ]

Exactly why has our currency become so devalued that a penny is worthless? That, by far, is the bigger problem.

May 7, 2012
10:37 a.m.

[ Flag Post ]

Pennies, especially older ones, are made out of a precious metal (copper) and has real value. The only people trying to game the system is the bankers- They profit from taking a precious metal out of circulation. The devaluing of money comes from creating money out of paper, which can be easily destroyed in the laundry and more easily counterfitted. The better solution is to move to a real silver dollar coin and get rid of the expense of contantly printing dollar bills. If people want to preserve the value of the US dollar, they should start paying for more of their transactions in cash, and move their money from big banks to credit unions. And keep those pennies circulating so there is no need to continue to coin more.

May 20, 2012
4:08 p.m.

[ Flag Post ]

Send me your unwanted pennies!

If we are to emulate Canada, the better move might be to stop printing (and burning, and reprinting, and again burning ....) $1 bills.

One local TV outlet recently did a story about the cost of minting, then storing the "unwanted" presidential dollar coins. But there was no comparison to what we spend to maintain the dollar bills. Do away with the dollar bill and even introduce a $2 coin as well - but don't make any future coins so similar to a quarter as all the dollar coins in the past 25 years have been. Look at an Eisenhower dollar as an example of what a dollar to $2 coin should be.