If you’re ever on the streets, look around, and you’ll be sure to find a penny on the ground. With the iconic bust of Abraham Lincoln gracing the front, and a multitude of designs featured on the back, the United States penny is a true traveler, held and used by all walks of life. But with steady increases in base metal prices, the penny now costs 1.8 cents to manufacture, and critics are calling on the US mint to follow the Canadian mint’s example and discontinue the penny.
Yet our mint continues hammering out millions of shiny pennies every year, despite the inherent loss in revenue. So why is it that the penny has remained so popular though it is all but obsolete? Part of it is government inefficiency; numerous bills have been introduced on the House floor looking to either change the metal composition or get rid of the penny altogether, but no significant action has ever been taken. Currently, the Mint is testing steel as a possible alternative. Interestingly enough, in 1943, steel pennies were minted, as copper was much needed for bullets during World War II, which doesn’t make them a new concept.
However, there is a much deeper significance to the penny. In many aspects, the penny is quite symbolic; the most obvious significance is the portraiture of Abraham Lincoln on the front. The Lincoln penny has been minted since 1909, the centenary of Lincoln’s birth, and was the first American coin to feature an actual person (all coins before featured effigies of Lady Liberty or other patriotic themes). Lincoln’s contribution to equality in America is well-known, but the acceptance of such a controversial figure in the South was tangible proof that the nation was moving forward.
But there is also the aspect of faith in the dollar. Inflation and various economic factors have led to reduced buying power of the dollar. Keeping the penny may not be very practical, but it certainly does keep morale up; admitting the penny is too worthless to make would result in a quasi-admittance that the US dollar is no longer as powerful as it used to be.
The penny may be shunned in today’s society as worthless, but think twice before you leave a penny on the streets. The penny represents fundamental tenets of America, such as freedom and democracy. But more importantly, it serves as a psychological cushion for the American dollar. It’s the scapegoat everyone throws away to feel better about themselves. The penny isn’t our hero. It’s our watchful protector, our silent guardian.
A dark knight.
What do you think about the penny? Leave a comment below.
Yet our mint continues hammering out millions of shiny pennies every year, despite the inherent loss in revenue. So why is it that the penny has remained so popular though it is all but obsolete? Part of it is government inefficiency; numerous bills have been introduced on the House floor looking to either change the metal composition or get rid of the penny altogether, but no significant action has ever been taken. Currently, the Mint is testing steel as a possible alternative. Interestingly enough, in 1943, steel pennies were minted, as copper was much needed for bullets during World War II, which doesn’t make them a new concept.
However, there is a much deeper significance to the penny. In many aspects, the penny is quite symbolic; the most obvious significance is the portraiture of Abraham Lincoln on the front. The Lincoln penny has been minted since 1909, the centenary of Lincoln’s birth, and was the first American coin to feature an actual person (all coins before featured effigies of Lady Liberty or other patriotic themes). Lincoln’s contribution to equality in America is well-known, but the acceptance of such a controversial figure in the South was tangible proof that the nation was moving forward.
But there is also the aspect of faith in the dollar. Inflation and various economic factors have led to reduced buying power of the dollar. Keeping the penny may not be very practical, but it certainly does keep morale up; admitting the penny is too worthless to make would result in a quasi-admittance that the US dollar is no longer as powerful as it used to be.
The penny may be shunned in today’s society as worthless, but think twice before you leave a penny on the streets. The penny represents fundamental tenets of America, such as freedom and democracy. But more importantly, it serves as a psychological cushion for the American dollar. It’s the scapegoat everyone throws away to feel better about themselves. The penny isn’t our hero. It’s our watchful protector, our silent guardian.
A dark knight.
What do you think about the penny? Leave a comment below.
I dont care about the penny, but more importantly, why is there a reference to Batman in the last line?
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