The End of Pennies?

by James & Miel on December 2, 2009 · 0 comments

This from TheStreet.com

“Pennies are unique for all the wrong reasons. For starters, money rarely makes people sad when they get more of it, but pennies do. It’s just more change you know you’ll have trouble using.

More significantly, there are nearly 3 billion pennies currently in circulation, yet for the last three years, pennies have actually cost more to manufacture than they are worth. (As the joke goes, one cent can’t even buy you a penny anymore.)

These may sound like trivia for cocktail conversations, but pennies could be seriously weighing down our economy precisely at a time when the economy can’t afford it.

According to one recent study cited in The New York Times, the penny “accounts for about 58.4 percent of all coins circulating out there, but only contributes 7.5 percent of the value.

Click here for the rest of the story.

Hat tip to Budgets are Sexy for the find.



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