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Penny keeps proclaiming currency devaluation
Not a Penny More: The Time to Abolish the U.S. Coin Has Come
By Sam Learner
Financial Times, London
Sunday, April 16, 2023
They pile up in drawers. They're taken or left on a whim at store counters. Vending machines and parking metres won't accept them. And last year they cost the U.S. Treasury $100 million more to produce than they're worth. Despite all this, the penny -- America's copper-plated 1-cent coin -- persists.
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For decades .U.S lawmakers, journalists, and penny-jar owners have debated whether the coin's declining value justifies its continued production. All the while it gets less valuable with each passing year. Inflation has hit it from both sides: production and distribution costs have gone up while the actual utility of the coin goes down.
While the volume of cash transactions may be declining, the penny has never cost more to produce than it did in 2022, at 2.72 cents per 1-cent coin. Meanwhile, it is now worth just 80% of its value in 2017, the last time a major legislative effort to phase it out was introduced. ...
... For the remainder of the report:
https://www.ft.com/content/2a4332d1-9faa-4325-a2b7-26203c44f12d
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