To access extended pro and con arguments, sources, and discussion questions about whether the penny should stay in circulation, go to ProCon.org.
The US Mint shipped 8.4 billion pennies for circulation in 2017, more than all nickels (1.3 billion), dimes (2.4 billion), and quarters (1.9 billion) combined. While countries such as Australia, Canada, and New Zealand have phased out their one-cent pieces, Harris Poll found that 55% of Americans are in favor of keeping the penny and 29% want to abolish it.
The US Mint produces coins as instructed by Congress, so a law would have to be passed by Congress and signed by the President in order for pennies to be removed from circulation. Several unsuccessful legislative efforts have sought to bring about the penny’s extinction. Most recently, in 2017, Senators John McCain (R-AZ) and Mike Enzi (R-WY) sponsored ultimately failed legislation that would have suspended minting of the penny.
Pro
- Preserving the penny keeps consumer prices down and avoids harming low-income households.
- A penny can be used for decades and is more cost-efficient to produce than a nickel.
- The existence of pennies helps raise a lot of money for charities.
Con
- The penny has practically no value and should be taken out of circulation just as other coins have been in US history.
- The process of making pennies is costly both financially and environmentally.
- Eliminating pennies would save time at the point of purchase without hurting customers or businesses financially.
This article was published on July 2, 2018, at Britannica’s ProCon.org, a nonpartisan issue-information source.